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Bank of Ghana monitors gold export from Ghana


By: Fred Yaw Sarpong- Daily Express

Bank of Ghana (BoG), the regulator of the banking industry has started monitoring gold export from Ghana to other countries effective Tuesday September 15, 2015.

The central bank says the purpose of monitoring the export of gold from Ghana is to have a record of gold produced in the country.

In order to monitor the exporters effectively, the central bank has introduce measures that will governing the sector.

Dr. Henry Kofi Wampah, the Governor of Bank of Ghana who announced this at a news conference says data from other gold importing countries show that the import figures from Ghana are more than data available to Ghana.

“Because some analysis we have come across using partner countries data shows that what they show as import from Ghana is significantly higher than what we show as export of Gold from Ghana. So we think that we have to monitor gold export closely,” Dr. Wampah stated.

He mentioned that the decision to monitor the Licensed Gold Exporters (LGEs) is in partnership with the stakeholders in the mining sector together with the Ministry of Lands and Natural Resources.

“This will let the LGEs come into close contact with the banking sector and will also help to stabilize the cedi,” he added.

According to the central bank, pursuant to Section 2, subsection 3 of the Foreign Exchange Act 2006 (Act 723), it has streamlined the processes for documentation of gold exports by Licensed Gold Exporters (LGEs).

Effective September 15, 2015 authentication would be required of all LGEs to access and download Form FEX A4 from the Bank of Ghana website (www.bog.gov.gh) for completion and submission in connection with gold exports.

Also, all LGEs intending to export gold should contact Bank of Ghana with proof of license to export gold for their Access Credentials.

Meanwhile, central bank pointed out that the downloaded Form FEX A4 is non-transferable and non assignable and the LGEs would not be permitted by Ghana Revenue Authority (Customs Division) to export gold unless the completed Form FEXA4 bears Bank of Ghana’s embossment.

“Proof of independent certification by Precious Minerals Marketing Company Limited (PMMC) of the weight, quality and value of the gold earmarked for export is a necessary requirement to securing Bank of Ghana’s embossment,” says the central bank.

It also noted that all exports of gold are to be done only through Precious Mineral Marketing Company (PMMC); and the LGEs are not permitted to export gold for third parties.

Central bank said failure to comply with the above arrangements by any LGE on or after the effective date would prevent it from exporting gold from Ghana.




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