The 2027 Budget is expected to introduce tax incentives for local gold refineries, jewellers and gold fabrication businesses to reduce operating costs and improve their competitiveness.
Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, announced the planned measures at the Mining in Motion Conference on Tuesday, October 20.
Speaking to Bernard Avle, Mr Gyamfi identified the high cost of doing business as a major challenge confronting local gold refineries.
“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 proposed tax incentives would extend to jewellers and businesses involved in gold processing, helping them manage expenses and operate more efficiently.
“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.
The initiative is expected to encourage investment in domestic gold processing and jewellery manufacturing, while creating a more favourable environment for businesses operating in the sector.
Mr. Gyamfi also disclosed that the 2027 Budget would address electricity supply and affordability, given the importance of energy to industrial operations.
He said the government planned to outline measures to expand electricity generation and promote cheaper sources of power to help businesses manage their operating expenses.
“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 could ease financial pressures on local operators and enable them to invest in equipment, increase production capacity and compete more effectively in regional markets.
