How to Buy Gold In Ghana?
goldandlandsadmin October 12, 2022 No Comments
Gold is one of the top resourceful minerals found on earth. It is a very dense element and a great conductor of heat and electricity. Gold is a precious metal that has been used for centuries as a symbol of wealth and power.
The gold trade has been going on for millennia and it is still the most traded commodity in the world. Gold has always been considered as one of the safest investments, but now it is time to consider another option – buying gold from Ghana.
The price of gold can fluctuate, but in general it continues to be on the rise. Buying gold from Ghana will help you get more for your money because Ghanaian gold is rarer than other types of gold. It also comes with a certification that will make sure that your purchase was ethically sourced, which means you can sleep better at night knowing that you are not contributing to any human rights violations or environmental damage.
Gold production in the year 2020 Ghana was about 125,000 kg in Dec, and it increased to about 130,000 kg in Dec 2021. The only legal way to buy gold from Ghana is by having an export license.
In this written article, we will shed light on the procedures and legal actions interested buyers must follow to obtain an export license to buy gold from Ghana and avoid being scammed.
Gold Miners in Ghana
Gold can either be mined by companies or by small-scale miners in Ghana. However, most companies export the gold they mine to other countries. Examples of Gold mining company in Ghana is;
● Asanko Gold
● Gab Field Company Ltd
● Gold Fields, and many others.
Small-scale miners are more open to selling their gold concessions to individuals and other entities. Ghana has about 300 small-scale miners. Gold is easy to get from small-scale miners; still, you should be careful and make sure your legal representative does a comprehensive check on them before engaging in financial transactions.
These small-scale miners can be in some of these communities such as:
● Bibiani
● Oda
● Akyem
● Tarkwa
Where To Buy Gold In Ghana?
It is not easy to find where to buy gold in Ghana. There are many places where you can find gold but they are not all trusted. This is where Goldandlands.com services is important to buyers who want to buy gold in Ghana. We have credible sellers who are available to deal, as long the buyer is serious.
Also check: Gold In 250kg For Sale In Ghana In Complete CIF Delivery
License to Buy and Export?
Government agencies, such as the Minerals Commission of Ghana and the P.M.M.C (Precious Mineral Marketing Commission Limited), are some of the legal agencies in Ghana responsible for issuing export licenses for the export, mining, and trading of gold in Ghana.
- Precious Mineral Marketing Commission Limited:
It was founded in 1963 and changed to a limited liability company in 2000 to function as a government assayer. The company’s function is to determine the quality of the metals or ores that leaves the country. The Precious Mineral Marketing Commission Limited also has to ensure that all gold traders have a valid license to trade in Ghana.
1. Minerals Commission of Ghana:
Under the Minerals and Mining Act of 2006 (Act 703), foreigners, whether individuals or companies interested in buying gold inside Accra or her capital city Ghana, must have a valid export license.
However, it is under the jurisdiction Minerals Commission in consultation with the Minister responsible for the Mines and Natural Resources. To be qualified for application for the export license from the minerals commission, you have to register with the Registrar Generals Department. The commission is also mandated to implement mining policies in Ghana.
Application Process of a Gold Export License From the Mining Commission
1.) Purchase the form from the commission.
2.) Fill in the necessary information and attach the following documents:
● Utility bill of any choice
● Certificate of incorporation
● Company Constitution
● Your business plan
● Form 3 and 4 from Registrar General (you should have applied for this first at the Registrar Generals Department)
● A valid ID Card( can be your passport, National ID, voter card, or Driver’s license)
● CVs of key management
● Two (2) Passport Size Photo
● G.R.A registration documents
3. Submission should be in complete process with all the required documents.
4.) The commission takes about 2-3 months to review the application and if all requirements are met. They issue an invoice to the applicant with the license fee required as charged.
5.) After payment, the license will be issued.
Guidelines to Follow
Getting the explore license is not the end of the requirement you must follow to buy gold in Ghana as a foreigner. The Minerals Commission expects these guidelines to be followed by the Licensed Gold Exporter (L.G.E), except for those with mining leases.
● All L.G.E is expected to write to Precious Minerals Marketing Company Limited (P.M.M.C) at least two working days before export.
● The L.G.E is expected to submit the gold ore bought at the P.M.M.C for assaying, and the P.M.M.C will determine the ore content using the appropriate and approved assaying methods.
● The P.P.M.C will write a detailed report and send copies to the Minerals Commission, Bank of Ghana, and the Ghana Revenue Authority Custom Officer at the P.P.M.C office.
● The P.M.M.C will charge you, the Licensed Gold Exporter, with an invoice of 0.1% of every gold assayed. ( Note that this does not include the fee that the Minerals Commission will charge)
● The Ghana Revenue Authority Custom Officer will inspect the assayed gold ore and seal it with the custom seal in the presence of a P.M.M.C officer, who will also seal it with the seal of the P.M.M.C center.
● The remaining documentation shall be process at the Kotoka International Airport before you can export the assayed gold. It is seen as illegal to export any gold ores without the seal of the Ghana Reserve Authority Custom Officer and the Minerals Commission.
● Importantly, you are asked to submit an agreed amount as a monthly commitment to the Mineral Commission as stated during the registration process.
● The foreign entity is also required to have a local legal representative that is well-knowledgeable in the Gold trading business in Ghana.
Therefore this is to ensure a smooth transaction education of the foreign entity on the regulations and guidelines expected of them, offer professional advice, and draft an agreement before any financial transaction. Your legal representative has to perform due diligence on the selling company or individuals.
● Always look for a legitimate small-scale miner or exporter(if you do not want to go through the stress of collecting a license for yourself).
● Always verify the seller’s bank details with your bank before any financial transaction.
● Check the world market price and compare with the seller to avoid being charged in excess.
In conclusion, we believe these help first-timer gold buyers in the gold business in Ghana.
