|Name of Applicant :||Federation of Ghana Jewellers Ashanti (FGJ)|
|Title of Action :||Unfavourable local market for gold in jewellery production|
|Geographical Area :||Ashanti|
|Action ID :||# 0-8|
|Action Score :||67.5%|
|Total cost of Action :||¢42,010,650|
|BUSAC's % of Total cost :||90%|
|Self Financed :||10%|
|Action Duration :||12 months|
|Support from Outreach Facility :||¢4,667,850|
|Summary of the proposed Action :||1. Need for Action:
Gold is the main raw material input for the manufacture of jewellery in this country. The Precious Minerals and Marketing Company (PMMC) and other private gold dealers are the source to obtain gold but it is not favourable to our business because of the relatively high prices they sell the gold. Their prices are as quoted on the world market.
2. Proposed Solution:
3. Implementation Plan:
If there is an open market for gold in which there are more sellers, the prices will be within the reach of small-scale jewellery makers. Prices of jewellery will be reasonable for many Ghanaians. The savings from the lowered prices of gold can be invested in improved technical processes of gold in order to compete with imported jewellery. Jewellery shops will not face difficulty in business because of the additional capital they will require from rising prices of gold.