Cabinet has approved the immediate implementation of several proposals presented by Minister of Natural Resources Raphael Trotman to reform the Guyana Gold Board, State Minister Joseph Harmon announced on Thursday.
Speaking at this week’s post-Cabinet press briefing, Harmon said that the proposals, presented at Tuesday’s Cabinet meeting, were based on the fact that over the board’s 35 years of existence, it has amassed “significant deficits and was in need of a review and overhaul of its structures.”
He explained that among the proposals were a legislative review and changes to allow the board to enhance its monitoring and regulatory functions, as well as to adjust its fees for the processing of applications and renewals.
Consideration would also be given to the revision of penalties for offences, while a human resources review was also seen as necessary to inform the restructuring. The expansion of the board’s compliance section, both in terms of staff complement and its scope of work, will be undertaken and there shall be the appointment of additional brokerage firms to sell Guyana’s gold and secure the best prices through competition, Harmon noted.
He said too that additional mobile purchasing operations will be introduced and the feasibility of the setting up of offices in regions 1 and 9 would be examined.
It is also proposed that the issuing of all licences and permits be done via the Gold Board.
