The Association of Small-Scale Miners has backed GoldBod’s decision to bear the higher operational costs of refining gold locally, arguing that the policy could deliver broader benefits to Ghana’s economy and employment.
Communication Director of the Association, Abdul Razak Alhassan, said the cost of refining must be weighed against the broader benefits of keeping more value from Ghana’s gold in the country.
Speaking on Joy News’ PM Express on Wednesday, he acknowledged that gold production already comes with high costs for operators.
“Gold itself is a commodity whereby there are so many challenges in it. So sometimes you need to work on yourself; you need to weigh yourself before you enter into that industry.”
He said small-scale miners face several expenses even before they obtain the gold-bearing ore.
“So the operational cost and everything, we as industry players, even to get the ore itself, you incur so many challenges or so many costs.”
Mr Alhassan believes GoldBod should therefore be prepared to absorb additional costs if the local refining policy is to achieve its intended objectives.
“If they are also taking the other side of it, I don’t think there should be any big deal. So I think they bearing the cost shouldn’t be anything which, because it will also help the country and then the youth unemployment to also reduce.”
His comments come after GoldBod directed all Self-Financing Aggregators to refine gold doré in Ghana before export, effective September 1, 2026.
The directive means unrefined gold doré will no longer be approved for export. Refining must take place at a refinery approved or designated by GoldBod.
Under the directive, the cost of refining is to be borne by the Self-Financing Aggregator or its approved Offtaker, depending on their commercial arrangements.
The move is part of Ghana’s broader push to retain more value from its gold resources by processing locally rather than exporting raw gold.
GoldBod entered into a local refining arrangement with Gold Coast Refinery earlier this year, with plans to refine one metric tonne of gold per week.
For Mr Alhassan, the refinery’s employment potential must be weighed against concerns about operating costs.
“Because when this refinery kicks off, as my other colleague said, they have some number of people, youth, that they will employ.”
He believes the debate should therefore not focus only on the additional financial burden.
“So we should look at the balance. While they are looking at the cost, yes, the operational cost may be higher, but we should also look at the way we are handling these two issues.”
He ultimately insists that the wider economic and employment benefits justify GoldBod bearing the cost.
“And I think they have to bear the cost.”
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