Major reforms for Guyana Gold Board

In light of deficits detected over the years, the Guyana Gold Board Inc is set to undergo major operational as well as administrative reforms.

This was disclosed by State Minister Joseph Harmon at this week’s post-Cabinet briefing on Thursday, who said that Cabinet has approved a series of reforms for the operation of the Gold Board.

He explained that this proposal was submitted to Cabinet by Natural Resources Minister Raphael Trotman after it was observed that the board had amassed significant deficits over its 35 years in existence. To this end, he added that the body was in need of a review and overhaul of its structures.

“Among the proposals were a legislative review and changes to allow the board to enhance its monitoring and regulatory processes as well as to address its application, renewal and processing fees,” he stated, while adding that considerations would also be given to the revision of penalties for offences.

According to Minister Harmon, a human resource review was necessary to inform the restructuring of the board. On this note, he outlined too that the Board’s Compliance Section will also be expanded in both staffing and its scope of work.

Meanwhile, other changes proposed for the Gold Board include, “the appointment of additional brokerage firms to sell Guyana’s gold and secure the best prices through competition.”

Harmon continued that the proposals also include the introduction of mobile purchasing operations in the hinterland region as well as to determine the feasibility of establishing offices in Regions One (Barima-Waini), Eight (Potaro-Siparuni) and Nine (Upper Demerara-Upper Takutu).

“The proposal also seeks to vest the issuance of all licences and permits relative to the trading of gold in the Gold Board,” he noted.

Harmon posited that Cabinet has already given the go ahead to the Natural Resources Minister for immediate implementation of these changes.