TIG Post

Tag: Gold

  • 3–4 year ban on mining will help reclaim our lands – Ade Coker

    3–4 year ban on mining will help reclaim our lands – Ade Coker

    The former Greater Accra Regional Chairman of the National Democratic Congress (NDC), has advocated for a total prohibition of illegal mining (galamsey) and a temporary halt to small-scale mining to support nationwide land restoration efforts.

    During an interview on Breakfast Daily on Channel One TV on Wednesday, April 2, he emphasized the urgent need for stronger measures to safeguard Ghana’s natural resources. He further recommended that large-scale mining firms suspend operations for at least three to four years to allow for environmental recovery.

    “Galamsey should be banned; small-scale mining should be suspended. The big companies should be set aside for the next three to four years to reclaim our land. How much are we getting from our gold? The last time I heard, $2 billion worth of Ghana’s gold was exported to Dubai, and out of that $2 billion, most of it was smuggled. Ghana gained just peanuts from it,” he stated.

    Ade Coker also stressed the necessity of closely monitoring excavators used in mining to deter unauthorized activities.

    “We should have an inventory of all the excavators in this country. We should find out which excavator is in road construction and how many are in mining, then call the owners to bring them to designated places,” he added.

    Separately, in an anti-galamsey operation, the Western Central Regional Police Command apprehended 11 individuals involved in illegal mining along the Bonsa River in the Western Region.

    The suspects, consisting of seven Ghanaians and four Chinese nationals, were taken into custody on March 31, 2025, following an intelligence-driven crackdown on illegal mining activities.

  • Update public on gold, cash seized during Sapeiman raid – Minority to National Security

    Update public on gold, cash seized during Sapeiman raid – Minority to National Security

    Parliament’s Minority Caucus has called on the National Security Ministry to provide to the public an update on the gold and cash seized during a raid in Sapeiman in February.

    According to the Minority, there has been no official communication on the progress of the case. Addressing a press conference on behalf of the Minority Caucus, the Member of Parliament for Assin South, Rev. John Ntim Fordjour, stressed the need for clarity regarding the status of the seized assets.

    “We, the Mighty Minority, demand transparency and accountability,” Rev. Fordjour stated. “The Ghanaian people have a legitimate question: Does the government intend to divert the 12 containers filled with gold and cash, only to later claim the gold is fake and the cash counterfeit?”

    He noted that the delay in providing information has led to growing skepticism among the public. The lack of updates from the relevant authorities only deepens doubts and raises suspicions about possible mismanagement or cover-ups.

    Rev. Fordjour further emphasized the Minority’s commitment to ensuring that the government, particularly through the Minister for the Interior, provides a comprehensive account of the investigation’s findings and the intended course of action.

    “The Minority Caucus remains firm in its demand for a clear and transparent account of this matter. We assure the public that the Mighty Minority will not rest until a full disclosure is made by the Minister for the Interior,” he concluded.

    National Security seized a substantial yet unspecified amount of U.S. dollars and Ghana cedi notes, concealed in twelve 20-foot shipping containers.

    The hidden currency was discovered inside wooden boxes filled with cement. During the sting operation, additional boxes opened in the warehouse revealed more cash concealed in compartments barricaded with plywood and sealed with charcoal.

    At the time of reporting, national security operatives indicated that two containers remained unaccounted for and that they were actively pursuing them, along with four suspects, including a ringleader known only as Alhaji.

    The warehouse search uncovered even more alarming discoveries, including boxes of metals suspected to be gold bars, counterfeit Ghana cedi notes in ₵50 and ₵100 denominations, as well as fake Ghana Army uniforms and boots.

    On the matter, Member of Parliament for Builsa North, James Agalga, noted that the Minority is being political over the matter. According to him, due to the sensitivity of the matter, disclosing matters before investigations are concluded, could compromise intelligence-led operations.

  • Ghana records $1.64bn trade surplus, gross reserves rises to $9.4bn

    Ghana records $1.64bn trade surplus, gross reserves rises to $9.4bn

    Ghana’s Gross International Reserves stood at $9.4 billion by the end of February 2025, meeting the target set by the International Monetary Fund (IMF).

    This reserve level provided coverage for approximately 4.2 months of imports, showing an improvement from $8.89 billion recorded in December 2024, which covered 4.0 months.

    The country recorded a trade surplus of $1.64 billion in the first two months of 2025, representing 1.9% of GDP. This improvement contributed to the steady accumulation of foreign reserves, according to data from the Bank of Ghana (BoG).

    Total exports saw a sharp increase, growing 50.0% year-on-year to $4.3 billion, mainly due to higher gold and cocoa exports, which benefited from rising prices and increased production volumes. In contrast, crude oil exports declined following a drop in output from Ghana’s three producing oil fields.

    Meanwhile, imports also saw a moderate increase, rising 7.3% year-on-year to $2.7 billion.

    In early 2025, Ghana’s key export commodities experienced mixed performances in the global market.

    Gold prices surged past $3,000 per fine ounce on March 14, 2025, driven by economic uncertainty, trade tensions, persistent inflation, and a weakening US dollar. In February, gold averaged $2,897.3 per fine ounce, marking a 9.7% increase from the previous year.

    Crude oil prices recorded a 2.4% annual increase, settling at $74.95 per barrel.

    However, cocoa prices fell by 8.5%, reflecting an improved supply outlook for the 2024/25 season.

  • Upper East Region discovers gold deposits in seven districts 

    Upper East Region discovers gold deposits in seven districts 

    Gold deposits have been found in seven out of the 15 District Assemblies and Municipalities in the Upper East Region, presenting new economic prospects for the area.

