Gold C.I.F SBLC, and BG

Buyer shall send Bank Guarantee (BG), Standby Letter of Credit (SBLC) For the entire term of the contract per our Financiers Bank verbiage as a Guarantee of Payment for 100% CIF. 

We also accept Block funds via MT-799

* Shipments shall be 100% CIF.

* Seller shall pay all expenses to deliver the Gold to the buyer's refinery in the buyer country.

*The Gold shall be processed and delivered in batches monthly.

• Commodity:                 Gold
• Origin:                         Republic of Ghana
• Form:                           Gold Bar
• Product-History:          Clean, Clear, No Liens and Non-Criminal Origin
• Delivery:                       CIF
• Minimum Quantity:      50 kilos
• Price:                            Negotiable
• Currency:                     USD
• Payment:                      Wire-Transfer

 Below are the PROCEDURES acceptable to us for the execution of the transaction:

1. Seller and Buyer shall sign the Sales and purchase agreement (SPA).
2. Then, the buyer’s bank shall send a swift irrevocable, transferable, and confirmable SBLC, or BG to Seller's Financier Bank.
3. Upon receipt of Banking Instrument, Seller shall prepare the 1st monthly tranche for shipment to Buyer's nominated destination airport.
4. Before shipment, the Gold will be Assayed at a Government approved refinery in Ghana and the Assay report with other shipping documents sent to the Buyer and copies both seller and buyers banks.
5. Gold arrives at the buyer's destination airport. The buyer shall be responsible for duties, Clearance, and Government taxes at the destination port.
6. Buyer's refinery shall conduct Final Assay, and issues report determining the actual weight and purity of Gold, which will serve as the bases for payment.
7. Based on the final weight and purity of the Gold, the seller will present a commercial invoice for the full value of the Gold.

The Above is our outdated CIF Procedures

Read about Our Current CIF Procedures.

We have stopped accepting banking instruments such as BG, SBLC, and DLC as a guarantee of payment; because our bank has stopped honouring international banking instruments. Therefore, we have no option than to stop accepting it as a form of guarantee of payment.

Click here to read about our FOB procedures

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The Exportation of Gold from Ghana

Workers at Gold mining Site in Ghana

Gold is a foremost export commodity for Ghana, with this treasure-able metal bringing in almost 48 percent of the country’s revenue. After South Africa, Ghana is the leading gold producer in Africa and in the first quarter of 2012, Ghana earned about $1.5 billion from export of gold. According to the Bank of Ghana, the country will continue to witness an increase in revenue through gold exports. It is estimated that in 2012, Ghana will earn more than $4 billion through gold exports.

However in 2011, the country saw a decline of 6 percent in gold production, as several companies were concentrating on long-term maintenance and expansion rather than actual production.

Export of Gold from Ghana

Ghana has continually depended heavily on a selected few commodities for exports. Gold is one of such commodity. Doing this, Ghana has been able to safeguard its environment and also entice foreign investment. The country has continuously been a major producer of gold and today, it has the singular reputation of having one of the biggest gold reserves in the world. Acknowledgments to the preemptive initiatives taken by the government, gold exports are increasing with each passing day. With the assistance of foreign investment, Ghana has been able to improve in Gold output and furthermore generate substantial job prospects for its people.

The United Kingdom is Ghana’s largest export partner, but Ghana also exports gold to the European Union and the United States America.

Gold Mining and Environmental Problems in Ghana

Over 90 percent of the Ghana gold outputs come off from the Ashanti region of Ghana. The Ashanti Gold-fields Corporation has recently modernized its operations and is now using environmentally-friendly techniques to mine and process gold. Nevertheless, it is the 10 percent outputs that is a disturbing factor. This 10 percent represent small scale gold miners, who use old-fashioned and unsafe procedures to extract gold. Consequently, rivers are being constantly diverted; air, water and ground contamination has become a major problem in the country. In some areas, desertification has occurred due to soil erosion and leaching. Most of these small scale miners use mercury to remove gold from the sediments and this has caused contamination of drinking water and groundwater. The locals’ residents are also suffering from health problems, due to mercury poisoning. The surrounding flora and fauna is not left out.

The Ghana government is also considering opening up its forests for gold mining. Some foreign mining companies are ready to invest and generate thousands of jobs; the government is particularly desirous to help further its economy. Though, this could be devastating for the environment.

The near Future of Gold Exports from Ghana

The Ghana government needs to make sure that gold mining companies use modern and environmentally-friendly techniques to extract gold. If this does not take place, the environment will be severely damaged irreversibly and people in the nearby areas would not be fit sufficiently, even physically and mentally, to take up jobs in the mining sector. This will end the gold mining and gold exports.

The challenge that the country is now facing is educating and imparting knowledge to the small scale local miners, and then assisting them to switch to a more modern and environmentally-friendly extraction procedures. Obviously this requires funding and, therefore, the government must look for private players and foreign investments.

Gold exports from Ghana will continue to increase, because the demand for this commodity is very high and will continue to remain on the high side. Nonetheless, the eventual cost of the exports perhaps maybe too high for Ghana to bear the burden alone.


NOTICE TO PROSPECTIVE GOLD and DIAMOND BUYERS
      Ghana is gifted with mineral deposits for example gold, diamond, manganese and bauxite. There are also untapped economic deposits of iron ore, limestone, kaolin, feldspar and silica sands. We welcome all potential investors including persons who desire to deal in gold or other precious minerals in Ghana and are actually prepared to offer the necessary assistance.

Here in Ghana, one can only deal in gold or other precious minerals upon the grant of a valid license by the Minister of Lands and Natural Resources. For the avoidance of any doubt, anyone offering such minerals for sale should therefore hold such a license.

FCO (FULL CORPORATE OFFER)