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The mining industry of Ghana accounts for 5% of the country’s GDP, with minerals making up over 37% of total exports, of which gold contributes over 90% of the total mineral exports. Thus, gold remains the focus of Ghana’s mining and minerals development industry. Ghana hosts twenty-three large-scale mining companies, over three hundred registered small-scale mining groups, and ninety mine support service companies.
Gold trading in Ghana has its roots in ancient history, beginning with the Trans-Saharan gold trade, when the country was known as the Gold Coast. Today, gold exports account for about 48% of Ghana’s revenue through mineral royalties, employee income taxes, and corporate taxes, making it a sector of significant national importance. Gold is highly sought after as an investment, with investors using it as a means to diversify risk, particularly through futures contracts and derivatives.
The gold market is inherently volatile and subject to frequent changes. Staying ahead requires a thorough understanding of market trends. Significant resources must be invested in analyzing foreign markets and adapting products to align with global demand and regulatory requirements.
JDN POST is committed to supporting Ghana’s gold trade and export industry with secure and reliable services tailored to meet the needs of exporters and investors alike.
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EXPORTING GOLD FROM GHANA
The following procedures outline the process for exporting gold by Licensed Gold Exporters (LGE). A Licensed Gold Exporter (LGE) who intends to export gold must notify the Precious Minerals Marketing Company Limited (PMMC) in writing of their export plans at least two (2) working days before the scheduled weekly export.
- Assay Submission: The LGE must submit the gold ore to be assayed by the PMMC at a designated assay center, along with all necessary export documents.
- Assay Process: The PMMC will assay the gold ore using the appropriate method agreed upon by the LGEs, Minerals Commission, and the PMMC.
- Assay Report: The PMMC will prepare an analysis report of the gold ore and issue copies to the Bank of Ghana (BOG), the Ghana Revenue Authority Customs Officer stationed at the assay center, and the Minerals Commission.
- Assay Fee: The PMMC will invoice the LGE for the assay service at the agreed rate of 0.176% of the value of the gold assayed. The LGE must pay this fee to the PMMC, in addition to any other fee charged by the Minerals Commission.
- Customs Inspection and Sealing: The GRA Customs Official at the assay center will inspect and supervise the sealing of the assayed gold ore using the Customs Division’s seal and endorse the Customs Declaration Form. This sealing must be done in the presence of an authorized representative of the assay center, who will also affix the seal of the PMMC assay center.
- Documentation at Airport: The LGE must complete all required documentation at Kotoka International Airport (KIA) before exporting the assayed gold.
- Conditions for Export: No gold ore may be exported without the seals of the Customs Division of the Ghana Revenue Authority and the government-designated laboratory (PMMC), accompanied by full documentation.
- Monthly Returns: All LGEs must submit monthly returns to the Minerals Commission in accordance with their license agreements.
- Permit Application: Any person wishing to obtain permits for buying gold must apply to the Minerals Commission through an LGE.
Note: JDN POST is committed to ensuring that all exports meet regulatory standards and that LGEs have the support they need for a seamless export process.