How To Export Gold From Ghana

Registering for a gold buying and export license is required for all persons interested in trading in aureate in Ghana. Ghana is ane of the most bonny business destinations in the W African sub-region. Ane of the mineral resources that is available to the nation is gold. In this article, we provide helpful guidelines on how to obtain a gold buying and consign license.

How much golden does Ghana produce?

According to the Ghana Sleeping room of Mines in a published article; '2019 Mining Manufacture Statistics and Information ', Ghana maintained its position as the leading producer of gold in Africa and the eighth-largest producer in the world in 2019. Producing about iii million ounces of gold in 2019.

Where in Ghana can y'all find aureate to purchase?

In Ghana, gold is mined by both companies and artisanal miners. Some of the largest aureate mining companies in Republic of ghana are Kinross Gold in Chirano mine, Newmont Goldcorp in Akyem and Ahafo mines, AngloGold Ashanti in Obuasi, Iduapriem mines, Gilded Fields in the Tarkwa gilded mine, and Asanko Gold in Asanko mine. These companies primarily export gold that is mined from their mining concessions. Even so, modest-scale miners in the land mine and sell golden to entities and individuals. Some of the popular communities where you can buy gilt include, Oda, Akyem, Tarkwa, Obuasi Prestea, Amansie, Kwabeng and Bibiani.

Who is responsible for the Issuance of gilded export license?

The Government Agency that has the mandate and is responsible for the regulation and management of mineral resources in Republic of ghana is the Minerals Committee. Hence, all applications for licensing for the trading and export of aureate must be lodged with the Minerals Commission.

The minerals commission is mandated is to do the following:

Coordinate and implement policies related to mining in Republic of ghana
Grant of licenses to corporate entities to undertake the business organisation of mining, purchase and export of gold in Ghana.

Who qualifies for a golden consign license?

Minerals and Mining (Amendment) Act, 2015 (Act 900) requires that only legal entities in Ghana that the Registrar Generals Department has duly registered tin can utilize for a license which will enable them to export or sell minerals. In that location are Seventy-I (71) registered gold trading and export companies in Republic of ghana.

See hither too: How to register a Company Limited by Shares in Ghana

What is the validity menses for a gilded export licence?

Gilt export license is valid for three (3) years subject field to renewal for some other iii years upon expiry.

Procedure for obtaining a aureate export license in Ghana

Footstep 1 – Purchase an application form

Purchase an application form from the Minerals Commission Office.

Footstep 2 – Complete the application form

Fill the forms with the right information to facilitate the procedure.

Step three- Submission of application forms at the Minerals Commission

Submit a well-completed form to the Minerals Committee and attach the post-obit documents ;

Document of incorporation
Company Constitution
Form 3 and 4 from Registrar General
Utility Nib
CVs of central direction
Valid ID Carte (Any of these: Voter ID, Driver's License, Passport, National ID)
Two (two) Passport Size Photograph
GRA registration documents
Business Plan

Footstep 4 – Review of application

The Commission will review the application and all submitted documents. This process takes averagely 2 to three months. Once the applicant meets all the requirements, the Commission will event an invoice for the license fee to be paid. After payment is done, the Commission volition proceed to issue the license appropriately.

Registering for a Gold Buying and Export License in Ghana_Firmus_Advisory_2

How long does it take for a gold consign license to be issued?

The process takes 2 to iii months. This is normally the case when applicants present all the documents the right manner.

What are the fees involved in acquiring a gold export license?

Below are the applicable fees for acquiring a gold consign license –

Application form – $250
Processing fee – $500
License fee- $x,000
Annual Fee- $2,000

Applicants may pay these fees in Ghana Cedi equivalent at the prevailing rate.

See Besides: our Company profile and manufactures on Mondaq

How to consign gold from Ghana

The Minerals Committee has issued procedures that govern gold buying and consign License in Republic of ghana. The following procedures govern the exportation of gold by Licensed Gold Exporters (LGE) other than the holders of mining leases. These include the following-

A Licensed Aureate Exporter (LGE) who intends to consign gold needs to inform the Precious Minerals Marketing Company Limited (PMMC) in writing of its consign plans at to the lowest degree 2 (two) working days before the planned weekly consign.
The LGE shall then submit the gilded ore to be assayed by PMMC at a designated assay centre, together with all annunciation documents, Packing Listing, and Invoice.
The PMMC shall determine the gilded content of the golden ore presented by the LGE using the advisable assay method equally agreed by the LGEs, Minerals Commission, and the PMMC.
The PMMC shall and so prepare a written report of analysis of the gold ore presented by the LGE and issue copies instantly to the Banking concern of Ghana (BOG), the Ghana Revenue Authorization Custom Officer stationed at the Assay Centre and the Minerals Commission.
The PMMC will proceed to invoice the LGE in respect of the assay at the agreed charge per unit of 0.1% of the value of gilt assayed, and the LGE shall pay the same to PMMC. The payment of this fee is without prejudice to any fee that may be charged by the Minerals Committee.
The GRA Customs Official at the Assay Heart has the responsibleness to inspect and supervise the sealing of the assayed gold ore with the Customs Division'due south seal and endorse the Customs Declaration Course. The sealing of the assayed gilt ore by the Customs Official shall be done in the presence of an authorized representative of the Assay Heart, who shall also affix the seal of the PMMC Assay Heart at the same time.
The LGE shall complete the required documentation at the Kotoka International Airport (KIA) before exporting the assayed gold.
Under no condition shall gold ore exist exported by LGE without the seals of the Customs Division of the Ghana Revenue Authority and the Government designated laboratory, i.due east., PMMC and accompanied with full documentation.
All LGEs shall submit monthly returns to the Minerals Commission in accordance with the terms and conditions of their license agreements.

Due Diligence when buying and exporting Gold

Private individuals and incorporated companies seeking to engage in aureate buying and export license in Republic of ghana demand to understand that the auction and export of golden is a regulated business actvity. Auction and export of gilt is governed past laws with an established institution mandated to ensure compliance.

At that place is, therefore, the demand for individuals and companies (foreigners) to undertake due diligence before they engage a local Ghanaian entity or an individual for the purchase and export of gilded. Dealers demand to be careful to not go defrauded past unlicensed dealers.

Due diligence should also be conducted to identify all factors that will affect the potential transaction.

In any case, an individual or entity must conduct extensive research as is necessary to achieve a level of conviction before inbound gold buy and export transactions in Ghana.

Determination

I promise this has been helpful to you. Investors must follow the correct procedure to trade and export in aureate. Comment, like and share this content with a friend.

Written past Edmund Djarbann

Source: https://firmusadvisory.com/2021/08/12/registering-for-a-gold-buying-and-export-license-in-ghana/