In a significant move to bolster national gold reserves, the Guyana Gold and Diamond Miners Association (GGDMA) has issued a stern directive to mining operators, demanding an immediate cessation of using raw gold as currency for transactions and worker compensation. The call to action emerged from the association’s Annual General Meeting held Friday, where Ronaldo Alphonso was re-elected as President.
The GGDMA’s position received strong governmental backing as the Ministry of Natural Resources concurrently released a statement reinforcing that all mining sector employees must be compensated exclusively through lawful financial channels in accordance with labor regulations. “Paying workers in gold undermines transparency, weakens declaration accuracy, and exposes workers to exploitation and unsafe practices,” the ministry emphasized, announcing plans to intensify compliance inspections with penalties for violations.
Central to this initiative is the national target of 500,000 ounces of gold for 2025. Current declarations to the Guyana Gold Board stand at approximately 420,000 ounces, with projections suggesting a year-end total between 450,000 and 475,000 ounces—falling short of the ambitious goal. This compares to 434,067 ounces declared in 2024 and 432,113 ounces in 2023.
The crackdown extends to eliminating the practice known as the “Blai box,” which both entities deem illegal. Miners are instructed to conduct sales exclusively through the Guyana Gold Board or authorized licensed dealers to ensure accurate national production data and fair trade practices.
In a related development, the GGDMA membership unanimously supported stronger measures against gold smuggling, including potential blacklisting of members engaged in such activities. Alphonso committed to enhanced collaboration with government authorities to eradicate illegal gold trading operations and unlicensed buyers.