    Upper East Regional Minister, Donatus Akamugri Atanga, disclosed this development during an interaction with journalists at the proposed site for the Bolgatanga Airport on Saturday, March 29.

    “This region has suddenly discovered mineral deposits. Out of the 15 district assemblies, about seven have these deposits, which presents a significant business opportunity,” Atanga revealed.

    He highlighted the need for improved infrastructure to support mining activities, particularly in terms of secure and efficient transportation of gold to national markets.

    “Once mining begins, there will be a need for quicker transport to move the gold to national markets without the risk of armed robberies. We need to accelerate efforts to improve infrastructure. Upper East is a gateway to Burkina Faso and Togo, and our airport will be a valuable asset,” he stated.

    Atanga further emphasized that the construction of the Bolgatanga Airport would not only boost the mining sector but also facilitate trade and investment in the region. He called on stakeholders to support efforts to make the airport project a reality.

  • Only GoldBod will export gold under new framework – Sammy Gyamfi

    Only GoldBod will export gold under new framework – Sammy Gyamfi

    The acting Managing Director of the Precious Minerals Marketing Company (PMMC), Sammy Gyamfi, has emphasized the need to reform Ghana’s gold export system through the proposed GoldBod framework, which will grant exclusive authority to a single state-backed entity for gold exports.

    Mr. Gyamfi, speaking on JoyNews’ PM Express on Tuesday, March 25, highlighted the financial setbacks caused by the current unregulated export system.

    He noted that Ghana has been losing significant foreign exchange earnings, which has contributed to the depreciation of the Cedi.

    “The unstructured, unregulated system led to a situation where we were not getting the forex we are supposed to get as a nation, from the gold we export from Ghana,” he explained.

    Currently, multiple entities, including private companies licensed by the Ministry of Lands and Natural Resources, as well as institutions like the PMMC and the Bank of Ghana, are involved in gold exports. However, Mr. Gyamfi pointed out that many private exporters struggle to compete in the market, leading some to shut down operations while others resort to smuggling.

    “If the person wants to export through legal means, he loses out completely. So most of these people, especially the foreigners, they buy to smuggle, and when they smuggle, the state is deprived or denied of the forex,” he said.

    According to him, the smuggling of gold has worsened Ghana’s foreign exchange crisis, making it difficult for businesses to access dollars, which in turn raises the cost of imports and drives inflation.

    To tackle these challenges, Mr. Gyamfi outlined the GoldBod initiative, which will centralize all gold exports under a single entity. This approach, he stressed, will ensure that foreign exchange earnings from gold sales are promptly repatriated to stabilize the Cedi.

    “So under the GoldBod, no one can export gold except the GoldBod, and once we are the ones exporting, all the dollars will come back,” he stated.

    Under the existing system, private gold exporters are mandated to return 80% of their forex earnings within 30 days, but compliance has been a major issue. Mr. Gyamfi assured that GoldBod will eliminate delays in forex repatriation, guaranteeing that 90% of gold export earnings are credited to the Bank of Ghana on the same day, with the remaining amount arriving within 48 hours.

    “When you have GoldBod, you buy the gold, you export the gold. When you export the gold that same day, you get 90% of the dollars in the country. It’s in your account at the Bank of Ghana.

    “So we don’t have to wait for 30 days for an exporter, a private person, to bring us dollars. Because it is GoldBod, once we export that same day, we get 90 to 95% of the dollars, and within 48 hours, the remainder of the dollars come,” he assured.

    The GoldBod framework, if implemented, is expected to enhance transparency, curb smuggling, and strengthen Ghana’s foreign exchange reserves by ensuring direct and immediate repatriation of earnings from gold exports.

  • Ghana, UK collaborate to fight illegal gold trade after loss of $1.2bn in 2022

    Ghana, UK collaborate to fight illegal gold trade after loss of $1.2bn in 2022

    Ghana is intensifying its fight against gold smuggling, a practice that cost the country an estimated $1.2 billion in lost revenue in 2022.

    In a bid to tackle this challenge, the government is partnering with the UK-Ghana Gold Programme to strengthen regulatory frameworks and curb illicit trade.

    Finance Minister Dr. Cassiel Ato Forson revealed that about 60 tonnes of gold were illegally exported from Ghana at the height of the country’s economic crisis. “Imagine the impact if that wealth had stayed in our economy,” he stated, emphasizing the urgency of addressing illegal mining and smuggling.

    During a meeting with officials from the UK-Ghana Gold Programme, Dr. Forson discussed strategies to “ensure Ghana benefits fully from its gold resources while combating smuggling and illegal trade.” One of the key measures being introduced is the establishment of the Ghana Gold Board (GoldBod), a regulatory body aimed at overseeing the gold sector and promoting responsible trade.

    Dr. Forson explained that through the partnership, the Economic and Organised Crime Office (EOCO) would be actively working to prevent gold smuggling at key border points, including Bole. Additionally, GoldBod is collaborating with the Precious Minerals Marketing Company (PMMC) to improve pricing mechanisms, introduce pre-financing for gold dealers, and encourage whistleblower reports to expose smuggling operations.

    To enhance the sector’s financial stability, the government has committed to funding GoldBod to “purchase three tonnes of gold every week,” a move aimed at bolstering the country’s foreign exchange reserves. In a major policy shift, the finance minister also announced plans to remove the 1.5% withholding tax on unprocessed gold as part of the 2025 Budget, describing it as a step towards “encouraging more legal gold trade and driving economic growth.”

