The Acting Managing Director of the Precious Minerals Marketing Company (PMMC), Sammy Gyamfi, has clarified that the proposed Gold Board will be the sole entity responsible for the export of all gold produced in Ghana’s small-scale mining sector.
Speaking on JoyFM’s Super Morning Show on Thursday, Mr Gyamfi explained why this centralisation is essential for the gold trade in the country.
He said that the licensed agents, such as buyers and aggregators, will be able to purchase gold from small-scale miners on behalf of the Gold Board but cannot export it directly.
“Instead, they will act as intermediaries under the Gold Board’s policy, which will ensure that all gold from small-scale miners is purchased and managed by the Board” he said
“The Gold Board will be the central agency that handles the purchase and export of gold,” Mr Gyamfi stated. “Licensed buyers and aggregators can apply to buy gold on behalf of the Gold Board, but they will not have the ability to export the gold themselves.”
Mr Gyamfi further explained that these licensed agents will be funded by the Gold Board, which will provide them with the necessary capital to purchase gold from local miners.
He said however, that the Gold Board will retain full control of the export process.
“These agents can buy gold for the Gold Board, but the actual export will be handled by the Gold Board itself. This ensures that the gold is exported in a controlled manner, and we can effectively track the foreign exchange,” he added.
“If an agent has an off taker in an international market such as India, Dubai, or Europe, the agent can channel the payment through the Gold Board. The Board will convert the payment into cedi equivalent and allow the agent to purchase the gold. The Gold Board will then take responsibility for exporting the gold to the off taker. “This system will help us monitor foreign exchange flows more effectively,” Mr Gyamfi explained.
“There have been previous concerns with the retention and repatriation of foreign exchange, and centralising the export process through the Gold Board will help address these issues.” he concluded
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