The Bank of Ghana has announced measures to streamline the processes for documentation of gold exports by Licensed Gold Exporters (LGEs) pursuant to Section 2, subsection 3 of the Foreign Exchange Act 2006 (Act 723).
The Central Bank has accordingly stated that, with effect from Tuesday, September 15, 2015, it has outlined steps to check gold export from the country.
Below is the BoG press release
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.
