regulation and policy
Ghana Gold Board to Track All Gold Purchases
Ghana's Gold Board is implementing a new system to track all small-scale gold purchases. This initiative aims to ensure all gold is responsibly sourced and traceable. It involves strict licensing, enforcement, and a new digital traceability system. The goal is to bring more artisanal miners into the formal sector and reduce illegal gold trading.
The program has three main parts. First, strict licenses for gold buyers. Second, strong rules and punishment for breaking them. Third, a new system to trace every gram of gold.
Gold buyers must have a license from the Gold Board. This license comes with rules. Buyers can only buy gold from other licensed miners. If they break these rules, they can face legal action. Section 50 (9C) of the Gold Board Act says breaking license conditions is a crime.
The Board will also use new technology to check where gold comes from. This will help make sure gold is from responsible mines. The Gold Board wants to bring more informal miners into the legal system. This means working with the Ministry for Lands to help artisanal miners get licenses or join cooperatives.
This new system is being finished now. It aims to reduce illegal mining. This can help the Ghanaian economy by ensuring proper taxes are paid. It can also improve Ghana's reputation in the global gold market. This push for traceability is a big step for the gold industry in Ghana.
Source: StatsGH — Ghana's data-driven news platform