The Ghana Chamber of Mines has cautioned that Ghana’s plan to refine gold locally could become expensive for the industry unless government takes steps to reduce the cost of running refineries.

Chief Executive Officer of the Chamber, Dr Ken Ashigbey, said government must share part of the cost if Ghana wants to keep more value from its gold within the country.

“Government needs to put its skin in the game,” he stated.

His comments come as Ghana prepares to stop the export of unrefined gold and increase local processing.

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From September 1, 2026, GoldBod will require Self-Financing Aggregators to refine gold doré in Ghana before it can be exported. The refining must be done at a GoldBod-approved refinery.

Speaking on Joy News Pm Express, he called on government to review taxes and other charges on refineries to make local refining more affordable.

“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,” he mentioned.

The Chamber CEO also identified the high cost of electricity as one of the biggest challenges facing local refineries.

He suggested that government could consider giving refineries access to cheaper hydroelectric power because of their importance to the economy.

He also pointed to planned large-scale solar projects under the 24-hour economy, saying they could help bring down the cost of electricity for businesses.

Dr Ashigbey further urged private refinery owners to invest in better technology to reduce their operating costs.

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He said the success of Ghana’s local refining policy would depend on government and industry working together rather than placing the entire financial burden on businesses.

He cited the Ghana Accelerated National Reserve Accumulation Programme (GANRAP) as an example of additional costs being absorbed by the mining industry.

According to him, the goal should be to reduce the cost of refining while ensuring Ghana gains more from its gold resources.

DR/SA

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