Guyana has lost about US$100M in foreign exchange and approximately $1.5B in royalties and taxes due to the decline in gold declarations, according to Chairman of the Guyana Gold Board Gobind Ganga.
According to a Government Information Agency (GINA) report, Ganga, speaking during a panel discussion, noted that for the period January to May month end 2014, 20 percent less gold was declared for the same period last year. He added that Guyana Gold Board was expecting between, 40,000 to 50,000 ounces of gold thus far for the year, but this has not materialised.
This present situation, Ganga said, is very threatening to Guyana’s economy as gold has been a