The Acting Managing Director of the Precious Minerals Marketing Company (PMMC), Sammy Gyamfi, has clarified that Ghana’s proposed Gold Board will have exclusive authority over the export of all gold produced in the small-scale mining sector.
Speaking on Joy FM’s Super Morning Show on Thursday, Mr. Gyamfi explained that the centralisation of gold exports is aimed at ensuring better regulation and monitoring of the trade.
Under this new system, licensed agents, including buyers and aggregators, will still be able to purchase gold from small-scale miners but will not have the authority to export it.
“Instead, they will act as intermediaries under the Gold Board’s policy, ensuring that all gold from small-scale miners is purchased and managed by the Board,” Mr. Gyamfi stated.
He further elaborated that the Gold Board will be responsible for the purchase and export of gold, while licensed agents will apply for permission to buy gold on behalf of the Board.
“These agents can buy gold for the Gold Board, but the actual export will be handled by the Board itself. This ensures that the gold is exported in a controlled manner, and we can effectively track foreign exchange,” he added.
According to Mr. Gyamfi, the Gold Board will also provide financial support to licensed buyers, enabling them to purchase gold from miners while maintaining full control over the export process.
He noted that if an agent has an off-taker in an international market such as India, Dubai, or Europe, the transaction will be facilitated through the Gold Board. Payments will be converted into the cedi equivalent before allowing the agent to purchase the gold, with the Gold Board handling the export.
“This system will help us monitor foreign exchange flows more effectively,” Mr. Gyamfi explained.
He concluded that centralising the gold export process through the Gold Board will address past concerns about foreign exchange retention and repatriation.
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