2027 Budget to introduce tax incentives for gold refineries, jewellers – Sammy Gyamfi

The 2027 Budget Statement is expected to introduce tax incentives for local gold refineries, jewellers and businesses involved in gold fabrication to reduce operating costs and strengthen Ghana’s gold value-addition industry, Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has announced.

The proposed measures are aimed at improving the competitiveness of local businesses and positioning Ghana as a regional hub for gold processing and the manufacture of finished gold products.

Speaking to Bernard Avle at the Mining in Motion Conference on Tuesday, October 20, Mr Gyamfi said the high cost of doing business remained a major challenge for local refineries and required urgent attention.

“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 cover both local refineries and jewellers as part of efforts to reduce production costs and encourage more gold processing and fabrication within the country.

“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 also disclosed that the 2027 Budget would 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.