    These reforms, according to Dr. Forson, will help Ghana regain control of its gold industry, dismantle illegal networks, and ensure that the country’s natural resources contribute directly to national development. “This is just the beginning—together, we will build a stronger, more prosperous Ghana,” he affirmed.

    https://twitter.com/Cassielforson/status/1904429807443566928?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1904429807443566928%7Ctwgr%5Ed76f36401a250c08792b5fb861a8e2c47e264bd3%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.myjoyonline.com%2F60-tonnes-of-gold-worth-1-2b-smuggled-out-of-ghana-in-2022-ato-forson%2F

  • Gold Board will handle purchase and export of gold – Sammy Gyamfi

    Gold Board will handle purchase and export of gold – Sammy Gyamfi

    Acting Managing Director of the Precious Minerals Marketing Company (PMMC), Sammy Gyamfi, has reaffirmed that Ghana’s proposed Gold Board will oversee both the purchase and export of gold from the small-scale mining sector.

    Speaking on JoyFM’s Super Morning Show on Thursday, Mr. Gyamfi emphasized that all transactions involving gold from small-scale miners would be centralized under the Gold Board, ensuring better regulation of exports and foreign exchange inflows.

    According to him, licensed buyers and aggregators will still operate, but only as intermediaries acting on behalf of the Gold Board. They will not have the authority to export gold directly.

    “The Gold Board will be the central agency that handles the purchase and export of gold,” Mr. Gyamfi stated. “Licensed buyers and aggregators can apply to buy gold on behalf of the Gold Board, but they will not have the ability to export the gold themselves.”

    He further explained that the Gold Board would provide financial support to these agents, enabling them to purchase gold from local miners. However, the Board will retain full control over exports to ensure accountability.

    “These agents can buy gold for the Gold Board, but the actual export will be handled by the Gold Board itself. This ensures that the gold is exported in a controlled manner, and we can effectively track the foreign exchange,” he added.

    Addressing concerns about foreign transactions, Mr. Gyamfi clarified that agents with international buyers in markets like India, Dubai, or Europe would have to process payments through the Gold Board.

    “If an agent has an off-taker in an international market such as India, Dubai, or Europe, the agent can channel the payment through the Gold Board. The Board will convert the payment into cedi equivalent and allow the agent to purchase the gold. The Gold Board will then take responsibility for exporting the gold to the off-taker. This system will help us monitor foreign exchange flows more effectively,” he explained.

    He concluded by stating that centralizing gold exports through the Gold Board would address long-standing issues regarding foreign exchange retention and repatriation.

    “There have been previous concerns with the retention and repatriation of foreign exchange, and centralizing the export process through the Gold Board will help address these issues,” he said.

    The Gold Board initiative is expected to strengthen oversight in Ghana’s gold trade while ensuring greater transparency in export processes.

  • Parliament receives Ghana Gold Board Bill for consideration

    Parliament receives Ghana Gold Board Bill for consideration

    Parliament has received the Ghana Gold Board Bill 2025, which seeks to establish a regulatory authority to oversee gold trade, including its acquisition, distribution, and export.

    The bill also aims to strengthen the nation’s foreign exchange reserves through enhanced gold trade management.

    The government asserts that the board will play a vital role in formalizing gold transactions within the small-scale mining sector, improving traceability, and advancing Ghana’s pursuit of London Bullion Market Association (LBMA) certification.

    Upon its introduction, First Deputy Speaker Bernard Ahiafor assigned the bill to the Finance and Lands and Natural Resources Committees for further examination and recommendations.

    “Honourable members, the Ghana Gold Board Bill 2025 is presented and read for the first time and accordingly referred to the Finance Committee for consideration and reports,” he announced.

  • GOLDBOD is a cover-up for corruption, mismanagement – Amin Adam

    GOLDBOD is a cover-up for corruption, mismanagement – Amin Adam

    Former Finance Minister Dr. Mohammed Amin Adam has criticized the government for setting up the Ghana Gold Board (GOLDBOD), alleging it is a scheme to siphon public funds.

    Dr. Amin Adam contends that the GH₵270 million earmarked for GOLDBOD is unjustifiable, asserting that it is a calculated move to channel Ghana’s gold wealth into the hands of a privileged few within the ruling National Democratic Congress (NDC).

    His comments come in response to Finance Minister Dr. Cassiel Ato Forson’s budget presentation on Tuesday, March 11, where he announced financial support for the yet-to-be-launched GOLDBOD.

    The former minister argued that past gold purchasing initiatives, including the Gold-for-Oil policy, operated without direct government funding. Instead, these programs relied on a revolving fund managed by the Bank of Ghana, avoiding the use of taxpayer money.

    He warned that shifting the financial responsibility of GOLDBOD onto taxpayers could have significant economic consequences, stressing that such a move threatens the long-term management of Ghana’s natural resources.

    “We have never funded the gold purchase programme or gold-for-oil programme from the budget. It never happened and so to fund the GOLDBOD from the budget, in our view, is just to put in money to be benefited by NDC cronies. It is to create, loot and share.

    “The Bank of Ghana was funding the gold purchase programme from a revolving fund and therefore it did not affect the taxpayer. Now you have a GOLDBOD which is going to rely on the taxpayer and we think that this creates loot and share and we will resist it.”

  • Heavily armed military, police officers raid miner’s home; seize cars, gold and GHS150k – Report

    Heavily armed military, police officers raid miner’s home; seize cars, gold and GHS150k – Report

    Fear has gripped residents of Akrokerri in the Adansi North District of the Ashanti Region following an alleged raid by armed military and police officers at the home of a small-scale miner on Saturday March 8, 2025.

