As the Guyana Gold Board (GGB) launched a branch at Charity, Essequibo Coast yesterday , Chairman Dr. Gobind Ganga said this year the GGB is likely to record a historical level of export earnings from gold which is estimated to be in excess of US$600 million.

The GGB, Ganga said, is an economically viable entity that provides intermediation services that benefit a number of stakeholders, including the miners, the dealers, the sister organisations and the country at large. “The board intermediates approximately seventy percent of all gold declared in Guyana and we hope that this branch will intermediate most of the gold declared in this and nearby localities. It is our hope that this facility would also encourage greater production and declaration that will contribute to Guyana’s economic growth and well-being”, Ganga declared at the launching ceremony.
He noted that is indeed an impressive achievement of any export sector in this country and this level of export earnings undoubtedly provides for the building of resilience in the economy from both external and domestic shocks. For sustainability of this success of the gold sector, gold producers are urged to undertake the necessary measures to improve productivity and efficiency so that even if there is a decline in prices, production would remain viable.
Ganga said that to assist in this endeavour, the GGB will also undertake the necessary reforms to provide a more cost-effective service and will entertain views on how it can improve its services, since the G.G.B believes in dialogue for practical solutions for the benefit of all.
He expressed the hope that the branch would be able to meet the demands of the growing number of gold miners in this and nearby localities. “Naturally, you would no longer have to travel to Georgetown or Bartica to sell and/or to buy gold. The branch has all the required facilities to provide a safe and efficient manner for the intermediation of gold”, he said.