The Association of Gold Exporters of Ghana (AGEG) is
asking the Bank of Ghana to rescind appointing the Precious Minerals Marketing
Company (PMMC) as the certifier for gold exports
A statement from the Association questioned the Bank’s
notification to it through an advertisement to comply with a directive in only
eight days.
“We have not responded to a letter dated July 16, 2015 in which AGEG made proposals to enhance the repatriation of proceeds from gold exports,” the statement said.
At its emergency meeting held, the Association said that “much as it would cooperate with the Central Bank to enhance proper monitoring of gold exports and repatriation of proceeds, it did not recognise PMMC as a conformity assessment body capable of testing and certifying their exports from Ghana.”
Kwabena Asante-Asare, Chairman of AGEG said: “PMMC is a competitor that also buys gold from small-scale miners for export and should not be made to appear to have the mandate to regulate and assess just because it is a state-owned enterprise.”
He said the association finds the position of the BoG disturbing as per two letters from Ghana Standard Authority (GSA) to the bank which were copied to it.
The authority was planning to commence the assay and export certification of gold on the same date given by the Central Bank, September 15, 2015.
He indicated that the Minerals and Mining Act 2006, Act 703 stipulate that it is the Minister of Lands and Mineral Resources who on the advice of the Minerals Commission, which is the regulator of gold export operations, issues licences for gold exports.
The apex bank, on the other hand, is mandated by the Foreign Exchange Act 703 to ensure that proceeds from exports are repatriated back into the country, he explained.
Mr. Asante-Asare said the Central Bank could knowingly attempt to arrogate to itself the lawful mandate of other state institutions, pointing out that “the bank was not only infringing on the mandate of GSA, but it was also trying to usurp the powers of the sector minister to license gold exporters by insisting that all exports of gold are to be done only through PMMC.”
The Association indicated its readiness to meet officials of the BoG within the limited time to address their concerns. AGEG said they would go to court to seek redress if their concerns are not addressed.
“We have not responded to a letter dated July 16, 2015 in which AGEG made proposals to enhance the repatriation of proceeds from gold exports,” the statement said.
At its emergency meeting held, the Association said that “much as it would cooperate with the Central Bank to enhance proper monitoring of gold exports and repatriation of proceeds, it did not recognise PMMC as a conformity assessment body capable of testing and certifying their exports from Ghana.”
Kwabena Asante-Asare, Chairman of AGEG said: “PMMC is a competitor that also buys gold from small-scale miners for export and should not be made to appear to have the mandate to regulate and assess just because it is a state-owned enterprise.”
He said the association finds the position of the BoG disturbing as per two letters from Ghana Standard Authority (GSA) to the bank which were copied to it.
The authority was planning to commence the assay and export certification of gold on the same date given by the Central Bank, September 15, 2015.
He indicated that the Minerals and Mining Act 2006, Act 703 stipulate that it is the Minister of Lands and Mineral Resources who on the advice of the Minerals Commission, which is the regulator of gold export operations, issues licences for gold exports.
The apex bank, on the other hand, is mandated by the Foreign Exchange Act 703 to ensure that proceeds from exports are repatriated back into the country, he explained.
Mr. Asante-Asare said the Central Bank could knowingly attempt to arrogate to itself the lawful mandate of other state institutions, pointing out that “the bank was not only infringing on the mandate of GSA, but it was also trying to usurp the powers of the sector minister to license gold exporters by insisting that all exports of gold are to be done only through PMMC.”
The Association indicated its readiness to meet officials of the BoG within the limited time to address their concerns. AGEG said they would go to court to seek redress if their concerns are not addressed.
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