GGDMA, President Ramotar worried about declining gold declaration

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GGDMA President, Patrick Harding
GGDMA President, Patrick Harding

[www.inewsguyana.com] – The Guyana Gold and Diamond Miners Association (GGDMA) has called for increased gold declarations, improved Guyana Gold Board performance and better monitoring of private gold buyers.

This call comes on the heels of concerns expressed by President Donald Ramotar on Saturday (June 7), who noted that this development could have a serious negative impact on the economy.

He appealed for increased gold declaration even as he advised against hoarding in the hope that gold prices will increase.  

The GGDMA alluded too to the negative impact the recent shortfall in declarations, by 20% as compared to the same period last year, is having on the 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 body noted however 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.

President Donald Ramotar
President Donald Ramotar

“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,” a statement by the GGDMA noted; adding that “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.”

The Association recognized too that 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. 

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