The Ghana Gold Board (GoldBod) has underscored that its nationwide enforcement operation to ensure all licensed gold buyers utilise official GoldBod receipts is an ongoing effort, not a temporary initiative.
According to GoldBod, the directive will be rigorously enforced, and any breaches will be sanctioned in accordance with the law.
In an interview on Nyankonton Mu Nsem on Rainbow Radio 87.5FM, Deputy Media Relations Officer for GoldBod, Zainab Alhassan, reiterated that the directive aims to enhance transparency and integrity in Ghana’s gold trade.
She noted that smaller businesses and those who engage in “table-to-table” activities must also apply for an operating licence from GoldBod, or the board will classify their activities as illegal.
When asked if individuals selling gold gifted by relatives or grandparents also need to issue receipts to buyers, Zainab Alhassan clarified that those persons are not engaging in a major commercial activity because it is a one-off sale.
However, if they engage in multiple gold sales, they must apply for a licence from GoldBod.
She explained, “Not everyone with a licence trades in gold. Some people have gold from grandparents or other persons as a gift, and they want to sell it. You would have to prove to us that your grandparents or someone gifted you that gold and you want to sell it; that is a one-time thing. But if you keep getting and selling gold, you cannot classify yourself in the category you mentioned, and you would need to apply for a licence.”
Zainab Alhassan also explained that licensed buyers, including aggregators and Tier 1 and 2 buyers, must now use these receipts for every transaction. This requirement is a cornerstone of the regulatory framework that established GoldBod and its activities.
She emphasised that providing proof of a transaction is critical because it is the only way to verify a gold transaction. She urged all licensed small-scale miners and gold traders to insist on the issuance of a GoldBod receipt for every purchase transaction.
”If a buyer reports that they did not receive a receipt from the seller,” she warned, “we will sanction that seller. It either means that you failed to issue the receipt or are engaging in an illegal activity. You would have your licence revoked or even receive a custodial sentence.”
Credit: Rainbow Radio
