GOLD NEWS

Ghana to Set Up Gold Board to Curb Smuggling

Tue Jan 28 2025

Ghana, a nation in West Africa, declared its intention to establish a Gold Board with the primary goal of preventing the smuggling of yellow metal. Streamlining gold purchases from small-scale miners is another goal of the Board's establishment.

Cassiel Ato Forson, Ghana's finance minister, claims that the Board's operations will boost the industry's earnings and give the country's currency greater stability. According to data made public by the nation's central bank, gold exports in 2024 came to $11.64 million, a 53.2% increase over 2023. Legal small-scale miners produced about $5 billion worth of gold that was shipped from the nation last year.

Refiners will not be allowed to handle gold from sources connected to criminal and militant activity or those that support violations of human rights, according to the Gold Board, which is scheduled to be established in March of this year.

In order for the nation to properly profit from its gold resources, the Gold Board will be essential. It will be the only company buying gold from neighborhood dealers. Additionally, it will be illegal for domestic and international businesses with export licenses to indulge in direct purchase of gold.

Source: https://www.scrapmonster.com/