Safe Keeping Receipts (SKR) is one of the steps involved in West Africa Gold Export. An SKR is another bank instrument that is used as an alternative financing tool. These instruments can be issued from banks, bullion vaults, storage houses, or alternative financing facilities. Those that issue the SKR do not own them, so the asset must be returned if requested.
According to the latest available statistics from the United Nations Comtrade database, West African countries exported a total of 113,905 kilograms (kg) of unwrought gold (HS code 7108) in 2020. Here is a breakdown of gold exports by country in kilograms:
- Ghana – 61,257 kg
- Burkina Faso – 38,604 kg
- Mali – 8,652 kg
- Niger – 2,059 kg
- Senegal – 1,246 kg
- Cote d’Ivoire – 763 kg
- Guinea – 540 kg
- Sierra Leone – 480 kg
- Liberia – 104 kg
- Togo – 47 kg
Please note that these figures are based on available data from the United Nations Comtrade database and may not reflect the total gold exports from each country, as some exports may not be captured by official statistics. Additionally, these figures only represent the export of unwrought gold and do not include exports of gold jewelry, coins, or other gold products.
How to obtain a Gold Export license for Ghana
If you want to obtain a gold export license for Ghana, you will need to follow the requirements and procedures set out by the Ghanaian government. Here are the general steps that you can take to obtain a gold export license:
Register your company with the Ghana Chamber of Mines and obtain a Tax Identification Number (TIN).
Obtain a Ghana Export Promotion Authority (GEPA) registration number, which is required for all exporters in Ghana.
Obtain an Environmental Protection Agency (EPA) permit for the export of gold, which ensures that your operations meet environmental standards.
Obtain a Minerals Commission permit, which verifies that your company has the necessary technical and financial capacity to engage in gold exportation.
Provide documentation to demonstrate that the gold you intend to export is legally sourced and has been assessed by the Precious Minerals Marketing Company (PMMC), which is responsible for assaying and valuing minerals in Ghana.
Pay the necessary fees and taxes for the gold export permit.
The specific requirements and procedures for obtaining a gold export license in Ghana can vary depending on the type of export (e.g., dore, bars, dust) and other factors. It’s recommended to seek advice from the appropriate authorities and consult with a lawyer or an experienced gold exporter in Ghana to ensure that you comply with all regulations and legal requirements.
Gold Exporters in Ghana provide Safe Keeping Receipts
The Ghana Chamber of Mines and the Minerals Commission maintain a list of licensed gold exporters in Ghana. The number of licensed gold exporters can change over time as licenses are granted, renewed, or revoked. It’s recommended to consult with the appropriate authorities for up-to-date information on licensed gold exporters in Ghana, they are experts in Safe Keeping Receipts (SKR) for African Gold Exports.
Gold Refineries of the World
According to the latest information available from the London Bullion Market Association (LBMA), there are currently 88 active gold refineries around the world. These refineries are located in various countries, including Switzerland, the United Arab Emirates, the United States, China, South Africa, Australia, and Russia, among others. The LBMA accredits these refineries, which means they meet the association’s standards for responsible sourcing, refining, and assaying of gold.
Why Ghana Dore Gold is not accepted at some refineries
One reason why Ghanaian dore gold may not be accepted at some refineries is due to its high silver content. Dore gold is a mixture of gold and silver that is further refined to separate the two metals. Some refineries may have difficulty processing dore gold with a high silver content because it requires specialized equipment and expertise to separate the metals efficiently. Additionally, some refineries may have stricter quality control standards or prefer dore gold with a specific composition or origin.
Another reason why some refineries may not accept Ghanaian dore gold is due to concerns over the legality and provenance of the gold. The gold mining sector in Ghana has faced challenges related to illegal mining activities and smuggling of gold, which has led some refineries to be cautious about sourcing gold from certain regions or suppliers in Ghana.
It’s also worth noting that refineries may have their own criteria for sourcing dore gold, and not accepting gold from certain regions or suppliers may be part of their business strategy or risk management approach.
East Africa Gold Statistics
According to the latest available statistics from the United Nations Comtrade database, East African countries exported a total of 31,329 kilograms (kg) of unwrought gold (HS code 7108) in 2020. Here is a breakdown of gold exports by country in kilograms:
- Tanzania – 27,008 kg
- Uganda – 3,846 kg
- Kenya – 259 kg
- Rwanda – 216 kg
Please note that these figures are based on available data from the United Nations Comtrade database and may not reflect the total gold exports from each country, as some exports may not be captured by official statistics. Additionally, these figures only represent the export of unwrought gold and do not include exports of gold jewelry, coins, or other gold products, or the amount of gold in storage with Safe Keeping Receipts.
Best SKR for Dore Gold in Africa
Here are some general points about SKR (Safe Keeping Receipts) for Dore gold in Africa:
SKRs are commonly used in the gold industry as a form of collateral or proof of ownership for gold held in secure storage.
The cost of obtaining an SKR can vary depending on the provider and the location, as well as the amount and quality of the gold being stored.
SKRs are usually issued by banks, financial institutions, or specialized storage providers that have the necessary security measures and insurance to protect the gold being stored.
Some of the locations in Africa where SKRs for dore gold may be available include South Africa, Ghana, Tanzania, and Uganda, among others. However, it’s important to note that the availability and quality of SKRs can vary depending on the provider and the specific location.
Before obtaining an SKR, it’s important to conduct due diligence on the provider, including verifying their reputation, financial stability, and security measures. It’s also important to ensure that the SKR meets the necessary legal and regulatory requirements for the intended use of the gold.
Please note that this information is general in nature and should not be considered as legal, financial, or investment advice. It’s recommended to seek professional advice from a qualified advisor or attorney before making any decisions related to SKRs or gold storage in Africa.
Safe Keeping Receipts for African Gold Export
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