The National Concerned Association of Small-Scale Miners, Ghana (NCSSMAG) has endorsed the proposed establishment of a government-backed Gold Board to regulate the purchase of gold from small-scale miners.
According to the association, this initiative will ensure fair pricing, eliminate exploitation by foreign buyers and enhance the economic viability of the small-scale mining sector.
The association expressed optimism that the establishment of the Gold Bod would not only protect the interests of local miners, but also contribute to national economic growth
A statement by the President of the association, Mr. Michael Kwadwo Peprah, reaffirmed the association’s commitment to policies that promote transparency and sustainability in the sector.
NCSSMAG welcomed the newly established Gold Bod proposed by Sammy Gyamfi, the Acting Managing Director of the Precious Minerals Marketing Company (PMMC), describing it as a significant step towards eliminating unfair trading practices that have long disadvantaged local miners.
The association emphasised that the idea of a structured gold purchasing framework was first discussed during a stakeholder meeting on June 11, 2024 which examined the challenges that faced the small-scale miners in arriving at fair gold prices.
The said meeting also discussed incorporating mining reforms in the NDC manifesto.
According to NCSSMAG, foreign buyers, particularly Indian traders have been purchasing gold at between 10 to 15 percent below market value, leaving miners with no option than to accept unfavourable deals due to the lack of a regulated buying system.
While the law permits PMMC to buy gold from small-scale miners, the association noted that inadequate government funding has prevented the company from competing effectively in the market.
As a result, miners have been forced to rely on foreign buyers, leading to revenue losses for both miners and the state.
The NCSSMAG has, therefore, called on the government to allocate adequate resources to the proposed Gold Board to ensure a well-structured, transparent and competitive gold market.
The association also urged the government to invest in modern mining equipment to enhance productivity emphasizing that inadequate machinery remains a significant challenge for small-scale miners as efficiency is reduced and growth in the sector is limited.
The association has reiterated its commitment to collaborating with all stakeholders to ensure small-scale miners operate in a fair and sustainable environment.
