The Ghana Gold Board (GOLDBOD) has issued a new directive requiring all self-financing aggregators (SFAs) to refine gold doré locally before export, in a move welcomed by industry leaders as a major step toward retaining more value within Ghana’s borders.
In a notice to SFAs, GOLDBOD announced that no gold doré shall be exported in its unrefined state going forward. The directive also stipulates that every offtake agreement or commercial arrangement between an SFA and an approved offtaker must specifically include a clause mandating the refining of all gold doré in Ghana prior to export.
Reacting to the development on TV3’s Ghana Tonight programme, Ghana Chamber of Mines CEO Ing Ken Ashigbey described the policy as a positive move, noting its alignment with existing arrangements for large-scale mining companies. “It’s one of the positive steps that we’re taking,” he said, referencing the current agreement requiring 30% of large-scale mine doré to be refined locally and, in partnership with London Bullion Market Association (LBMA) refineries, sold to the Bank of Ghana as part of reserve accumulation.
Ashigbey expressed optimism that extending similar requirements to artisanal and small-scale mining (ASM) gold would enhance value retention. “If we’re going to get to that point, then the issue about value retention would improve,” he stated. He also highlighted the potential for the 30% arrangement to help local refineries build capacity and eventually achieve LBMA accreditation, further boosting local industry.
However, Ashigbey cautioned that Ghana’s refining sector must continue to modernise and improve its competitiveness. “There are things that we need to do to make sure that our refinery in this country is also competitive, so that if we are refining in this country, we’re doing that very competitively,” he advised.
The new GOLDBOD directive marks a significant milestone in Ghana’s efforts to add value to its gold exports and promote the growth of local refining capacity, with stakeholders hopeful it will lead to increased economic benefits for the nation.
Source: Apexnewsgh.com