GOLD TRADE AND EXPORT
The mining industry of Ghana accounts for 5% of the country’s GDP and minerals make up over 37% of total exports of which gold contributes over 90% of the total mineral exports. Thus, gold remains the focus of Ghana’s mining and minerals development industry. Ghana has twenty-three large scale mining companies and over three-hundred registered small-scale mining groups and ninety mine support service companies.
Gold trading in Ghana began from ancient history in the Trans-Saharan gold trade and the country was once known as Gold Coast. With gold export bringing in about 48% of Ghana’s revenue through mineral royalties, employee income taxes, and corporate taxes, it is an area of high national interest. Gold is popular as an investment and investors buy gold as a means of diversifying risk; especially through the use of future contracts and derivatives.
The gold market is volatile; that is, liable to change and as such finding a trend keeps one in the lead. A considerable amount of resources will have to be allocated to looking into the foreign market and modifying the products to meet demand and regulations.
EXPORTING GOLD FROM GHANA
The following are outlined procedures for export of gold by Licensed Gold Exporters (LGE). A Licensed Gold Exporter (LGE) who intends to export gold shall inform the Precious Minerals Marketing Company Limited (PMMC) in writing of its export plans at least two (2) working days before the planned weekly export.
- The LGE shall submit the gold ore to be assayed by PMMC at a designated assay center, together with all Export documents.
- The PMMC shall assay the gold ore presented by the LGE using the appropriate assay method as agreed by the LGEs, Minerals Commission and the PMMC.
- The PMMC shall prepare a report of analysis of the gold ore presented by the LGE and issue copies to the Bank of Ghana (BOG), the Ghana Revenue Authority Custom Officer stationed at the Assay Centre and the Minerals Commission.
- The PMMC shall invoice the LGE in respect of the assay at the agreed rate of 0.176% of the value of gold assayed and the LGE shall pay same to PMMC. The payment of this fee is without prejudice to any fee that may be charged by the Minerals Commission.
- The GRA Customs Official at the Assay Centre shall inspect and supervise the sealing of the assayed gold ore with the Customs Division’s seal and endorse the Customs Declaration Form. The sealing of the assayed gold ore by the Customs Official shall be done in the presence of an authorized representative of the Assay Centre who shall also affix the seal of the PMMC Assay Centre at the same time.
- The LGE shall complete the required documentation at the Kotoka International Airport (KIA) before exporting the assayed gold.
- Under no condition shall gold core be exported by LGE without the seals of the Customs Division of the Ghana Revenue Authority and the Government designated laboratory i.e. PMMC and accompanied with full documentation.
- All LGEs shall submit monthly returns to Minerals Commission in accordance with the terms and conditions of their license agreements.
All persons who desire to obtain permits for buying gold shall apply to the Minerals Commission via a LGE