Sammy Gyamfi, the Chief Executive Officer of the Ghana Gold Board, has reiterated the government’s dedication to the prevention of gold smuggling, particularly in the Artisanal and Small-Scale Mining (ASM) sector, through the implementation of a comprehensive gold aggregation framework.
The deployment of a nationwide gold aggregation system was characterized by Mr. Gyamfi as a “game-changer,” as it is facilitating the optimization of ASM gold collection, the improvement of traceability, and the maximization of mineral revenue for the country.
“The fight against gold smuggling has been heightened to unprecedented levels, and effective aggregation networks and systems have been implemented throughout the nation to capture nearly all of the ASM gold that is produced,” he stated.
He emphasized that the industry is currently being firmly addressed in contrast to the previous era, during which significant quantities of ASM gold were illegally exported from Ghana, resulting in the loss of critical revenue and the exposure of the sector to environmental hazards.
“As of today, the state is responsibly accumulating ASM gold.” “We are exporting it and generating the corresponding foreign exchange to bolster the economy,” Mr. Gyamfi continued.
Improving Financial Oversight
The Gold Board has implemented stricter licensing requirements as part of its reforms to guarantee adherence to national and international financial regulations.
Mr. Gyamfi clarified that organizations that are interested in obtaining a Gold Board license are now required to undertake rigorous Know Your Customer (KYC) and due diligence assessments in partnership with the Bank of Ghana and the Financial Intelligence Centre.”This is a component of our continued dedication to the advancement of anti-money laundering and counter-terrorism financing regulations. We are resolute in our efforts to guarantee that the gold trade in Ghana is secure, transparent, and advantageous to the national economy,” he stated.
Consequences for Business
It is anticipated that the restoration of investor confidence in Ghana’s gold supply chain and the increase in formal sector participation will be achieved through the implementation of enhanced gold traceability and a crackdown on smuggling.Additionally, it is anticipated that the Gold Board’s reforms will promote the formation of employment opportunities, enhance revenue mobilization, and foster partnerships between small-scale miners and formal financial institutions, such as gold refiners and exporters
source: Ghana Gold Board
