FAQs
Gold is a soft, yellow metal. Like all other metals, gold is also highly malleable and ductile. Moreover, gold is able to conduct both electricity and heat rather easily. The atomic number of gold is 79, and its elemental abbreviation is Au, from the Latin ‘aurum‘ meaning ‘shining dawn’. Gold has an extremely high density at 19.3 g per cubic centimeter, slightly greater than lead.
Ghana’s mining industry contribution was a catapult for the impressive
14.4% GDP growth the economy amassed in 2011. According to the Gold
Fields Mineral Survey, Ghana was the 9th leading producer of gold in the
World and the 2nd in Africa despite the 2% decrease in production from
92 tons in 2010 to 91 tons in 2011. According to data from the Bank of
Ghana, the mining industry’s contribution to total mechanized export was
about 40% in 2011 (Ghana Chamber of Mines, 2011). Ghana’s mineral
capability and the country’s involvement to global minerals output,
especially gold is well recognized. The country was one time, a leading
producer of gold in the world and accounted for about 35.5 % of total
world gold output between 1493 and 1600.
Procedures for export of Gold by licensed Gold exporters
- The following procedures shall govern the exportation of Gold by Licensed Gold Exporters (LGE) other than the holders of mining leases. These measures shall be in force until substituted by other procedures that may subsequently be prescribed.
- A Licensed Gold Exporter (LGE) who intends to export Gold shall inform the Precious Minerals Marketing Company Limited (PMMC) in writing of its export plans at least two (2) working days before the planned weekly export.
- The LGE shall submit the gold dore to be assayed by PMMC at a designated assay center, together with all declaration documents; Packing List and Invoice.
- The PMMC shall determine the gold content of the gold dore presented by the LGE using the appropriate assay method as agreed by the LGEs, Minerals Commission and the PMMC.
- The PMMC shall prepare a report of the analysis of the gold dore presented by the LGE and issue copies instantly to the Bank of Ghana (BOG), the Ghana Revenue Authority Custom Officer stationed at the Assay Center and the Minerals Commission.
- The PMMC shall invoice the LGE in respect of the assay at the agreed rate of 0.176% of the value of gold assayed and the LGE shall pay same to PMMC. The payment of this fee is without prejudice to any fee that may be charged by the Minerals Commission.
- All Gold Buying Agents of the PMMC, prior to this publication, may continue to use their permits until the expiry of the present term of the permit and same shall not be renewed by the PMMC upon expiry. All such Gold Buying Agents should immediately contact the Minerals Commission for further directions to obtain permits for buying gold shall apply to the Minerals Commission.
- The GRA Customs Official at the Assay Center shall inspect and supervise the sealing of the assayed gold dore with the Customs Division’s seal and endorse the Customs Declaration Form. The sealing of the assaying gold dore by the Customs Official of the assaying Center who shall also affix the seal of the PMMC Assay Center 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 be exported by LGE without the seals of the Customs Division of the Ghana Revenue Authority and the Government designated laboratory i.e. PMMC and accompanied with full documentation.
- All LGEs shall submit monthly returns to Minerals Commission in accordance with the terms and conditions of their lincense agreements.
- Source: Issued by the authority of the Minerals Commission. July 14, 2016