Former Chief Justice Sophia Akuffo says Ghana must stop exporting raw gold and start building a vibrant local gold market, insisting, “It’s never too late.”

Speaking on Joy News’ PM Express Business Edition on Thursday, she backed efforts to deepen value addition in the economy.

“It’s never too late. It’s never too late. I am in full agreement with the President on that,” she said.

Drawing on her lifetime experience, she said she has seen the value that addition can bring to an economy.

“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.”

She stressed the wider benefits of building industries around primary products.

“If we had kept going with that concept of value addition, we would be very far ahead of where we are now.”

“Because, for example, oil refinery, it leads to petroleum jellies, tyre and bitumen, it leads to all the other things.”

She recalled that refined products once positioned Ghana strongly in the region.

“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 even external partnerships can work if value is retained locally.

“Even if you have to do that, the value is being added here. It’s the terms you’re going to insist on.”

She returned to the Tema Oil Refinery example, stating, “TOR was one of the best employers in the country.”

Beyond jobs, she said, byproducts created entire industries.

“There were industries that were spun off their byproducts, which included plastics, including petroleum jelly, which can be used in so many different products.”

She added, “Lipstick was being produced in Ghana. All kinds of things were being produced in Ghana.”

Turning to gold, she argued that smelting locally must trigger a jewellery revolution.

“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.

Addressing why the sector remained small, she said supply was constrained.

“Because of what was available to be used here, because the government was taking everything and then putting it straight, and sometimes from Obuasi straight to the airport. What would get to the PMMC would be a little amount.”

The result, she said, was a weak retail experience.

“Every time you went to their showroom, you felt disappointed, because variety isn’t there.”

She contrasted this with Dubai, saying, “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 and markets can grow if Ghana commits.

“So skills are going to be developed to a higher level. New markets will open to Ghanaians.”

She noted that many visitors are surprised by the absence of a vibrant gold street.

“A lot of tourists and first-time visitors to Ghana get very disappointed that we don’t really have a gold jewellery market.”

When it was suggested that Obuasi missed the opportunity, her response was swift. “Big time!”