The Guyana Geology and Mines Commission (GGMC) has implemented significant new measures aimed at tightening oversight of the gold mining industry. Effective immediately, all miners and stakeholders will be required to maintain local bank accounts and update their personal records as part of a broader initiative to combat illegal activities, environmental degradation, and gold smuggling.
In notices issued on January 2, 2026, the GGMC stated that maintaining a local bank account is now mandatory for processing, accessing, issuing, and renewing mining permits and licenses. Miners who have not submitted their banking details are required to do so by January 31, 2026. The Commission warned that non-compliance will directly impact the processing and renewal of licenses and permits, emphasizing that financial traceability is a key element of regulatory adherence in the sector.
To assist miners in remote regions, the Ministry of Natural Resources will collaborate with banking institutions to conduct outreach programs in Mahdia, Puruni, and Matthew’s Ridge. Representatives from banks will be present to help miners establish personal bank accounts. Specific dates and times for these engagements will be announced in future notices.
In conjunction with the bank account requirement, the GGMC has directed all miners and stakeholders to update their personal records by January 31, 2026. This update includes mailing addresses, email addresses, telephone contact numbers, and banking information. The Commission reiterated that it is the responsibility of license or permit holders to ensure this information is accurate and current. Non-compliance will result in the suspension of relevant licenses and permits.
These directives come as part of a comprehensive government-led review of the gold mining sector, set to begin on January 5, 2026, as confirmed by President Dr. Irfaan Ali. In a recent interview, the President underscored the need for “strong decisions” to address illegal mining, environmental destruction, and the under-declaration of gold.
A primary focus of this assessment will be to link mercury purchases to actual gold declarations, with severe penalties for miners who hold land and registered dredges but fail to report production accurately, potentially including land repossession for violators.
“There is no sense in destroying the environment if it’s not being used,” the President stated, highlighting the need for the coexistence of environmental protection and lawful production.
In recent weeks, government agencies and mining associations have reiterated that all gold must be sold to the Guyana Gold Board or authorized licensed dealers, reinforcing efforts to strengthen oversight and accountability in the sector.
Vice President Dr. Bharrat Jagdeo has also emphasized the necessity of enhancing the gold exportation system, increasing penalties, and addressing regulatory gaps that permit gold smuggling to persist. Improved coordination among state agencies has already led to the identification of new smuggling tactics.
To address these challenges, a high-level task force has been formed, consisting of the Attorney-General, the Minister of Finance, the Commissioner-General of the Guyana Revenue Authority, the Head of the Financial Intelligence Unit, the Governor of the Bank of Guyana, and representatives from the Guyana Gold Board. This task force is focused on identifying weaknesses in current regulations and tightening enforcement mechanisms.
With the GGMC’s new compliance requirements and the government’s extensive sectoral review, authorities are signaling a decisive shift toward stricter regulation, improved traceability, and greater accountability within Guyana’s gold mining industry. These efforts aim to safeguard national revenues, protect the environment, and eliminate illegal practices.