    During the operation, the security personnel reportedly confiscated two vehicles, five motorbikes, an unspecified quantity of gold, and a substantial amount of money.

    According to Adom News sources, the officers arrived in two Land Cruisers and a private car. The miner’s younger brother, Atta Kituwa, claimed that they took GH¢150,000 in cash, a 2023 Honda vehicle, and other valuables.

    He also alleged that the officers searched rooms belonging to tenants without providing any explanation for their actions.

    Eyewitness Isaac Obeng, who had visited the miner’s residence shortly before the raid, described how the heavily armed officers stormed the premises. When he questioned their presence and raised concerns over the sporadic gunfire, he claimed he was assaulted.

    The unexpected operation has left the community in distress, with residents demanding answers about the motive behind the raid.

  • Ghana rakes in billions from gold, cocoa, and petroleum exports in 2024

    Ghana rakes in billions from gold, cocoa, and petroleum exports in 2024

    Ghana’s export sector experienced significant growth in 2024, with total exports amounting to GH₵294.9 billion. This exceeded the country’s import bill of GH₵250.2 billion, resulting in a trade surplus of GH₵44.7 billion, as highlighted in the latest Trade Report from the Ghana Statistical Service (GSS).

    Gold, petroleum, and cocoa remained Ghana’s dominant export commodities, collectively accounting for 78.2% of total export revenue. Gold bullion led the way, generating GH₵162.99 billion and representing 55.3% of total exports.

    Crude petroleum oils followed with earnings of GH₵52.58 billion, contributing 17.8% to the country’s export revenue. Cocoa products, including beans and paste, brought in GH₵21.55 billion, making up 8.4% of total export earnings.

    Beyond these top three exports, other notable contributors included manganese ores, natural cocoa butter, cashew nuts, processed tuna, iron/steel, and shea oil.

    The trade surplus of GH₵44.7 billion signals the strength of Ghana’s export-driven economy. Analysts remain optimistic about the sector’s continued expansion, fueled by stable global demand for gold, crude oil, and cocoa.

    RankExport ItemValue (GH₵ Billion)Percentage Share (%)
    1Gold bullion162.9955.3
    2Crude petroleum oils52.5817.8
    3Cocoa beans (superior quality raw beans)14.955.1
    4Cocoa paste (not defatted)6.602.2
    5Manganese ores and concentrates3.431.2
    6Natural cocoa butter3.181.1
    7Cashew nuts (in shell)2.650.9
    8Tuna, skipjack, and Atlantic bonito (prepared/preserved, not minced)2.230.8
    9Iron/Steel (h/r, irregular coils, not further forged)1.930.7
    10Shea (karite) oil and fractions, crude1.930.7
  • 12 containers of fake US dollars, suspected gold bars intercepted by National Security

    12 containers of fake US dollars, suspected gold bars intercepted by National Security

    National Security operatives have seized a major consignment of counterfeit currency and suspected gold bars concealed in twelve 20-foot shipping containers.

    The operation, carried out following an intelligence tip-off, led officers to a warehouse in Sapeiman, located in the Ga South Municipality, where the illicit cargo was discovered.

    Upon examination, officials found wooden boxes stuffed with fake US dollar bills hidden within layers of cement to evade detection. Additional confiscated items included counterfeit Ghana cedi notes, imitation Ghana Army uniforms, and boots, raising concerns about a potential security threat.

    Authorities have disclosed that two of the twelve containers remain missing, with ongoing efforts to locate them.

    Meanwhile, a manhunt has been launched for four key suspects, including an individual known only as Alhaji, believed to be the mastermind behind the operation. National Security has assured the public that investigations are ongoing to dismantle the syndicate and ensure those responsible are brought to justice.

  • Ghana’s total exports surged by 21.06% to $20.22bn in December 2024 – BoG

    Ghana’s total exports surged by 21.06% to $20.22bn in December 2024 – BoG

    Ghana’s total exports saw a remarkable increase of 21.06% in December 2024, reaching $20.22 billion, a significant boost driven by a sharp rise in gold exports, according to data from the Bank of Ghana.

    Gold exports surged by an impressive 53.15%, accounting for $11.64 billion of the total export value by the end of December. However, the gains in gold were offset by declines in other major export commodities, such as crude oil and cocoa.

    Crude oil exports fell slightly by 0.7% to $3.68 billion, while cocoa exports dropped to $1.696 billion from $2.152 billion in December 2023. The decline in cocoa was attributed to the adverse effects of extreme weather conditions and illegal mining activities (galamsey), which have strained production.

    The trade balance also showed notable improvement, recording a provisional surplus of $4.98 billion in December 2024—almost double the $2.694 billion surplus recorded in the same period of the previous year. The robust trade performance was primarily bolstered by the increased export earnings from gold.

    On the import side, Ghana’s total import bill rose to $15.24 billion in December 2024, compared to $14.008 billion in December 2023. This growth in imports, coupled with the strong export performance, contributed to a healthier external sector position for the country.

    The Bank of Ghana highlighted the overall improvement in the external sector in its November 2024 Monetary Policy Committee (MPC) report, noting that the progress was supported by a higher current account surplus and reduced net financial outflows, which led to a substantial buildup of gross international reserves.

    Ghana’s gross international reserves climbed by $1.101 billion in December 2024 to $8.982 billion, equivalent to 4.0 months of import cover. This was a considerable increase from the $6.31 billion recorded in January 2024, demonstrating a consistent upward trend throughout the year.

