PMMC Procedures

Mission

The mission of Precious Minerals Marketing Corporation is to buy from small-scale miners and sell precious minerals, such as diamonds and gold, profitable, so as to enhance Ghana’s foreign exchange earnings from this sector as well as to promote the development of such minerals and the jewellery in the country.

Let us all try to uphold our mission by standing by our corporate image of competence, honesty, and loyalty to our Country, Customers and Suppliers.

Gold Small Scale

Gold Operations in Ghana are in two Sectors

• The big mining companies; and the small-scale sector. PMMC is responsible for the small-scale, which is comprised of individuals, small and medium size mining companies.
• Generally, any mining operation with concession up to 25 acres is considered a small-scale mine. PMMC purchases gold from small-scale miners and in turn export abroad. PMMC already has an existing contract to sell its gold to an overseas gold refinery, however applicants with favorable terms may be considered.
• Overseas Buyers seeking to purchase gold from Ghana may contact other licensed gold buyers. However, any offers received from suppliers are to be confirmed with PMMC for advice on genuineness of transaction.
• Overseas Buyers of gold are strictly advised NOT to pay cash directly to any local suppliers of gold
  Bank of Ghana regulations require that payment for gold suppliers are made by Bank-to-Bank transfer via Bank of Ghana (i.e. The Central Bank of Ghana).

Gold Small Scale

EXPORT PROCEDURES

1. The gold to be exported shall be delivered by the licensed Gold Buyer to PMMC premises by 9.00 am for assaying on the day of export, if already smelted. Otherwise the unsmelting gold a day before the day of export.

2. The Licensed gold buyer will be required to purchase Gold Export Agreement from PMMC for completion (by the supplier and the overseas buyer) and return for approval.

3. PMMC shall issue Assay Invoice which will indicate the weight and the purity of gold to be exported.

4. The gold to be exported shall be sealed and secured in metal/wooden specie boxes on the day of export by PMMC in the presence of the following group of officers. 

Gold Small Scale

• Ghana Customs Officers
• PMMC Officials
• The Licensed Gold Buyer who has requested for the gold export.

5. PMMC will complete the Bank of Ghana and Ghana Custom export documents on behalf of the Local Seller/Gold Buyer.

6. The Licensed Gold Buyer will be required to supply the full address and the telephone number of the overseas destination for the export.

7. PMMC will be responsible to transport the gold to Kotoka International Airport, Accra for delivery to the airline (currently KLM).

8. The Licensed Gold Buyer and the Overseas Buyer shall be responsible for the Insurance and Airfreight charges of the gold to be exported.

Gold Small Scale

9. The gold to be exported will be accompanied by the following documents:-

PMMC Assay invoice which will indicate:
• Purity (i.e. Gold content).
• Quantity in ounces and kgs.
• Value in both US Dollars and Local Currency.

The value of the gold will be based on the spot price of the London Metal Exchange (LME) on the day of export.

• Bank of Ghana and the Ghana Customs export documents.
• Airway Bill.

10. Funds in US Dollars representing the export value of the gold should be transferred to PMMC account at the Bank of Ghana (i.e. The Central Bank of Ghana), with The Licensed Gold Buyer noted therein as the beneficiary, prior to the export of the gold. PMMC will provide the Bank transfer instructions to the exporter for the information of the overseas buyer to facilitate the transfer of funds.

Gold Small Scale

11. PMMC fees for the export of gold are:-

• Shipment charges : - 0.50% of the export value of the gold
• Assay charges : - $50.00 per bar of 5kgs
• Smelting charges: - $20 per kg. Of gold
• These fees are payable on the day of export of the gold.

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