Galamsey’s Financial Fallout: Business Bottomline, Stability at Risk – Says Joe Jackson
CEO of Dalex Finance, Joe Jackson, speaking during a recent X Space discussion hosted by NorvanReports in partnership with the Economic Governance Platform (EGP) on the topic, “Policy Failures and Institutional Weaknesses: A Critical Analysis of Ghana’s #StopGalamseyNow Efforts”, highlighted the far-reaching consequences of illegal mining (commonly known as galamsey) on Ghana’s economy.
Mr Jackson warned that the illicit activity, beyond its destructive impact on water bodies and agricultural land, poses significant risks to the bottom lines of businesses, with rising health insurance costs and increased absenteeism among employees being direct consequences.
He argued that if left unchecked, galamsey could severely undermine the country’s economic stability. He underscored the need for business leaders to take an active role in advocating against the practice, having personally participated in protests and encouraging his staff to raise awareness within their communities.
Crucially, Mr Jackson pointed to a more complex challenge on the demand side of illegal mining, revealing how informal gold buyers, operating outside the legal framework and avoiding taxes, have undercut the formal market.
Legal buyers, he noted, are being driven out due to the competitive disadvantage posed by illegal actors who pay in cash, often supported by influential figures within the country. This dynamic, he cautioned, not only exacerbates money laundering but also deprives the state of critical tax revenues.
Despite the daunting scale of the problem, Mr Jackson remained cautiously optimistic. He called for a recalibrated strategy that tackles both the supply and demand sides of the illicit trade, emphasizing that current measures—such as the destruction of mining equipment—have failed to deliver meaningful results.
Mr Jackson further advocated for a “holistic approach” that brings together key stakeholders to address the root causes of the crisis.