  • Gold prices to rise in 2025 due to US interest rate cuts, others – Databank Research 

    Gold prices to rise in 2025 due to US interest rate cuts, others – Databank Research 

    Gold prices are projected to experience a significant surge in 2025, according to the latest projections from Databank Research in its Ghana Market Outlook 2025 report, released in January.

    Currently, the price of gold stands at approximately $2,693.60 per ounce. The anticipated rise in gold prices, according to Databank Research, will be driven by global political tensions and possible interest rate reductions by the US Federal Reserve.

    “We believe 2025 will be a promising year for gold. We expect prices to rise between USD 2,500 and USD 3,100, supported by geopolitical tensions and potential interest rate cuts by the US Federal Reserve,” parts of the 37-page report noted.

    In light of this, the report advised local investors to diversify their portfolios by considering financial products linked to gold, such as gold-backed securities.

    “We recommend that local investors diversify their portfolios into gold-backed securities to capitalize on this potential price increase and hedge against the local currency depreciation,” the document further stated.

    The report provides a comprehensive analysis and forecast of Ghana’s economic and market conditions for the year, highlighting key trends that could influence the performance of key sectors.

    A rise in gold prices presents positive prospects for Ghana’s economy, given the significant contribution of the mining sector to the nation’s revenue. The mining sector remains the largest taxpayer, contributing 22.7% of Ghana’s direct taxes. In 2023 alone, the gold mining industry generated GH₵11.55 billion (US$980 million) in taxes.

    Higher gold prices could further strengthen Ghana’s currency by increasing export earnings and foreign exchange reserves, as gold mining plays a pivotal role in the country’s economy. In 2023, the mining sector accounted for 47.4% of Ghana’s nominal GDP and 17.1% of its real GDP. Gold exports alone made up 62.1% of the country’s total export income.

  • OMCs blame gold-for-oil policy for looming fuel shortage

    OMCs blame gold-for-oil policy for looming fuel shortage

    The Chamber of Oil Marketing Companies (OMCs) has sounded the alarm over a possible fuel shortage in the coming days, attributing the looming crisis to the suspension of the gold-for-oil policy and halted refining activities at Sentuo Oil.

    Dr. Riverson Oppong, Chief Executive Officer of the Chamber, has called on the government to take immediate action to prevent the anticipated shortage.

    “When the gold-for-oil started, it peaked and when it peaked, we in the petroleum sector saw this coming. Anytime you are drawing a graph and there is a peak, there is a fall and we warned the government but it won’t listen.

    “And when the supply was cut to an extent and when the Sentuo Oil refinery also ceased to produce, or let’s say, process, we anticipated a loss. Today, the fuel shortage we find in the market has to do with the PMS. BDC’s ceased to import because there was gold-for-oil,” he explained.

    The gold-for-oil (G4O) policy, introduced in 2022 by former Vice President Dr. Mahamudu Bawumia, aimed to stabilize Ghana’s fuel supply and reduce pressure on the cedi. Under the policy, Ghana exchanged gold for imported petroleum products, seeking to minimize dollar dependency, control fuel prices, and manage balance of payment issues.

    By March 2023, the Precious Minerals Marketing Company (PMMC) had purchased over 60,000 ounces of gold valued at more than $97 million from local miners. The goal, however, was to secure at least 160,000 ounces worth around $300 million monthly, an amount expected to cover half of the nation’s monthly oil demand.

    However, the program’s sustainability has come under scrutiny. Former President John Dramani Mahama has vowed to probe the policy if elected president. Speaking at the 3rd Annual Transformational Dialogue on Small-scale Mining at the University of Energy and Natural Resources (UENR) in Sunyani, Mahama questioned the transparency of the deal.

    “We will investigate the opaque gold-for-oil programme and expose the actors benefiting from this so-called barter agreement. Reports reaching me suggest that a new debt burden is being created because Ghana has not been able to keep up with its delivery of gold under the programme,” Mahama said.

    The OMCs have called for clearer policy direction and better coordination between government and industry players to avert fuel supply disruptions.

  • Police manhunt robbers who fled with over 30 pounds of gold at Amansie South

    Police manhunt robbers who fled with over 30 pounds of gold at Amansie South

    Police have initiated a search operation for two suspected armed robbers who fled with over 30 pounds of gold, cash exceeding GH¢11,000, and vehicle keys during an attack at Manso Watreso in the Amansie South District, Ashanti Region.

    The suspects targeted community mining workers returning from work. Two of their accomplices were captured and lynched by enraged residents after an alarm was raised.

    Assembly Member for Manso Watreso Electoral Area, Kofi Mensah, confirmed the details, stating, “The robbers seized over 30 pounds of gold, pickup truck keys, and more than GH¢11,000 in cash from the miners.”

    Following the lynching, police were alerted and have since transported the bodies of the deceased to the morgue while continuing investigations into the robbery.

  • Cardinal Namdini Mining Ltd commissioned to boost gold production

    Cardinal Namdini Mining Ltd commissioned to boost gold production

    President Nana Akufo-Addo on Friday officially inaugurated the Cardinal Namdini Mining Ltd, a mine in Talensi, Upper East Region, celebrating its first gold pour and the beginning of what is expected to be a transformative economic boost for the area and the nation.

    Cardinal Namdini, now the largest single-stream mining operation in West Africa, is projected to produce 300,000 ounces of gold annually during its first three years. This new capacity further establishes Ghana as a top global gold producer and reinforces its goal of becoming a leading mining hub in Africa.

    President Akufo-Addo remarked on the importance of this achievement, describing it as a step forward in realizing the vision of positioning Ghana at the center of African mining activity.

