Small-scale gold miners are sounding the alarm over what they describe as "woefully inadequate" prices offered by the newly established Ghana Gold Board (GoldBod), warning that the low rates are crippling their businesses.
The miners hold the view that the rock-bottom price set by the regulator could undermine the very objectives of the state-led gold purchasing scheme.
Christopher Asiedu, a member of the Small-Scale Miners Association, voiced the industry's growing frustration, lamenting that the current prices are causing widespread financial distress among their members. "The rates offered by GoldBod are extremely low, causing businesses to take a nosedive," Mr Asiedu told Adom TV, highlighting the immediate economic impact on thousands of miners and their dependants.
According to Mr Asiedu, before the establishment of GoldBod, the prevailing market price for 10 grams of gold hovered between GH₵12,000 and GH₵13,000.
