The Association of Small-Scale Miners has urged GoldBod to prioritise the long-term economic gains of refining gold in Ghana over concerns about the additional operational costs associated with the policy.
The Association’s Communication Director, Abdul Razak Alhassan, said GoldBod’s decision to absorb the higher cost of local refining could help retain more value from Ghana’s gold resources while creating employment opportunities for young people.
His comments follow GoldBod’s directive requiring all Self-Financing Aggregators to refine gold doré locally before export, effective September 1, 2026.
Under the new arrangement, unrefined gold doré will no longer be approved for export. Instead, the gold must be processed at a refinery approved or designated by GoldBod.
Although the directive places the cost of refining on Self-Financing Aggregators or their approved Offtakers, depending on their commercial arrangements, Mr Alhassan believes GoldBod should be prepared to shoulder some of the additional expense if necessary to make the policy successful.
Speaking on Joy News’ PM Express on Wednesday, he acknowledged that mining operators already face significant costs in producing gold, including expenses incurred before they even obtain gold-bearing ore.
He argued, however, that the additional refining cost should be considered against the broader benefits that local processing could generate for the economy.
“If they are also taking the other side of it, I don’t think there should be any big deal,” he said, stressing that the cost could be justified if the policy creates jobs and retains greater value within the country.
Mr Alhassan pointed to the employment opportunities expected from the local refining industry, arguing that the economic impact should form part of the assessment of the policy.
GoldBod entered into a local refining arrangement with Gold Coast Refinery earlier this year, with plans to process one metric tonne of gold per week.
According to Mr Alhassan, the establishment and expansion of local refining capacity could create jobs for young Ghanaians while strengthening domestic participation in the gold value chain.
He therefore urged stakeholders to assess the policy beyond its immediate financial implications.
While acknowledging that local refining may increase operating costs for industry players, he maintained that the potential benefits—including employment creation and greater domestic value retention—could outweigh those expenses.
The Association’s position adds to the ongoing debate over Ghana’s strategy to move beyond exporting gold in relatively unprocessed form and capture a larger share of the value generated along the gold production and refining chain.
Mr Alhassan ultimately maintained that GoldBod should be willing to bear the additional cost where necessary to ensure the local refining initiative delivers its intended economic benefits.
