A newly established regulatory authority for gold exports in Ghana declared on Monday that foreign places patrons will no longer be permitted to aquire or trade artisanally mined gold in the nation, which is Africa’s leading gold producer.
Starting Would possibly well perhaps well simply 1, all gold transactions would possibly perhaps possibly accumulated be done with licenses issued by the newly shaped Ghana Gold Board, additionally assuredly called GoldBod, as said in an announcement from the organization.
Licenses that were previously granted by the Precious Minerals Marketing Company, which dealt with the marketing of the nation’s mineral output, will no longer be known.
The announcement emphasised that from next month onward, no entity shall be allowed to aquire or have interaction in gold trading in Ghana aside from GoldBod, which turned into as soon as established to modify gold commerce and reinforce income from exports.
According to the new rules, GoldBod also can aid as the odd buyer, vendor, assayer, and exporter of all gold produced by licensed limited-scale miners in Ghana, with criminal charges acceptable to those that operate with out a license from the board.
Historically, each local and international firms with export licenses had the facility to aquire and export gold from limited-scale miners in Ghana.
On March 29, Parliament current the Ghana Gold Board invoice, which President John Dramani Mahama signed into law on April 2.
Prince Kwame Minkah, a spokesperson for GoldBod, informed The Associated Press that “the trading activities of GoldBod are anticipated to lead to the accumulation of necessary reserves to bolster our foreign exchange and, consequently, address gold smuggling.”
The power dwelling of illegal gold mining, in the neighborhood termed ‘galamsey,’ turned into as soon as a main topic during remaining year’s presidential election marketing campaign in Ghana and raised issues amongst voters, leading to protests and criticism of the outgoing administration.
Ghana ranks as the sixth largest gold producer globally, but illegal mining has surged as individuals look for employment in a struggling financial system, resulting in environmental air pollution of rivers and other areas, despite authorities efforts to curb the apply.
Sooner than the invoice turned into as soon as current by Parliament, Finance Minister Dr. Cassiel Ato Forson said: “The GoldBod initiative will enable Ghana to fully capitalize on the entire gold value chain — encompassing extraction, refining, value addition, and marketing — at both local and international levels.”
