Pulse.com.gh logo

Market protection New BOG regulations impose restrictions on Gold export companies

According to the central bank per the new measures all exports of gold must be done only through the Precious Minerals Marketing Company Limited (PMMC).

  • Published: , Refreshed:

The Bank of Ghana (BoG) will from this month begin rolling out new rules for gold export. The new rules which will take effect from Tuesday, September 15, 2015 will affect all gold exports.

According to the central bank per the new measures all exports of gold must be done only through the Precious Minerals Marketing Company Limited (PMMC).

PMMC is a limited liability company operating under the Companies’ Code, with the Government of Ghana as the sole shareholder. Prior to this move PMMC among other services exports gold on behalf of third parties for a commission.

Per the new rules Licensed Gold Exporters (LGEs) will also not be permitted to export gold for third parties.

According to the BoG authentication would also be required of all LGEs thus the exporters must  download Form FEX A4 from the Bank of Ghana website for completion and submission in connection with gold exports.

While all LGEs intending to export gold should contact Bank of Ghana with proof of license to export gold for their access credentials. The central bank warns the downloaded Form FEX A4 is non-transferable and is non-assignable while 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.

Exporters of gold must also provide proof of independent certification by PMMC of the weight, quality and value of the gold earmarked for export which is a necessary requirement to secure the Bank of Ghana’s embossment.

According to the BoG the new measures is pursuant to Section 2, subsection 3 of the Foreign Exchange Act 2006 (Act 723). It warns that gold exporters who fail to comply with the new measures on or after the effective date would not be able to export gold.

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos

Top Articles

1 Illegal Operations Menzgold extends suspension of gold vault market servicesbullet
2 Investment banks in Ghana Top 5 investment banks in Ghana and why you...bullet
3 Ponzi schemes in Ghana These investments are Ponzi schemes in Ghana,...bullet
4 Forensic Audit 6 state institutions misappropriate GH¢800 millionbullet
5 Illegal Operations Menzgold customer threatens to sue over...bullet
6 Kweku Adoboli Rogue banker denies saying Ghana is worse than...bullet
7 Ghana-Chinese Relations 6 reasons why the StarTimes deal is...bullet
8 Kotoka International Airport GACL to move all domestic...bullet
9 Special Prosecutor Here’s why Martin Amidu can’t work...bullet
10 How to create a verified PayPal account Learn how to...bullet

Top Videos

1 Money Alert Meet Africa's richest womanbullet
2 Forbes 2018 Africa's billionaires rich listbullet
3 Former Capital Bank staff grills pork for survivalbullet
4 Support Finance minister buys Kantanka carbullet
5 Selorm Adadevoh MTN CEO dances Agbadzabullet
6 Tech 6 reasons you should buy an iPhone SE instead of any of...bullet
7 Plane Crash Starbow suspends operations following plane crashbullet
8 Dr Joseph Siaw Agyepong Nobody can collapse my company –...bullet
9 New Phone Nokia’s MWC 2018 Event in Under 10 Minutesbullet
10 New Discovery Ghana discovers new mineral, lithium in...bullet