Cabinet approves proposed reforms for Gold Board

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Cabinet gave its approval for proposals to reform the Guyana Gold Board, Minister of State, Joseph Harmon announced yesterday. The proposals were presented by Minister of Natural Resources, Raphael Trotman at Tuesday’s Cabinet meeting.

Speaking at the weekly post-Cabinet media briefing at the Ministry of the Presidency, Minister Harmon explained that during the Gold Board’s 35 years of existence, it amassed “significant deficits and was in need of a review and overhaul of its structures.”

(Image: Go-Invest website)
(Image: Go-Invest website)

The Minister of State said that among the proposals were a legislative review and changes to allow the Board to enhance it monitoring and regulatory processes, as well as to adjust its application and renewal processing fees.

Consideration, he added, would also be given to the revision of penalties for offences, the expansion of the compliance section, the appointment of additional brokerage firms, the introduction of mobile purchasing operations, and a feasibility study to determine the setting up of offices in Regions 1 and 9. It is also proposed that the issuing of all licences and permits be done via the Gold Board, the Minister said.

According to a GINA report, all of the recommendations were accepted and it was agreed by Cabinet that they would be implemented with immediate effect.

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