    In his address, President Akufo-Addo highlighted his administration’s commitment to expanding Ghana’s resource potential, especially by enhancing the capabilities of the Ghana Geological Survey Authority (GGSA) to explore and identify new mining prospects.

    “Today marks yet another significant milestone towards the realization of the vision to make Ghana the mining hub of Africa,” he said, affirming that his administration has worked to create a robust environment to attract mining investments in northern Ghana.

    The Cardinal Namdini project, situated in a region historically known for small-scale mining, showcases the significant mineral wealth that exists across the northern belt of Ghana. President Akufo-Addo emphasized that such investments are not only expanding mining operations to new areas but also meeting the government’s goals of job creation and economic empowerment.

    He attributed the establishment of the mine to years of exploration and development, demonstrating that mineral resources exist well beyond Ghana’s southern regions, traditionally dominated by large-scale mining. “For years, this area and several others within this northern belt have only been known for small-scale mining. Large-scale firms have largely concentrated in the south,” he noted. The President praised the mine’s strategic impact, which has prompted additional plans for a large-scale mining project in the Upper West Region.

    To support such developments, the government has expanded its support for the Ghana Geological Survey Authority and established Minerals Commission offices across the northern regions. These efforts are designed to facilitate regulation and further exploration, strengthening Ghana’s capacity as a top mining destination.

    Looking to the future, President Akufo-Addo announced an amendment to the Minerals Development Fund Act, which would increase GGSA’s share of mineral royalties from 8% to 13%. This change, along with a dedicated $10 million annual budget for geological research, will support exploration and increase Ghana’s potential for resource discovery.

    In addition to generating local employment, the new mine is expected to bring significant infrastructure improvements, including better roads, utilities, and community facilities. The President noted that Cardinal Namdini’s commitment to build an airport in Bolgatanga will benefit both the mining operations and the broader needs of the Upper East Region. He urged the company to adhere to strict environmental standards and regulatory practices to ensure sustainable development.

    Hon. Samuel A. Jinapor, Minister for Lands and Natural Resources, spoke on the government’s broader mining strategy, highlighting initiatives to attract large-scale projects across northern Ghana and the ongoing construction of Minerals Commission offices equipped with modern laboratories. He emphasized that the ministry is focused not only on increased production but also on value addition, with the establishment of gold and manganese refineries to transform raw minerals into finished products for the benefit of the Ghanaian economy.

    The Chinese Ambassador to Ghana, H.E. Tong Defa, expressed pride in China’s role as a strategic partner in Ghana’s mining sector. The Cardinal Namdini project, backed by a $1 billion investment, is a testament to China’s commitment to developing Ghana’s resources and supporting the country’s economic growth.

  • Responsible gold sourcing programme launched to boost economic growth

    Responsible gold sourcing programme launched to boost economic growth

    The Bank of Ghana (BoG) has identified gold as a crucial strategic reserve asset that significantly influences economic growth.

    However, the Central Bank emphasizes the need for responsible gold mining practices to fully harness its benefits while reducing environmental harm.

    In response to these concerns, the BoG has initiated the Responsible Sourcing Programme, which aims to encourage ethical gold procurement.

    This initiative includes the Domestic Gold Purchase Programme (DGPP), which outlines essential processes, Know Your Customer (KYC) protocols, due diligence requirements, supply chain transparency, and risk management practices.

    The DGPP operates through two primary avenues: Gold for Reserves and Gold for Oil. By implementing stringent KYC and due diligence measures, the BoG ensures that its gold acquisitions conform to Ghana’s legal standards and do not contribute to human rights violations, conflict, or environmental degradation.

    Under the Gold for Oil initiative, the government plans to utilize locally sourced gold to settle payments for imported oil, thereby establishing a direct barter system leveraging the gold reserves held by the Central Bank.

    As detailed in the G40 Programme Framework dated February 3, 2023, oil payments can be conducted through direct barter, wherein suppliers accept gold in exchange for petroleum products, or via foreign exchange, where the BoG sells gold to brokers and uses the proceeds to fund oil imports.

  • Ghana reports GHS5.4b trade surplus in Q2 2024, through gold exports

    Ghana reports GHS5.4b trade surplus in Q2 2024, through gold exports

    In the second quarter (Q2) of 2024, Ghana’s overall trade value reached GH₵123.0 billion, with exports totaling GH₵64.2 billion and imports amounting to GH₵58.8 billion.

    This quarter, the nation reported a trade surplus of GH₵5.4 billion, a significant improvement from the GH₵3.1 billion deficit seen in the same timeframe last year. In terms of US dollars, the total trade value was $9.0 billion.

    During the announcement of the Q2 trade statistics by the Ghana Statistical Service, Professor Samuel Kobina Annim, the Government Statistician, noted that the results reflect a trade surplus largely fueled by a marked increase in gold exports.

    He also pointed out that Asia continued to be Ghana’s primary trading partner, accounting for over 50% of both the country’s imports and exports in Q2 of 2024.

    “China plays a centralized role, contributing more than two-fifths of Asia’s exports to Ghana and about one-fifth of Ghana’s exports to Asia,” he added.

    He noted that from the second quarter of 2023 to the second quarter of 2024, imports from Europe fell by 7.5%, whereas imports from Asia saw a significant rise of 8.5%.

    The Government Statistician pointed out that gold bullion was the leading export for Ghana, valued at GH₵37.0 billion, which constituted 57.6% of all exports.

    Other significant exports included crude petroleum worth GH₵12.6 billion and cashew nuts valued at GH₵1.2 billion.

