Zimbabwe is proposing Statute that urge Small-Scale Gold Miners to enlist their undertakings in a bid to thwart Gold smuggling – Central Bank Governor, John Mangudya disclosed
By Abdul Rahman Bangura–
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- The Southern African country strives to deter gold smuggling according to, Central Bank Governor John Mangudya. He revealed that administration is developing regulation that will stimulate small-scale gold miners to enroll their operations.
“Government is in the process of putting a statutory instrument for all the gold producers, just like what we do under tobacco where there is a grower’s number,” Mangudya told lawmakers in the capital, Harare at a virtual briefing on Monday. “We need to ensure that they do not take the gold out of the country.”
The administration maintains a record of tobacco agriculturalist enrolled with the Tobacco Industry and Marketing Board to oversee the industry.
Zimbabwe’s gold heroics for the five months through May plummeted 24% to 7,030 kilograms from a year earlier, according to Fidelity Printers and Refiners, the nation’s only gold buyer. Authorities accuse smuggling for the decline in gold output.
More than $1.5-billion of gold is illegally ferried out of Zimbabwe every year, constraining the cash-strapped economy of critical foreign-exchange earnings, according to research organization International Crisis Group. The government pursues to generate 30 tons this year after yanking 19.1 tons in 2020.
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent
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