Guyana Gold Board to undergo immediate reform in its operations

The Government has authorized the immediate implementation of several reforms presented by Natural Resources Minister, Raphael Trotman, relating to the operations of the Guyana Gold Board.

State Minister, Joseph Harmon speaking during yesterday’s post cabinet press conference said the proposals were based on the fact that the Board, over the 35 years of its existence amassed significant deficits and was in need of an overhaul and review of its structure.

He noted that a legislative review and changes to allow the Board to “enhance its monitoring and regulatory processes as well as to adjust its application, renewal and processing fees” would be conducted.

Consideration could also be given to a revision of penalties for offences. “A human resource review was necessary to inform of the restructuring of the Board, also the expansion of the Board’s compliance section both in terms of staff complement and its scope of work,” Harmon pointed out.

Appointment of additional brokerage firms to sell Guyana’s gold and secure the best prices through competition was also mooted.

In addition, the introduction of mobile purchasing operations in the Hinterland and the feasibility of establishing offices in regions 1, 8 and 9 are to be assessed.

The Minister said too that “the proposal also seeks to vest the issuance of all licenses and permits relative to the trade in gold in the Gold Board.”