Gold Production & Marketing

Gold operations in Ghana are in two sectors. The large scale sector; and the small-scale sector. GACDS 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. GACDS purchases gold from small-scale miners and gold winners popularly known as "galamsey" operators, and export abroad on behalf of the small scale companies who are licensed with GPSMC.

GACDS already has an existing contract to sell its gold to an overseas gold refinery. However, applicants with favourable 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 GACDS for advice on genuineness of transaction.

Overseas Buyers of gold are strictly advised NOT to pay cash directly to any local suppliers of gold upfront.

PRODUCTION AND MARKETING

In 1989 when the Government of Ghana regularized small-scale gold mining operations in the country, it was estimated that about 60,000 to 80,000 ounces of gold hitherto produced by Small Scale miners were smuggled out of the country annually.

An initiative was taken in April 1989 when GACDS was charged with the responsibility of promoting small scale gold mining in the country as well as purchasing all the gold so produced.

The Company’s purchases represent about 11.68% of total gold exports from Ghana.

The Company has purchased over 851, 030 ounces of gold worth approximately US$467 million from 1989 to 2010.

The Company has licensed about 750 local Gold Buyers who operate in mining communities in the country to purchase gold. The buyers in turn sell the gold to the Company at its Head Office in Accra or any of its branches. GACDS has thus succeeded in sending the market to the doorstep of the producer to minimize smuggling.