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We lose over 70 to 80 of gold from small scale mining firms to smuggling Sammy Gyamfi

This staggering figure highlights the significant challenges faced by the government in collecting taxes from the informal sector. The PMMC is a state-owned company responsible for promoting and marketing Ghana’s gold exports. As the main export commodity, gold is a vital source of revenue for the country. However, the informal sector, which includes small-scale mining companies, poses a significant threat to the government’s revenue collection efforts. The PMMC’s findings suggest that the majority of gold smuggled out of the country is destined for the international market, with the majority of it being sold to countries such as the United States, China, and the United Kingdom. The PMMC’s efforts to combat smuggling are focused on improving the business environment for small-scale miners, increasing transparency, and enhancing the security of gold shipments. The company is also working closely with the Ghanaian government to develop a more effective system for tracking and tracing gold exports. To combat smuggling, the PMMC has implemented several measures, including:

  • *Improving the business environment for small-scale miners• by providing training and support to help them comply with regulations and improve their operations.
  • *Increasing transparency• by requiring small-scale miners to register with the PMMC and provide detailed information about their operations.
  • *Enhancing the security of gold shipments• by providing secure transportation and storage facilities for gold exports.
  • *Developing a more effective system for tracking and tracing gold exports• by working with the Ghanaian government to establish a national gold tracking system.

    The Rise of Gold Exporters in Ghana

    The gold rush in Ghana has led to a significant increase in gold exports, transforming the country’s economy. The gold rush began in the 1980s, but it wasn’t until the 2000s that the industry started to boom. The boom was largely driven by the discovery of gold deposits in the Ashanti region, which is known for its rich gold deposits.

  • Hold export licenses from the Ministry of Lands and Natural Resources
  • Buy gold from small-scale miners
  • Sell gold to buyers in other countries
  • Comply with the country’s export regulations

    • The Impact of Gold Exporters on the Economy

    The gold export industry has had a significant impact on Ghana’s economy. The industry has created jobs and generated revenue for the government.

    He noted that gold exports from Ghana increased from $4.2 billion in 2018 to $11.5 billion in 2024. This increase is attributed to the growth of the gold mining sector in Ghana. The sector has seen significant investments and expansion in recent years, leading to increased gold production. The Ghanaian government has encouraged this growth by providing favorable business conditions, including tax incentives and infrastructure development. The growth in the gold mining sector has also led to the creation of new jobs and increased economic activity in the region.

    Further details on this topic will be provided shortly.

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