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1,000 TO LOSE JOBS …Over new Gold Exports policy Featured

Written by  Nov 04, 2015
It has emerged that Gold Exporters in Ghana in the coming days might sack an estimated 1,000 workers as a result of what they say is a ‘killer’ policy being rolled out by the Bank of Ghana (BoG).   The policy, the Gold Exporters believe, is an apparent move to save Precious Minerals Marketing Company Limited (PMMC) which is a Limited Liability Company operating under the Companies’ Code, with the Government of Ghana as the sole shareholder from collapsing.   At an emergency meeting of the Association of Local Gold Exporters in Accra recently, it was moved that if all efforts fail to reverse the current directive then there wouldn’t be any other alternative than to sack 1,000 workers since they will be rendered redundant.   Credible information further indicates that Precious Minerals Marketing Company Limited (PMMC) heavily owes banks and exporters, hence, the smart move by BoG to save them.   The state company is said to be collapsing due to lack of financial indiscipline on the part of authorities in the disbursement and utilization of funds, lack of innovative ideas in doing gold business.   Sources have revealed that it is as a result of the above challenges faced by PMMC that Bank of Ghana (BoG) has directed all gold exporters to obtain licensed from PMMC before they can do their business.   The Bank of Ghana (BoG) in a statement has directed that all gold exports should be made through the PMMC.  The BoG also asked that gold should not be made through third parties.   However, some of the workers are contesting the decision of BoG saying ‘PMMC cannot be a referee and at the same time a player.’   “Why should all gold exports be made through the Precious Minerals Marketing Company and obtain license from them before they can do their business?” they quizzed.   To this end, they have appealed to President John Dramani Mahama to call BoG to order by reversing the directive to save them from going home.   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 BoG, to aid their exports.   The bank maintains that these documents are non-transferable. It is also directing that all exporters should also contact the BoG with proof of 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 directives 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 non-assignable.   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.   However, industrial players say the move is just to sabotage local gold exporters in an apparent move to save PMMC from collapsing.   Source: Daily Heritage
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