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 (www.bog.gov.gh) 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.
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.-