Mining consultant Wisdom Gomashie has expressed concern over the direction of Ghana's gold trading framework, warning that recent policy decisions could alienate the very communities the reforms are meant to support.
Speaking on the Asaase Breakfast Show on Thursday, 24 April, Gomashie highlighted the role of tier one and tier two buyers in the new gold trading structure. "These tier one and tier two buyers are the ones who will mop up gold from small-scale operations, including informal and illegal miners," he explained. "Tier one operates at the community level, while tier two operates at a more district-wide level." While acknowledging the government's push to modernize the sector, Gomashie questioned the practical impact of digitalisation in a largely informal environment. "Gold trading in Ghana is largely informal," he stressed. "Digitalising the process is fine, but when you eliminate physical offices in mining areas like Tarkwa or Kumasi, you alienate the very people the policy is supposed to empower.
It risks becoming an elite affair." He further argued that price competitiveness remains a critical issue in encouraging miners to engage with formal state channels. "If the central bank's rate is lower than the black market, miners will simply sell to smugglers.
A GHC 68,000 difference per kilo is enough incentive to bypass state channels." Gomashie's remarks come amid the government's decision to assume management of the Damang Mine following the expiration of Gold Fields' lease-an important development in the country's resource governance landscape.