    He mentioned that the United Arab Emirates (UAE) continued to be Ghana’s largest export market, with exports totaling GH₵15.0 billion, accounting for 23.3% of total exports, followed closely by Switzerland at GH₵13.2 billion (20.5%), and South Africa at GH₵8.3 billion (12.9%).

    Prof. Annim indicated that gas oil imports amounted to GH₵7.3 billion, while imports of motor spirit were GH₵7.2 billion, together representing 24.7% of the total import value of GH₵58.8 billion.

    He stated that China was the largest supplier of imports for Ghana, contributing GH₵12.3 billion, which is 20.9% of total imports, followed by the UAE at GH₵9.1 billion (15.4%) and the United Kingdom at GH₵5.2 billion (8.8%).

    The Export and Import Unit Value Indices (UVIs) showed changes in prices for key commodities.

    Export prices experienced a year-on-year surge of 40.5%, primarily due to rising gold prices, while import prices rose by 18.9%.

    He explained that during this period, real trade figures reflected a deficit of GH₵2.1 billion, with exports totaling GH₵22.5 billion and imports reaching GH₵24.6 billion.

    In contrast, the nominal values indicated a different picture, showing nominal exports at GH₵64.2 billion and nominal imports at GH₵58.8 billion, which resulted in a trade surplus.

    This surplus was attributed to the increase in export prices outpacing those of imports, particularly driven by the significant price rises of gold and crude oil.

  • Cedi poised for recovery as high interest rates, gold exports provide support

    Cedi poised for recovery as high interest rates, gold exports provide support

    Ghana’s cedi appears poised for a recovery after reaching a new low against the dollar, driven by elevated interest rates, an improved government financial outlook, and increased gold revenues.

    “We believe the upside to the dollar/cedi is limited now, as risks concerning Ghana’s outlook should already be in the price, while real rates are likely to remain wide and positive,” SG strategist Gergely Urmossy wrote in a note to clients.

    The cedi slipped by 0.1%, hitting a new low of 15.69 per dollar at 1:27 p.m. in Accra. This brings its year-to-date decline to 24%, fueled by concerns that the government may overspend ahead of the December presidential elections, a pattern seen in the past.

    However, in July, the government projected a 2024 budget deficit of 4.2% of GDP, improving from a previous forecast of 4.8%.

    This aligns with the growth projections of the International Monetary Fund, which provided Ghana with a $3 billion bailout to assist during a prolonged debt restructuring after its 2022 default.

    Real interest rates, adjusted for inflation, have remained strong due to easing price pressures. The central bank has maintained its benchmark rate at 29% since January, while inflation has fallen to 20.4% from 23.5%.

    Additionally, the cedi is benefiting from robust gold exports, helping to counter the disappointing cocoa revenue caused by unfavorable weather conditions.

    “We are seeing a growing offset from Ghana’s robust gold exports,” Nikolaus Geromont, a strategist at Absa Group Ltd., said in a note to clients. “Given that we expect the current account surplus to rise, the pace of the cedi’s weakness could ease from here.”

  • Gold production generates meager 13.4% in direct taxes in over 10 years – Finance Ministry

    Gold production generates meager 13.4% in direct taxes in over 10 years – Finance Ministry

    The Medium-Term Revenue Strategy 2024-2027 report by the Ministry of Finance has revealed a significant shortfall in Ghana’s tax collection from its gold mining industry.

    Over the past 10 years, only 13.4% of the total gold produced and exported by large-scale mining operators contributed to direct tax revenue for the government, highlighting inefficiencies in the country’s fiscal regime governing the extractive sector.

    Data from 2015 to 2020 by the Minerals Commission of Ghana show that government revenues from the mining sector—encompassing corporate taxes, mineral royalties, and other contributions—have increased over time.

    For example, corporate tax collections rose from GH₵ 320,948,380 in 2015 to GH₵ 1,462,137,984 by 2020. Similarly, mineral royalties surged from GH₵ 485,632,657 in 2015 to GH₵ 1,426,846,096 in 2020, signaling growth in mining activities and government collections.

    Despite these gains, the total revenue accrued from mining still falls short of expectations. The mining sector’s contribution to Ghana’s economy—measured as a percentage of Gross Domestic Product (GDP)—hovered between 13.6% and 14.9% from 2013 to 2019.

    Gold, the leading commodity in this sector, contributed only 6.2% to 7.3% over the same period. Given the country’s abundant gold resources, the relatively small tax revenue suggests that significant potential remains untapped.

    The data highlights a growing gap between gold production and the government’s revenue share. In 2018, Ghana’s gold production peaked at 148,336 kilograms, making it one of the world’s top gold producers. The nominal value of mining and quarrying
    activities increased from GHȻ8.813 billion in 2017 to GHȻ13.095 billion in 2018, according to the Ghana Chamber of Mines.

    However, even with an increase in production, the direct tax revenues have not matched up. For instance, while gold production in 2020 was recorded at 125,552 kilograms, the government’s tax collections from the sector remained disproportionately low.

    This discrepancy, the Ministry of Finance, has attributed to loopholes in Ghana’s legal framework.

    “The relatively low tax revenue mobilisation from the extractive sector is driven in part by loopholes in current legislation. For example, Section 49 of the Minerals and Mining Act, 2006 (Act 703) provides for the granting of a Development Agreement based on an investment threshold resulting in the granting of excessive fiscal concessions as well as a fragmented fiscal regime,” a part of the report reads.

    On the way forward, the Ministry of Finance has recognized the need to reform the fiscal regime in the extractive sector to address these revenue shortfalls.

