ARTICLE
28 November 2023

The Procedure For Export Of Gold By Licensed Gold Exporters (LGE) In Ghana

LS
Legalstone Solicitors

Contributor

Legalstone Solicitors is a top-tier boutique law firm in Ghana, uniquely positioned to help clients achieve their business needs. Its client-focused approach to legal services means clients are assured of technical savvy and reliable legal assistance that guarantees the best results. The firm leverages its talent, innovation and core values to sustain client’s business needs in Ghana and Africa. Its focus is to be the best at providing clients with quality, unmatched legal services. The firm relentlessly pursues the delivery of outstanding results for clients, and represents what clients look for in a law firm- a genuinely committed firm deeply rooted in honesty and integrity. It provides services in the field of gaming law, corporate and commercial, corporate immigration practice, metals and mining, debt recovery and restructuring, real estate, family law, and international commercial arbitration. The firm offers competitive, affordable and practical commercial advice to a broad spectrum of clients.
The procedure for exporting gold by licensed gold exporters (LGE) in Ghana involves several steps to ensure compliance with regulations.
Ghana Energy and Natural Resources

The procedure for exporting gold by licensed gold exporters (LGE) in Ghana involves several steps to ensure compliance with regulations. The guidelines provided by the Minerals Commission aim to govern and streamline the export process. Below is an overview of the key steps:

  1. Notification to PMMC:

- The LGE must inform the Precious Minerals Marketing Company Limited (PMMC) in writing about its export plans at least two working days before the planned weekly export.

  1. Submission of Gold Ore to PMMC:

- The LGE submits the gold ore to be assayed by PMMC at a designated assay center.

- Declaration documents, Packing List, and Invoice are submitted along with the gold ore.

  1. Gold Content Determination:

- PMMC determines the gold content of the submitted gold ore using an agreed-upon assay method.

  1. Report of Analysis:

- PMMC prepares a report of the analysis of the gold ore and issues copies to the Bank of Ghana (BOG), Ghana Revenue Authority Custom Officer at the Assay Centre, and the Minerals Commission.

  1. Invoicing by PMMC:

- PMMC invoices the LGE for the assay at an agreed rate of 0.1% of the value of gold assayed.

- The LGE pays this fee to PMMC.

  1. Inspection and Sealing:

- The Customs Official at the Assay Centre inspects and supervises the sealing of the assayed gold ore with the Customs Division's seal.

- The Customs Official endorses the Customs Declaration Form.

  1. Documentation at Kotoka International Airport (KIA):

- The LGE completes the required documentation at Kotoka International Airport before exporting the assayed gold.

  1. Export Conditions:

- Gold ore cannot be exported by LGE without the seals of the Customs Division and the PMMC.

- Full documentation must accompany the export.

  1. Monthly Returns:

- LGEs are required to submit monthly returns to the Minerals Commission in line with the terms and conditions of their license agreements.

Local Legal Representatives (LLR):

- Foreign entities setting up mineral purchasing and export companies in Ghana are advised to have legal representation.

- Legal representatives should have in-depth knowledge of mineral and mining laws in Ghana.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More