The Precious Minerals Marketing Company (PMMC) is set to establish offices in selected mining regions to enhance the trading of gold as the implementation of the government’s ‘gold for oil policy’ gains momentum.
As part of the implementation, all gold from small-scale mining companies shall be sold to the government through the PMMC.
A statement issued by the company on Monday (16 January) said: “To implement the directives, PMMC shall establish offices in selected mining regions, the first of which has already been set up in Kumasi, in the Ashanti Region.”
“All existing gold trading and export licence holders (“Implementing Partners”) shall continue their usual business activities except that the gold so purchased by them from the small-scale sector shall not be exported. The gold purchased by the Implementing Partners shall be sold to PMMC,” the statement said.
Below is the full statement:
PRESS RELEASE
RE: DIRECTIVES TO SECURE ADEQUATE QUANTITIES OF GOLD TO SUPPORT THE “GOLD 4 OIL” PROGRAMME
Background
On 23rd November, 2022, the Honourable Minister for Lands and Natural Resources issued certain directives aimed at securing adequate quantities of gold to support Government’s “Gold 4 Oil” initiative.
The directives which are rooted in the Government’s pre-emptory rights under section 7 of the Minerals and Mining Act, 2006 (Act 703), stipulated, inter alia, that all gold from small scale miners including the Community Mining Scheme, shall be sold to Government through PMMC with funding from the Bank of Ghana. The large-scale mining companies are also required to sell part of their gold outputs to the Bank of Ghana in support of the programme.
The Precious Minerals Marketing Company (PMMC) and the Minerals Commission (MinCom) were tasked by the Honourable Minister to see to the implementation of these directives which took effect from the 1st January, 2023.
Stakeholder Engagements
Following these directives, both the PMMC and MinCom have jointly held stakeholder engagements. Several issues which were raised by the various stakeholders have been resolved paving way for full implementation of the programme. The two institutions shall continue to engage with stakeholders to resolve any issues that may arise in the course of implementation of the directives.
Operational structure
To implement the directives, PMMC shall establish offices in selected mining regions, the first of which has already been set up in Kumasi, in the Ashanti Region.
All existing gold trading and export licence holders (“Implementing Partners”) shall continue their usual business activities except that the gold so purchased by them from the small-scale sector shall not be exported. The gold purchased by the Implementing Partners shall be sold to PMMC.
In the case of licence holders who have prior existing contractual obligations to supply gold outside of Ghana, they are required to write to PMMC with evidence of the contractual obligations and such companies shall be assisted by PMMC to discharge in full those contractual obligations.
For purposes of implementation, persons who wish to sell to PMMC shall be required to deliver their gold in whole bars of 5kg at any of the PMMC Offices either at Patasi, Kumasi or Diamond House, Accra, where the bars will be assayed and payment effected on the spot. Any other trader with gold below 5kg shall be required to sell to any of the Implementing Partners.
We note that a major threat to the successful implementation of the programme is the activities of smugglers. Consequently, the Security Agencies have been engaged to intensify anti-smuggling operations.
Conclusion
We entreat all stakeholders and the general public to offer their full cooperation towards the implementation of these directives.
For all enquiries concerning the implementation of this programme, please call 0551522211.
Dated this 16th day of January, 2023 at Diamond House, Accra.
Nana Akwasi Awuah
Managing Director
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