“Big time!” That was former Chief Justice Sophia Akuffo’s blunt verdict on whether Obuasi missed out on the opportunity to build a thriving gold value chain.
Speaking on Joy News’ PM Express Business Edition on Thursday, she lamented Ghana’s long-standing failure to add value to its raw materials, especially gold.
“It’s never too late. It’s never too late,” she said, aligning herself with the President’s position on value addition.
“I am in full agreement with the President on that.”
She said she has witnessed periods in Ghana’s history when processing raw materials locally created spin-off industries and expanded export potential.
“I have seen within this country, in my lifetime, a face in this country, where from whatever processing, raw processing of raw materials, few, what can be done, the industries that get spun off.”
“If we had kept going with that concept of value addition, we would be very far ahead of where we are now.”
Drawing on the example of oil refining, she outlined how byproducts generate entire industries.
“Because, for example, oil refinery, it leads to petroleum jellies, tyre and bitumen, it leads to all the other things.”
She recalled that Ghana once produced jet fuel locally.
“There were airlines which would stop in Ghana just to top up on jet fuel, for example, because jet fuel was being produced here.”
“We should stop this thing of exporting raw materials and then sitting here and using money to import finished products. Let’s finish the products here, too.”
On concerns about capital and foreign investors, she said local value creation remains key.
https://www.youtube.com/watch?v=GeWpIZYkb9M“Even if you have to do that, the value is being added here. It’s the terms you’re going to insist on.”
She cited the Tema Oil Refinery as an example, stressing “Even with that, the TOR was one of the best employers in the country.”
“There were industries that were spun off their byproducts, which included plastics, including petroleum jelly.”
“Lipstick was being produced in Ghana. All kinds of things were being produced in Ghana.”
Turning back to gold, she argued that smelting locally must be matched with skills development.
“Now that we are going to be smelting the gold here, our jewellers are going to have to also invest in their know-how to produce beautiful jewellery.”
She noted that the University of Science and Technology has long had a jewellery section, but the scale has been limited due to supply constraints.
“Because the government was taking everything and then putting it straight, and sometimes from a from Obuasi straight to the airport.”
She said only small amounts reached the Precious Minerals Marketing Company, resulting in disappointing showrooms and a limited variety.
She contrasted that with Dubai, stating, “If you go to shops in Dubai, there’s gold everywhere, but they don’t mine gold there. Most of their gold is from here.”
She believes skills can be upgraded and markets expanded, pointing to missed tourism potential.
“A lot of tourists and first-time visitors to Ghana get very disappointed that we don’t really have a gold jewellery market.”
When the host suggested Obuasi may have missed out, her response was emphatic, “Big time!”
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Source: www.myjoyonline.com
