The Managing Director of the Precious Minerals Marketing Company (PMMC), Mr. Sammy Gyamfi, has issued a stern warning to individuals involved in gold smuggling, urging them to cease their illegal activities or face severe legal consequences. He emphasized that the government, through the establishment of the Gold Board (GOLDBOD), intends to regulate and streamline gold exports while curbing illicit trade. He further warned that anyone caught smuggling gold would be subject to a minimum prison sentence of 10 years, with the possibility of a 20-year term.
Mr. Gyamfi made these remarks during a stakeholders’ engagement in Tarkwa, Western Region, on Friday, focused on the soon-to-be-established GOLDBOD. The event brought together gold buyers, small-scale miners, commercial mining companies, and local chiefs to address misinformation, clarify the objectives of GOLDBOD, and gather feedback on the proposed GOLDBOD Bill.
He stressed that the government is committed to rooting out gold smuggling, saying, “We know where you are, and soon, we will be tracking you. Do not be tempted to smuggle gold. There will be no black market. Foreigners will not be permitted to purchase gold as aggregators. Foreigners have already benefited enough from Ghana's gold industry, and we will no longer allow this. If you wish to buy gold, you must go through GOLDBOD.”
Mr. Gyamfi further explained that GOLDBOD would have comprehensive enforcement powers, including the authority to inspect, audit, search, seize, and confiscate gold, as well as make arrests in collaboration with other relevant state agencies, all in compliance with the Constitution. He called on stakeholders in the gold industry to support GOLDBOD in its efforts to restore integrity to Ghana’s gold trade, stabilize the national currency, and improve the economy, particularly for miners who play a vital role in the nation’s economy.
“The moment we arrest you, you will lose not only your gold but also your future prospects,” Mr. Gyamfi warned. “Come to us for a license, and we will assist you financially to buy the gold you need.”
He projected that GOLDBOD could generate between $4 billion and $6 billion in foreign exchange annually, based on current market rates. This would be achieved through strategic forward sales of gold from small-scale miners, supporting foreign exchange accumulation and exchange rate management by the Bank of Ghana (BOG).
Additionally, Mr. Gyamfi emphasized that GOLDBOD would have the authority to purchase all gold production from large-scale mining companies, in line with the government's rights. This arrangement could substantially boost the nation’s foreign exchange reserves and strengthen the national economy.
Mr. Gyamfi also outlined the various licenses that GOLDBOD would issue, including aggregator, buying, refining, export partnership, storage, and importation licenses, for individuals or businesses involved in gold trading and related activities.
The General Secretary of the Ghana National Association of Small-Scale Miners, Godwin Armah, called for unity among stakeholders to ensure the successful passage of the GOLDBOD initiative into law, highlighting its potential benefits for the industry and the nation as a whole.
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Source; theghanareport
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