Page 10 - Bullion World Volume 4 Issue 1 January 2024

Bullion World | Volume 4 | Issue 1 | January 2024

adheres to laws and regulations. Additionally, the legal
representative should draft a comprehensive agreement
to govern the transaction and protect the interests of all Export Guidelines for Gold in Ghana:
parties involved.
The Minerals Commission has established
procedures governing the export of gold in
License to Buy and Export Gold
It is imperative to note that, in Ghana, an individual need Ghana. These guidelines are applicable to
Licensed Gold Exporters (LGE), excluding
a license to buy and deal with minerals. Therefore, the
export of gold out of the jurisdiction of Ghana can only holders of mining leases. Key points include:
be done under a license by an entity. This is regulated
under the Minerals and Mining Act, 2006 (Act 703). It
1. LGEs planning to export gold must notify
provides among others that, the Minister in consultation
with the Minerals Commission, may in writing license the Precious Minerals Marketing Company
Limited (PMMC) in writing at least two
people the Minster considers fit, to buy and deal in the
types and forms of minerals identified under the Act. working days before the weekly export.
2. The LGE must submit gold ore for assay at

It must be noted that, under the Act, mineral means a a designated center, along with declaration
documents, a Packing List, and an Invoice.
substance in solid or liquid form that occurs naturally
in or on the earth and include gold and diamond but 3. The PMMC will determine the gold content
using an agreed assay method with the
does not include petroleum resources as the latter
is under a separate regulation. It is important to note LGEs and Minerals Commission.
4. The PMMC will issue an analysis report
further that, the Minister under the Act means the
Minister responsible for Mines and Natural Resources to the Bank of Ghana (BOG), the Ghana
Revenue Authority Custom Officer, and the
and reference to Commission means the Minerals
Commission established under section 1 of the Minerals Minerals Commission.
5. The PMMC will invoice the LGE for the
Commission Act, 1993 (Act 450).
assay at a rate of 0.1% of the gold value,
payable to PMMC, in addition to any
Legal Representative
The foreign entity should have access to legal Minerals Commission fees.
6. Gold Buying Agents of the PMMC may use
representation before engaging in any gold export
business in Ghana. Not only will the legal representative permits until expiry but won't be renewed;
new permits must be obtained from the
conduct due diligence on the Licensed Gold Exporter to
ascertain that it is in fact licensed and in good standing, Minerals Commission.
7. The GRA Customs Official at the Assay
he/she will also be expected to educate and or proffer
sound professional advice to the foreign entity on any Centre will inspect and supervise the
sealing of assayed gold ore, endorsed on
changes in the laws and regulations governing the
purchase and export of gold in Ghana. the Customs Declaration Form.
8. The LGE must complete required

Most importantly, the legal representative shall police documentation at Kotoka International
Airport (KIA) before exporting assayed
the processes leading to the purchase and export of the
gold to ensure that the precise ounces and the required gold.
9. Gold ore cannot be exported without seals
purity of the mineral are shipped from the Republic to
its intended recipient. This timely legal advice must be from the Customs Division, PMMC, and
accompanying full documentation.
obtained from a lawyer with knowledge and working
experience in the gold trading business in Ghana 10. LGEs must submit monthly returns to the
Minerals Commission as per their license
The Legal Representative shall also be responsible for
the formulation, and the drafting of an agreement to agreements.
11. A 1.5% Withholding Tax applies to all
govern the transaction before any transfer of funds shall
be effected for payments. This eventually will help to exports, along with other statutory fees.
secure the interest of the parties to the transaction and
ensure that their reasonable expectation is meet at the
end of the day.

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