Miners association calls for ‘aggressive’ declaration of gold

Amid concerns about low gold declarations, the miners association today called on its members for ‘aggressive’ declarations.

The press release follows:

The Guyana Gold and Diamond Miners Association (GGDMA) is calling on all miners to get more aggressive with gold declarations. According to the GGDMA the recent shortfall in declarations, by 20% as compared to the same period last year, is having a negative impact on the Guyanese economy at a macroeconomic level. As a consequence the Association is calling on all miners to recognize that, despite the lowered gold price, declarations must continue to ensure that inflation and the rising foreign exchange rates are kept in check. The GGDMA reminds it members that gold is the stabilizing factor in Guyana’s economy and calls on miners, members and non-members, to embrace their national responsibility to ensure that devaluation and inflation do not become a reality that will cause all Guyanese to suffer.
The GGDMA however wishes to note that there are several issues which have been impeding increased declaration of gold by miners and wishes to call attention to these factors and to have them remedied to ensure that more declarations are made.
A greater effort needs to be made by the Guyana Gold Board (GGB) to improve the services offered to miners who choose to use their facilities to sell gold. It is the perception of the miners that transactions times at the Guyana Gold Board and its various outlets are taking significantly longer than it takes at the private licensed traders and dealers. In some cases transactions are well over one hour while at private facilities 10 to 15 minutes is the norm. The GGDMA is calling for an improvement of this situation and a sensitization programme, for users, to ensure that there is a smoother flow at the state’s facilities. GGDMA is hoping that GGB’s Bartica office will be reopened as early as possible.
There needs to be greater monitoring of licensed dealers and buyers of gold, the GGDMA is of the opinion that some buyers are not adequately declaring their transactions and as result are creating a negative impression about the true output of the industry. To this end the Association is also reminding all of its members to demand a receipt for all gold sales transactions made, if none is offered. The receipt will serve as proof of payment of taxes and is also necessary to access concessions offered by the Government to miners. Miners can also use the receipt to access financing and other facilities to develop their mining operations.
The GGDMA, in light of the current need for increased declarations, calls on miners to continue to play their important national role and also urges the Guyana Geology and Mines Commission and the Guyana Gold Board to increase their monitoring of gold declarations not only from the miners but also from the buyers who also have a role to play in contributing to the national economy.

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