Q: Is a "bank guarantee" necessary to sell a bar of gold in Ghana?
A lady wants to sell a bar of gold in country of Ghana.She is informed she needs a "bank guarantee" to sell them.She says she has to pay $4000 dollars to gain access to buyers of the gold. Is this valid or not?
A: She would be wise to consult a lawyer in Ghana before proceedings. May countries have at many times in history restricted the sale of gold, both to currency security and for fraud prevention. It is not at all unimaginable that Ghana retains such a legal structure. She might prefer to sell the gold in places like the US, were no guarantee is required. She is required to report any transaction(s) in gold with a value in excess of $10,000, including importing or exporting from the country. Once the gold is converted to cash in the US, South Africa, or the U.K, as well as many other places, the funds can be wired to Ghana with reasonably little grief.
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