Gold Board introduces new gold tracing system
The Gold Board is rolling out a new system to trace small-scale gold. This plan ensures all gold is responsibly sourced. It includes strict licensing and a nationwide tracking system. The goal is to stop illegally mined gold from entering the market. This will formalize the gold sector and bring more miners into legal operations.
Ghana's Gold Board will soon launch a new system to track all gold. This plan targets small-scale gold purchases. It aims to stop illegal mining. The new system will make sure all gold comes from responsible sources.
This initiative has three main parts. First, it will use strict licensing rules. Second, it will enforce these rules firmly. Third, a nationwide system will trace all gold. Companies that buy gold must have a Gold Board license. This license has strict terms. Buyers can only buy from licensed miners. Breaking these rules is a crime under Section 50 (9C) of the Gold Board Act. This means buyers can face legal action if they buy from unlicensed miners.
Beyond enforcement, the Gold Board is building a system to check gold origins. This system will confirm each gram of gold comes from a responsible mine. It will not just check for a licensed mine. The Gold Board also wants to bring more miners into the formal system. It will work with the Ministry for Lands and Natural Resources. They will help artisanal miners join cooperative mining schemes. They will also help them become licensed small-scale miners.
This formalization plan is almost ready. The President will be part of its launch. The new tracing system is also being developed. This program will help clean up the gold sector. It will boost Ghana's gold revenues and improve the industry's image.
Source: StatsGH — Ghana's data-driven news platform