Speaking during an interaction with the media on Wednesday, he recalled that the Senior Minister, on an official visit to the Dubai in the United Arab Emirates, received some praise from people who said: “last year we [UAE] recorded $7 billion worth of Gold imports from Ghana.”

[contextly_sidebar id=”qZbH4UsB0GLmOfF2FfYJmDa68mjjCoTH”]But the President stated that “official records are talking about $2 billion. These are the facts.”

Responding to a question on the fight against illegal mining and resulting ban on small-scale mining, President Akufo-Addo said outstanding issues related to illegal mining, including this instance of suspected smuggling still needed to be addressed.

“I believe that the fight against galamsey is by no means won. We still have a long way to go… I am saying this because, at the same time, some of the outcomes of the galamsey menace in our country are not sufficiently addressed or articulated.”

“…So it is telling you that apart from the harm that this activity is doing to our country, much of the value that our nation should derive from these activities are also being criminally disposed off,” he added.

On the possible lifting of the ban on small-scale mining, which was extended after first being imposed in April 2017 for three months, President Akufo-Addo said he was yet to meet with advisers, and “decide when, and if the time is ready for the lifting of the ban. So a decision will not be ready until after that meeting of Cabinet next week.”

Revenue leaks in gold export

In September 2017, it emerged that the Precious Minerals Marketing Company (PMMC), at the time, could not trace most of the companies involved in the export of $2.3 billion worth of gold in 2016, that did not result in the repatriation of foreign currency.

Indications were that the Criminal Investigations Department of the Ghana Police Service had begun a probe into the matter which is said to involve about 145 companies.

The PMMC is mandated to oversee the export of gold from the small-scale mining sector, and the law requires at least 80 percent of foreign currency earned from exports to be repatriated into the country

The PMMC’s operations cut across buying, selling, grading, valuing, and processing of precious minerals to include appointing licensed buyers for the purchase of minerals mined by small-scale miners.

–

By: Delali Adogla-Bessa/citifmonline.com/Ghana

The post $5bn ‘missing’ from gold exports to UAE – Nana Addo appeared first on Citi 97.3 FM - Relevant Radio. Always.

Information available to the Daily Statesman indicates that the Criminal Investigations Department of the Ghana Police Service is probing the circumstances under which Ghana was robbed of huge sums of revenue as a result of the non-repatriation of gold export proceeds of over $2.3 billion into the country.

[contextly_sidebar id=”4O9i8pKDhBANlz3Awq78PE9z80SFT8m3″]No amount of the $2.3 billion gold export proceeds, which relate to only the year 2016, was repatriated into the country, as required by the laws of Ghana, thus enriching some unscrupulous foreigner gold dealers, mainly Indians and Chinese, and their Ghanaian collaborators.

This development may come as a confirmation of the red flags raised by the Association of Gold Exporters of Ghana, an umbrella body of local small-scale gold exporters, earlier in the year, alleging dubious business deals, including alleged money laundering, by Indians, Chinese and other foreign nationals, with the connivance of some management and board members of the Precious Minerals Marketing Company.

Asante Asare, leader of the AGEG, alleged: “PMMC is exporting gold on behalf of third parties and these guys are not bringing the money back and this is creating a huge vacuum within the sector. PMMC, no matter how much they ship, they don’t repatriate one percent.”

The about 148 exporting companies, many having foreign ownership, carried out their alleged fraudulent businesses using the PMMC as a conduit, with Ghanaians allegedly fronting for them.

According to impeccable insider information from the PMMC, those who fronted for the foreigners included staff, as well as past management and board members of company.

The paper has gathered that the previous Mahama-led National Democratic Congress government failed to ensure the repatriation of the gold export proceeds because some of the appointees of the former president were beneficiaries of the illegal activities.

In view of this development, the Bank of Ghana has suspended the PMMC from shipping gold out of the country, a fact that has been confirmed by Kwadwo Opare-Hammond, the new Chief Executive Officer of the company.

During the recent inauguration of the new board of the PMMC, Dr Opare-Hammond described the company as “comatose”, in view of how badly it was managed under the previous government.

The new CEO has, however, expressed his determination to work assiduously with the new board and all the other relevant stakeholders to revamp the company, while seeking innovative ways of generating income.

–

Source: The New Statesman

The post CID probes $2.3bn ‘shady’ gold export appeared first on Citi 97.3 FM - Relevant Radio. Always.