The 2027 Budget Statement is expected to introduce tax incentives for local gold refineries, jewellers and other businesses involved in gold fabrication and value addition, Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has announced.
The proposed measures are aimed at reducing the high cost of doing business in the industry, improving the competitiveness of local enterprises and positioning Ghana as a regional hub for gold processing and value addition.
Speaking to Bernard Avle at the Mining in Motion Conference on Tuesday, October 20, Mr Gyamfi said local refineries face significant operating costs and require a more supportive business environment to compete effectively with businesses in other markets.
“What is required is a congenial business climate for the refineries because their cost of doing business is very high at the moment,” he said.
He explained that the planned incentives would also cover local jewellers and businesses involved in gold fabrication, as the government seeks to increase domestic processing capacity and encourage the production of finished gold products.
“You’re going to see tax incentives for local jewellers, you’re going to see tax incentives for local refineries aimed at reducing their cost, making them competitive, so that we can make Ghana a hub for the region for value addition,” he added.
Mr Gyamfi further indicated that the new economic policy would prioritise expanding electricity generation and promoting cheaper sources of power to reduce production costs for businesses.
“You will see a lot about expansion in power production, and not just expansion in power production, but cheaper sources of power production,” he stated.
The proposed interventions are expected to support local gold-processing businesses, encourage investment in the jewellery and refining industries, and strengthen Ghana’s capacity to retain more value from its gold resources.
The measures are expected to be outlined in the 2027 Budget Statement as part of the government’s broader economic policy direction.
