The Bank of Ghana is directing that all gold exports should be made through the Precious Minerals Marketing Company (PMMC).
It is also asking that gold should not be made through third parties from next Tuesday.
According to the Central Bank, the directive is in line with its foreign exchange Act, which it is using to streamline activities covering gold exports.
The new requirements will now ensure that all licensed Gold Exporters, secure new documents from the Bank of Ghana, to aid their exports.
The Bank maintains that these documents are non-transferable. It also asking all the exporters should also contact the Bank of Ghana with proof their license before they are given the necessary access credentials.
The central bank concludes the statement by saying that anyone who fails to fully comply with these directive would be prevented from exporting Gold outside the country.
Below is the full statement from the Bank of Ghana
The Bank of Ghana wishes to inform the general public and gold exporters that pursuant to Section 2, subsection 3 of the Foreign Exchange Act 2006 (Act 723), it has streamlined the processes for documentation of gold exports by Licensed Gold Exporters (LGEs).
Accordingly, with effect from Tuesday, September 15, 2015, the following requirements shall apply for gold exports.
1. Authentication would be required of all LGEs to access and download Form FEX A4 from the Bank of Ghana website (www.bog.gov.gh) for completion and submission in connection with gold exports.
2. All LGEs intending to export gold should contact Bank of Ghana with proof of license to export gold for their Access Credentials.
3. The downloaded Form FEX A4 is non-transferable and nonassignable.
4. LGEs would not be permitted by Ghana Revenue Authority (Customs Division) to export gold unless the completed Form FEX A4 bears Bank of Ghana’s embossment.
5. Proof of independent certification by Precious Minerals Marketing Company Limited (PMMC) of the weight, quality and value of the gold earmarked for export is a necessary requirement to securing Bank of Ghana’s embossment.
6. All exports of gold are to be done only through PMMC.
7. LGEs are not permitted to export gold for third parties.
Please note that failure to comply with the above arrangements by any LGE on or after the effective date would prevent it from exporting gold from Ghana.
