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Grantees Funded under BUSAC Fund Phase I
Name of Applicant : Federation of Ghana Jewellers Ashanti (FGJ)
Title of Action : Unfavourable local market for gold in jewellery production
Sector : Business
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:
The Advocacy Action will carry out a survey to find out the views of all gold dealers in Ghana and other countries, including the big mining companies so as to create a market in which the risks and fluctuations are low and stable.

3. Implementation Plan:
The Action will cover a period of one year (12 months) covering the following activities:
The Committee will commission a study of the gold market situation in Ghana and other selected countries. We will seek the views of big mining companies in the country. From the studies we will prepare a strategy for negotiations with the Minerals Commission and Ghana Chamber of Mines. Feature articles will be written by the Service Provider and resource persons in the gold industry for publication in newspapers. The aim is to solicit the support of the public and to receive feedback for our own organization.

4. Expected Impact:
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.

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