Stakeholders agree on new regulations for gold sector

May 21, 2019 News

Stakeholders of the gold sector appear to hold one head for new regulations.

Stakeholders at the consultations yesterday.

Yesterday, Minister of Natural Resources, Raphael Trotman, said that together with the members and officers of the Guyana Gold Board (GGB), he held a consultation with gold dealers and mining organizations to discuss proposed amendments to the Guyana Gold Board Act.
“During the meeting, the minister made a presentation of the Guyana Gold Board (Amendment) Bill 2019 which seeks to amend the Guyana Gold Board Act, Cap. 66:01 and certain provisions of the Tax Act, Cap 80:01 in an effort to strengthen the regulating regime of the gold trade,” a statement from the ministry said.
“This would allow the successful execution of the provisions of the Act and therefore improve transparency, accountability and the efficiency of the GGB in carrying out its business in relation to the purchase and sale of gold.”
According to the ministry, after making his presentation, the Minister opened the floor to the gold dealers, stakeholders and the GGB to have discussions on the bill for them to raise concerns and make necessary recommendations.
“The session ended without there being any objection or concerns raised by the stakeholders about the amendments.
With this completed, the Minister will now present the bill to the Cabinet for approval and its eventual introduction into the National Assembly.”

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