Can we give refineries more cheap power? – Chamber of Mines pushes energy solution for local gold refining

The Ghana Chamber of Mines is calling for government support to reduce the cost of refining gold locally as Ghana pushes to retain more value from its mineral resources. Chief Executive Officer of the Chamber, Dr Ken Ashigbey, says government must take an active role in making local refining commercially viable. “Government needs to put its skin in the game.” Speaking on Joy News’ PM Express on Wednesday, Dr Ashigbey said the push for local content would come with additional costs.

He, however, argued that the burden should not fall entirely on industry. “But again, all of us need to chip in. The more we do in this country, and the more we all work together, government needs to put its skin in the game.” His comments come as Ghana accelerates plans to end the export of raw gold and increase domestic value addition.

GoldBod has directed Self-Financing Aggregators to refine gold doré in Ghana before export from September 1, 2026. Under the directive, unrefined gold doré will no longer be approved for export. The refining must be done at a GoldBod-approved or designated refinery, with the cost borne by the aggregator or its approved offtaker.

The policy forms part of the broader push towards Ghana’s 2030 target of ending raw mineral exports. GoldBod has also been working with the large-scale mining sector to channel gold into local refining and reserve accumulation. Dr Ashigbey believes the government can ease the transition by reviewing taxes and levies that affect refineries.

“The issue, of course, is that it is coming from the taxes and the levies that are on; government would have to look at that, and I know that conversation is going on.” He also wants private refinery operators to invest in technology that can lower their production costs. “The issues of even power, you know, currently the cost of power, so there might be some policy decisions that would have to be taken.” Dr Ashigbey suggested that the government could consider granting refineries preferential access to cheaper hydroelectricity due to their strategic importance. “Because of the criticality of refineries, is it possible that in the energy …

The Ghana Chamber of Mines is calling for targeted energy interventions to help make local gold refining commercially viable as Ghana moves to retain more value from its gold resources. Chief Executive Officer of the Chamber, Dr Ken Ashigbey, says the cost of power, taxes and other operational expenses could make local refining more expensive. He believes government and industry must work together to reduce those costs.