Ghana's Association of Small-Scale Miners has publicly defended a new policy mandating local gold refining before export. The directive, issued by the Ghana Gold Board (GoldBod), requires all Self-Financing Aggregators (SFAs) to process gold doré within Ghana. This policy takes effect from September 1, 2026, meaning unrefined gold can no longer leave the country.
The Association's Communication Director, Abdul Razak Alhassan, stated that the policy's broader economic benefits, especially job creation, outweigh concerns about increased operational expenses. He acknowledged that local refining could raise costs for operators. However, Mr. Alhassan emphasized that gold production already involves significant expenses for industry players, including the cost of securing gold ore.
This new directive aligns with Ghana's ongoing efforts to maximize value from its rich gold resources domestically. The country has historically exported raw gold, missing out on the economic advantages of local processing. This move is part of a larger strategy to industrialize the mining sector and retain more wealth within Ghana. Previous discussions and policies have also focused on increasing local content and value addition across various sectors of the economy.
Abdul Razak Alhassan, from the Association of Small-Scale Miners, highlighted the importance of a balanced view. He stated, “Yes, there’s a possibility. But another angle we need to look at is that gold itself is a commodity with many challenges.” He further argued that the cost burden on operators should not be the sole consideration. He believes the policy will benefit the country and help reduce youth unemployment.
The implementation of this policy will likely lead to increased investment in local refining infrastructure. Decision-makers will closely monitor its impact on gold export volumes and the financial health of small-scale miners. The government hopes to see a rise in skilled jobs and greater economic diversification. Markets will watch for any shifts in Ghana's gold export patterns and pricing structures. The Ghana Gold Board will also need to ensure sufficient refining capacity is available and accessible to all aggregators.
This policy is a significant step towards Ghana's goal of becoming a major gold refining hub in West Africa. It aims to create a more robust and self-reliant gold industry. The Ghana Gold Board Act, 2025, provides the legal framework for this regulation. It empowers GoldBod to oversee the purchase, sale, refining, value addition, and export of gold. The cost of refining will be borne by the SFA or its approved Offtaker. This ensures that the financial responsibility rests with the exporters. The Association of Small-Scale Miners believes this cost is a worthwhile investment for the nation's future. The policy could also attract foreign investment into Ghana's refining sector. This would further boost local capacity and technological advancement. The long-term success of this initiative depends on effective oversight and support for small-scale miners. It also requires a competitive and efficient local refining industry. The government's commitment to reducing youth unemployment through such policies is clear. This directive represents a strategic shift in how Ghana manages its valuable gold resources.