PMMC urges stakeholders to support gold-for-oil policy

The Precious Mineral Mar­keting Company (PMMC) has called on all stakehold­ers to corporate fully with the government for the successful implementation of the gold-for-oil policy which begins this month.

The policy, which includes using the country’s gold resources to exchange for oil, has been seen as a good initiative that will reduce pressure on the demand for dollars from bulk oil distributors.

The PMMC in a circular has also directed all gold dealer firms to look out for its regional offices and sell their products that were above five kilogrammes.

In the case of licence holders who have prior existing contractu­al obligations to supply gold out­side Ghana, they are required to write to the PMMC with evidence of the contractual obligations and such companies shall be assisted to discharge those obligations.

“For the purposes of the implementation of the gold-for-oil policy, the PMMC is entreating all persons who wish to sell to the agency to deliver their gold in whole bars of five kilogramme at any of the PMMC offices either at Patasi in Kumasi in the Ashanti region or Accra at the Diamond House, where the bars will be assayed and payment effected on the spot,” the circular said.

Any trader with gold below the five kilogramme threshold shall be required to sell to any of the implementing partners.

It, however, noted that a major threat to the successful implemen­tation of the programme was the activities of smugglers; hence the need for security bodies to intensi­fy anti-smuggling operations.

The PMMC said together with the Minerals Commission, it shall continue to engage with stakehold­ers to resolve issues that may arise in the course of the implementa­tion.

By Times Reporter