Traditional goldsmiths in the manufacture of jewelleries within the Western Region are on the verge of extinction, due to their inability to access gold for their production.

They are compelled to buy gold at internationally competitive prices or rely on “galamsey” operators, many of whose operations are illegal.

Mr David Elemawusi Nibo, Western Regional Secretary of the Federation of Ghanaian Jewellers disclosed this to the Ghana News Agency (GNA) in an interview at Takoradi on Tuesday.

He said their business which falls within the small and medium scale (SMEs) category, cannot access bank loans, due to the lack of collateral, and the survival of the industry depended on the initiative of the owner.
“Our businesses are on the verge of collapse due to our inability to sustain it due to the rising cost of gold and our inability to get a consistent source of gold, our major raw material.

Mr Nibo said another threat to the local goldsmith industry was the high patronage of cheap foreign rings, necklaces, ornaments and pendants “many of which are substandard as compared to what is manufactured in the country”. Read more