Every gram will be tracked - Gold Board unveils traceability push to deal with illegally-mined gold
Sammy Gyamfi, CEO of the Gold Board, outlined sweeping measures recently on Joy News' PM Express Business Edition to ensure all small-scale gold purchases in Ghana are traceable and responsibly sourced. He said the initiative is anchored on strict licensing, enforcement, and a nationwide traceability system. According to Mr. Gyamfi, "That borders on the issue of responsible sourcing and traceability. So if you go on our website, you'll see that we have a whole policy on responsible sourcing, and we don't joke with that."
The first layer of control, according to Mr. Gyamfi, is the formalisation of gold trading, requiring anyone buying gold for the Gold Board to have a license. License holders are bound by strict rules on sourcing, and are "told only to buy gold from licensed miners." Breaches will attract sanctions under the law, specifically Section 50 (9C) of the Gold Board Act, which states that breaching any condition of the license constitutes a crime. The Gold Board is also deploying systems to verify the origin of gold to ensure that "every gram of gold it receives is from a responsible mine, not just a licensed mine, but a responsible mine."
The plan includes bringing more miners into the formal system through a formalisation program in collaboration with the Ministry for Lands and Natural Resources. The traceability solution is already being worked on. The formalisation program is near rollout, and "very soon we will announce it. The President will be involved, and we'll roll it out."
Quick Summary
The Gold Board, led by Sammy Gyamfi, is implementing measures to ensure all gold purchases are traceable- focusing on responsible sourcing. The initiative hinges on licensing and enforcement, but a nationwide traceability system may change the industry.
Summary - read the full story for complete context.

Image: MyJoyOnline
GhanaFront aggregates news from trusted sources. Click to read the original article.
Keywords
Explore related tagsMore from MyJoyOnline
Related Stories
More from Business & Economy

Mahama endorses ADB at Kwahu Business Summit
President Mahama's visit to ADB at the Kwahu Business Forum - what could this mean for Ghana's economic future?
2h ago•2 min read









