Chamber of Licensed Gold Buyers secures EPA fee waiver
The Chamber of Licensed Gold Buyers has successfully secured an Environmental Protection Agency (EPA) fee waiver through a collaborative effort with the Ghana Gold Board (GoldBod).
The achievement aims to lower operational costs for licensed gold buyers, promote industry growth and encourage more entities to obtain necessary licensing by alleviating the financial barriers associated with EPA fees.
It is also expected to enhance the competitiveness of licensed gold buyers, support sustainable practices and foster growth within the industry.
Gold trading
This development follows a meeting between the chamber, led by its Chief Executive Officer (CEO), Kwaku Amoah, and the GoldBod, led by its CEO, Sammy Gyamfi, where key issues affecting the gold trading sector, including the new licensing regime and EPA fees, were discussed.
“This waiver is a testament to the productive collaboration between the two entities,” Mr Kwaku Amoah said.
Tier 1 gold buyers are licensed entities authorised to purchase gold directly from artisanal and small-scale miners (ASMs), providing financing to the miners, for onward sale to licensed Tier 2 buyers.
Through the latest collaboration, a streamlined process has been established, waiving EPA fees for Tier 1 licences and paving the way for a possible reduction in EPA fees for Tier 2 licences.
Mr Gyamfi welcomed the collaboration between the two institutions and expressed the hope that the initiative would encourage more entities to obtain the necessary licences from the relevant authorities.
This development makes licensing more accessible to industry players.
The chamber's expertise and advocacy were instrumental in negotiating favourable terms while ensuring compliance with EPA regulations.
The chamber's expertise and advocacy played a crucial role in negotiating favourable terms and ensuring compliance with EPA regulations.
Industry growth
This initiative is anticipated to boost the competitiveness of licensed gold buyers, promote sustainable practices and drive industry growth.
Members seeking to obtain or renew Tier 1 and 2 buying licences can access detailed information and application guidance through the chamber's official channels.
The chamber expressed its support for the GoldBod's policy direction and proposed collaborative efforts to achieve its objectives and create economic value for its members.
"We propose working together to achieve the board's objectives while creating economic value for our members, particularly in the downstream sector," Mr Amoah said.
The chamber's network spans the Ashanti, Western, Central and Northern regions.
GoldBod
The GoldBod has received over 200 applications from Tier 2 licence applicants, with a deadline for the licensing process set for June 21, 2025.
After this date, only licensed gold buyers will be permitted to purchase gold, while unlicensed buyers will face penalties.
The partnership between the Chamber of Licensed Gold Buyers and the GoldBod aims to ensure a smooth licensing process and promote a responsible and sustainable gold trading sector in Ghana.