GUDIEPA GHANA LIMITED - Private Gold Trading and Export

The mining industry of Ghana accounts for 5% of the country's GDP and minerals make up over 37% of total exports of which gold contributes over 90% of the total mineral exports. Thus, gold remains the focus of Ghana's mining and minerals development industry. Ghana has twenty-three large scale mining companies and over three-hundred registered small-scale mining groups and ninety mine support service companies. Gold trading in Ghana began from ancient history in the Trans-Saharan gold trade and the country was once known as Gold Coast. With gold export bringing in about 48% of Ghana's revenue through mineral royalties, employee income taxes, and corporate taxes, it is an area of high national interest. Gold is popular as an investment and investors buy gold as a means of diversifying risk; especially through the use of future contracts and derivatives.

It is essential to get a license when being involved in the exploration of gold. To obtain a small-scale mining license, you must be a Ghanaian of at least 18 years notify the Small-Scale District Center of the Minerals Commission of your intentions. The District Officer will inspect the site to determine its suitability and prepare a report. If found suitable, the area will be demarcated and site plans prepared by the prospective licensee. A notice of intention to allocate the area for small-scale mining will be published at the District Assembly for twenty-one (21) days. If no objections are made, the applications will be subsequently submitted together with the field report by the District Officer to the Head Office. The Minerals Commission will check to ensure that the area is not already under license. You will then be advised to obtain an Environmental permit from the EPA. The Minister then issues the License, and voila! You are in business.

The following are outlined procedures for export of gold by Licensed Gold Exporters (LGE). 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 ore to be assayed by PMMC at a designated assay center, together with all Export documents. The PMMC shall assay the gold ore 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 analysis of the gold ore presented by the LGE and issue copies to the Bank of Ghana (BOG), the Ghana Revenue Authority Custom Officer stationed at the Assay Centre and the Minerals Commission.