TERMS AND CONDITIONS OF GOLD TRADING LICENCE

 

1. GRANT OF LICENCE

This non-transferable licence is issued and granted pursuant to PMMC’s statutory mandate to appoint licenced buying agents for the purchase of gold from small scale miners.

 

2. APPOINTMENT OF AGENTS

Upon a written request of the Licence Holder, PMMC may issue ID Cards to employees of the Licence Holder who shall act as its agents for the purpose of carrying on gold purchases from small scale miners. The ID Cards shall be limited to five employees of the Licence Holder.

 

3. FILING OF RETURNS

The Licence Holder shall file monthly returns on all gold purchases. The returns shall be filed in the manner and format as directed by PMMC.

 

4. PRE-EMPTORY RIGHT OF PMMC

PMMC shall have the first option to purchase all or part of the gold from the Licence Holder. Should PMMC not exercise this right, the Licence Holder may sell only to a Licenced Gold Dealer and/or Exporter.

 

5. EXPORTS

Gold purchased shall only be exported through a Licenced Gold Exporter.

 

6. DURATION OF LICENCE AND RENEWAL

i. The Licence once issued shall be valid for Twelve (12) calendar months from the date of issuance.

ii. Upon expiry, an Applicant may apply for renewal of the Licence within three (3) months from the date of expiry provided always that any application for renewal beyond the stated period shall be treated as a new application.

iii. An Application for renewal shall be considered and granted on the following conditions:
• The Applicant has submitted (up-to-date returns) on gold purchases made during the subsistence of the licence to returns@pmmc.gov.gh.
• A satisfactory police clearance report.
• Proof of location of registered office of the Applicant.
• Payment of appropriate fees.

Provided always that PMMC reserves the right to renew or refuse the renewal of the trading licence.

 

7. COMPLIANCE WITH LAWS

The Licence Holder shall at all times abide by the laws of Ghana including other relevant international laws. The Licence Holder solemnly declares that it shall not use or permit the use of the Licence granted hereby in any criminal enterprise or for any transaction which is criminal in nature or facilitates money laundering.

 

8. REVOCATION OF LICENCE

PMMC reserves the exclusive right to revoke the Licence upon stated grounds including but not limited to a breach of the terms and conditions of the Licence.