Exporting Gold from Ghana: A Step-by-Step Guide
When it comes to the export of gold from Ghana, licensed gold exporters (LGE) are required to adhere to a specific set of guidelines and procedures in order to ensure compliance with regulatory standards. These steps, which are provided by the Minerals Commission, are aimed at governing and streamlining the export process. Here is an overview of the export procedure:
Notification to PMMC:
Prior to the planned weekly export, the LGE must formally notify the Precious Minerals Marketing Company Limited (PMMC) in writing about its export plans at least two working days in advance.
Submission of Gold Ore to PMMC:
The subsequent step involves the submission of the gold ore to be assayed by PMMC at a designated assay center. Along with the gold ore, the LGE must submit declaration documents, a packing list, and an invoice.
Gold Content Determination:
PMMC then determines the gold content of the submitted gold ore using an agreed-upon assay method.
Report of Analysis:
After the assay, PMMC prepares a report of the analysis of the gold ore. Copies of this report are issued to the Bank of Ghana (BOG), Ghana Revenue Authority Custom Officer at the Assay Centre, and the Minerals Commission.
Invoicing by PMMC:
Subsequently, PMMC invoices the LGE for the assay at an agreed rate of 0.1% of the value of gold assayed, which the LGE is responsible for paying.
Inspection and Sealing:
At this stage, the Customs Official at the Assay Centre inspects and supervises the sealing of the assayed gold ore with the Customs Division’s seal, while also endorsing the Customs Declaration Form.
Documentation at Kotoka International Airport (KIA):
Before exporting the assayed gold, the LGE must complete the necessary documentation at Kotoka International Airport.
Export Conditions:
It is crucial to note that gold ore cannot be exported by LGE without the seals of the Customs Division and the PMMC. Full documentation must accompany the export.
Monthly Returns:
LGEs are also required to submit monthly returns to the Minerals Commission in accordance with the terms and conditions of their license agreements.
Local Legal Representatives (LLR):
Foreign entities looking to establish mineral purchasing and export companies in Ghana are strongly advised to have legal representation with in-depth knowledge of mineral and mining laws in the country.
It is imperative to acknowledge that the content of this article is intended to provide a general guide to the subject matter. For specific circumstances, it is crucial to seek specialist advice.
The export of gold from Ghana is a process that involves various stakeholders and meticulous compliance with regulations. By adhering to the established guidelines, licensed gold exporters can ensure a smooth and lawful export of gold from the country.
