30% gold retention policy to be hastened to boost indigenous businesses

A former Chairman of the Board of the Minerals Commission, Samson Kwaku Boafo, says stakeholders in the Jewellery Industry are liaising with government to speed up the implementation of the 30% gold retention policy to feed the local industry and add value to the minerals.

According to him, an estimated 90 percent of gold mined in the country is exported without value addition, a situation which is killing the indigenous jewellery industry. He urged gold producers to retain a percentage of their gold and sell it at competitive prices to indigenous refiners.

This will enable them to produce varied, durable and branded jewellery to project the local industry globally and attract more patronage for increased revenue for the economy.

The former Mineral Commission Board Chairman said this at the launch of the 2021 Gold Statement Conference in Accra.

Ghana has been a major exporter of raw gold for more than a century, however, less than one percent is processed locally into jewellery, a worrying situation that is crippling the indigenous jewellery industry.

The Gold Statement event seeks to showcase the authentic Ghanaian handmade jewellery on the global scene through sustainable initiatives that will keep stakeholders abreast of current trends. This is because a re-energized indigenous jewellery industry has the potential to generate substantial revenue to boost Ghana’s economy.

The 5th Edition of the Gold statement is slated for 25th to 27th of September,2021. A former Chairman of the Minerals Commission, Samson Kwaku Boafo called for the government’s support to save the local Jewellery industry.

President of the Jewellers Association of Ghana Jonathan Ababio said ensuring a level playing field for all stakeholders is the way to go in projecting the industry.

Chief Executive Officer of Rapport Services, initiators of the event, Judy Crayem said placing Ghana on the international market as a hub for manufacturing and sale of locally manufactured gold can only be achieved when the jewellery sector is resourced.

The speakers reiterated the collaborative effort of all agencies to help Ghana derive maximum returns from gold production. Read Full Story