Gold Board mandates licensed gold purchases
Ghana's Gold Board will prosecute individuals and firms buying gold outside approved channels. New rules aim to formalize the gold trade and ensure responsible sourcing. A licensing regime for buyers and a gold tracking system are being implemented. These changes target illegal small-scale mining and seek to improve transparency in the gold sector.
The Gold Board stated it will prosecute individuals and companies that buy gold outside of official channels. This is part of a plan to improve oversight of the gold sector.
Chief Executive Officer Sammy Gyamfi said the Board is putting in place strict controls. These controls will ensure that gold is sourced responsibly and can be traced. He noted that the gold trade has been formalized. This means all gold buyers must now have a license from the Board.
These licenses come with clear rules. License holders must only buy gold from licensed miners. Breaking these rules is a crime under Section 50(9C) of the Gold Board Act. Mr. Gyamfi warned that buying gold from an unlicensed miner while holding a Gold Board license will lead to prosecution.
Beyond enforcement, new systems are being developed to track every ounce of gold bought. This system will confirm that gold comes from responsible mines. The Board is also working with the Ministry for Lands and Natural Resources. Their goal is to formalize small-scale miners into cooperative schemes and licensed operations. This formalization program will be announced soon.
A gold traceability solution is also being developed. This aims to stop illegally mined gold from entering the market. These changes together aim to clean up the small-scale mining sector and ensure greater transparency and accountability.
Source: StatsGH — Ghana's data-driven news platform