NewzThe Association of Small-Scale Miners has defended the decision to compel gold traders to refine their gold locally before export, arguing that the policy must be assessed beyond the immediate cost to operators. Communication Director of the Association, Abdul Razak Alhassan, says that while local refining could increase operational expenses, the wider economic benefits, including job creation, must also be considered. Speaking on Joy News’ PM Express on Wednesday, Mr Alhassan acknowledged concerns about the cost implications of the directive but said gold production already entails significant expenses for industry players.
But another angle we need to look at is that gold itself is a commodity with many challenges. So sometimes you need to work on yourself; you need to weigh yourself before you enter into that industry.” He said operators already incur substantial costs to secure gold ore and manage their operations. “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.” His comments come after the Ghana Gold Board (GoldBod) directed all Self-Financing Aggregators (SFAs) to refine gold doré in Ghana before exporting it.
The directive takes effect from September 1, 2026. It means unrefined gold doré will no longer be approved for export. GoldBod says the policy forms part of its mandate under the Ghana Gold Board Act, 2025, to regulate the purchase, sale, refining, value addition and export of gold.
Under the directive, the refining must be done at a refinery approved or designated by GoldBod. The cost is to be borne by the SFA or its approved Offtaker. Alhassan believes that cost should not be the only consideration in assessing the policy.
“So if they are also taking the other side of it, I don’t think there should be any big deal. So I think them bearing the cost shouldn’t be a big deal, because it will also help the country and then reduce youth unemployment.” He argued that the establishment and operation of refineries could create employment opportunities for young people. “Because when this refinery kicks off, as my other colleague said, they have some number of people, youth, that they will employ.” For him, the debate should therefore consider both the financial burden on operators and the potential benefits to the wider economy.
The Association of Small Scale Miners is urging stakeholders to look beyond the immediate operational costs of refining gold locally, arguing that the policy could create jobs and reduce youth unemployment. Communication Director of the Association, Abdul Razak Alhassan, believes that the broader economic benefits of local refining must be considered alongside the costs faced by players in the gold industry. Speaking on Joy News’ PM Express on Wednesday, he said the gold business already comes with significant operational challenges for miners.
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