Are you seeking to start a Gold business in Ghana? You are in the right place and in today’s guide, you will learn everything you need to establish your Gold mining business in Ghana and make it successful.
Undoubtedly, gold is one of the world’s leading commodities.
Its price greatly influences the world’s economy, and tapping into its business avenue has some positive and negative sides.
From afar, the business is very lucrative since when you compare the world’s gold prices, you could readily conclude that you would flourish, but being successful in the gold business requires something extra.
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Things You Need For The Gold Business
Just like any other business, you must obtain the right authorization before you can start your gold business in Ghana.
Your business needs to be registered, so before you start, you must visit the Registrar General’s Department and register your business.
After this, you must ensure you have all other licenses required to start the business; else, doom awaits you.
Some of these licenses include obtaining a business operating permit from the local assembly, settling all tax obligations, and money others.
After this, you must get an office or shop where it will be your contact point for your business.
How Much Does It Cost To Start The Gold Business In Ghana
With the above-mentioned things, it can be seen that although the business is lucrative, it is also capital intensive.
When we consider only the acquisition of permits, the amount involved would be close to GHC 2,000.
With the office setup and the equipment needed, you would need about GHC 4,000. By the time everything would be ready, you would have spent close to GHC 10,000.
But hey, don’t freak out as setting up of the business is not done at a go.
How Profitable Is the Gold Business In Ghana
The business is one of the profitable businesses in Ghana.
As we speak, one gram of gold is sold at $57.20 (around GHC 340), so imagine trading in gold on a daily basis. You can buy and sell it raw or refine it and sell.
You can also decide to make ornaments out of it and sell it.
In all ways, you can be assured that you will be making some substantial amount of money at the means to the end of every business day.
Best Areas (Places) To Start A Gold Business In Ghana
In Ghana, the best areas to start your gold business are the mining communities.
The reason is that a gold dealer will have a constant supply of gold from these indigenous miners.
Supply is essential in this business as once your supply is cut, then you will be out of business.
Some mining communities around Ghana are Obuasi, Tarkwa, Akyempim, Mpohor, and the Nzemaland.
How To Make Your Gold Business Successful
Success can be achieved with consistency. Being able to stay in business for a period is essential.
As mentioned earlier, having a source of supply is also essential.
Also, since you won’t be around always, you must have competent personnel who can ensure that your business runs perfectly even when you are not around.
There will be competition from other gold businesses, so to ensure you are up for the task, you must at least have a promotion and advertisement plan in order to drive customers.
You must also be abreast with the current market trends and stocks in order to have a feel of what is actually happening on the ground.
Lastly, have a plan that will eventually grow the business.
Common Challenges With The Gold Mining Sector
The major challenge in the business is able to deal with the fluctuations in the prices of gold.
As a commodity, its price can be increased and decreased at any point in time.
So you must be ready to feel good when prices go up and also be able to man up and face the tide when the prices drop.
Another challenge is dealing with the suppliers. These suppliers can make and unmake you depending on how you relate with them.
Benefits You Can Enjoy From Doing Gold Mining Business In The Country
The major benefit of having such a business is the profit.
Additionally, you can also become an economic player as the consistent buying and selling of gold is essential to the country’s GDP.
That is all we have for you on how to start a Gold business in Ghana.