    The government plans to introduce the Extractive Industries Fiscal Regime Law (EIFRL), aimed at consolidating all fiscal statutes affecting the mining and petroleum industries. This new law will standardize key provisions such as corporate income tax rates, royalty rates, and the introduction of a windfall profit tax mechanism.

    By streamlining the fiscal framework, the government hopes to create a more transparent and balanced system that ensures a fair share of revenues while maintaining investor confidence. The push for reform comes at a crucial time, as gold exports have continued to play a vital role in Ghana’s economy.

    In the second quarter of 2023, gold exports were valued at approximately $1.71 billion, while full-year 2022 exports amounted to around $6.6 billion. Despite the strong performance in exports, the relatively low tax revenue collected from the mining sector highlights the urgency for legislative changes.

    Ghana’s gold export is expected to hit about US$10 billion by the end of the year, the Minerals Commission has said. According to the Chief Executive Officer of the Minerals Commission, Martin Ayisi, gold exports jumped to a record in the first half of 2024.

    Mr Ayisi said out of the total exports of US$9.2 billion for the first-half of 2024, gold alone accounted for 54% of the total exports which amounted to US$5 billion. This was because of the surge in gold prices especially in the second quarter of 2024 and increase in production from both small- and large-scale operations.

    Ghana Medium Term Revenue Strategy (MTRS) 2024-2027_v2Download
  • Illegal miners openly extracting gold on Ayamfuri-Wassa Akropong road – Report

    Illegal miners openly extracting gold on Ayamfuri-Wassa Akropong road – Report

    Illegal mining activities, commonly known as galamsey, have engulfed the main Ayamfuri-Wassa Akropong road in the Western Region, with miners blatantly defying Ghana’s mining regulations.

    The road, which serves as a critical link between communities, has been overtaken by large-scale unauthorized mining operations.

    In a report by JoyNews’ Environmental Journalist, Erastus Asare Donkor, the situation has reached an alarming state, particularly in towns such as Wassa Ntwentwena, Gyapa, and Wassa Adiemra. These areas have transformed into makeshift mining hubs, despite clear provisions in the Minerals and Mining Act, 2006 (Act 703), which prohibits mining within fifty meters of public roads and in residential areas.

    The once vital Dunkwa-Ayamfuri road is now lined with massive pits and mining machinery, as excavators continue to dig through the terrain. Local authorities appear to have turned a blind eye to these illegal activities, allowing the situation to escalate. In towns like Wassa Dadieso and Gyapa, illegal mining operations seem to have the tacit approval of community leaders, Mr. Donkor noted.

    Miners along the Ayamfuri-Akropong route have not only dug up the road but have also set up artisanal washing bays where gold is openly processed. When confronted by journalists about their unlawful activities, the miners defended their actions as a necessary means of survival.

    “Mind your own business. Has anyone stopped you from working? Why should we stop? This is what we do, and we have nothing to do with the government,” one miner retorted when asked about their defiance of the law.

    Another miner echoed a similar sentiment, arguing that illegal mining was a better alternative to engaging in crime. “What should we do, pull guns and rob people for money? We work hard for our daily bread. We don’t want to steal, but we have no other options,” he explained.

    Despite concerns over the environmental and health risks associated with their operations, many miners downplayed these issues.

    One miner dismissed warnings about the hazardous effects of toxic substances used in mining, stating, “The person who started mining in this town is over 100 years old and still alive. We’ve been doing this for decades, and no one has ever had any health problems from galamsey. From our leaders’ time to ours, we’ve seen no one fall sick from it.”

  • Trade surplus recorded as gold, crude oil push Ghana’s exports to $9.23bn in first half of 2024 – BoG report

    Trade surplus recorded as gold, crude oil push Ghana’s exports to $9.23bn in first half of 2024 – BoG report

    Ghana recorded a provisional trade surplus of $1.81 billion for the first half of 2024, driven largely by growth in gold and crude oil exports.

    This is according to the Central Bank of Ghana’s Monetary Policy Report for July 2024, which highlights significant improvements in the country’s export performance compared to the same period in 2023.

    “The trade balance recorded a provisional surplus of US$1.81 billion in the first half of the year, higher than the surplus of US$1.60 billion recorded in the corresponding period of 2023. The improved trade surplus resulted from a higher increase in exports relative to imports,” the report noted.

    Total exports rose by $1.09 billion, a 13.4% increase, bringing the total to $9.23 billion, up from $8.14 billion in the same period last year.

    The surge in export earnings was primarily driven by significant gains in gold and crude oil exports. “The value of gold exports increased by 46.4 percent to US$5.04 billion, driven by both volume and price increases,” the report detailed.

    The volume of gold exports grew by 28.9% to reach 2.4 million ounces, boosted by higher output from small-scale mining operations. In addition, the realized price of gold saw a 13.6% increase, averaging $2,094.5 per fine ounce during the period.

    Crude oil also contributed significantly to the trade surplus, with earnings from oil exports reaching $1.98 billion, an improvement from $1.66 billion recorded in the first half of 2023. This boost in oil revenue was attributed to both increased production and higher global prices for crude oil.

    However, not all sectors performed well. The cocoa industry, a traditionally vital component of Ghana’s export portfolio, faced significant challenges.

    “Receipts from cocoa exports, both beans and products, declined by 47.4 percent, from US$1.454 billion in the first half of 2023, to US$760 million in the first half of 2024,” the report disclosed.

    This sharp decline was attributed to several issues plaguing the sector, including extreme weather conditions, disease outbreaks, and rampant smuggling of cocoa beans.

    Despite the strong export performance, Ghana’s import bill also increased. “The total imports bill rose by 13.5 percent to US$7.42 billion in the first half of the year, driven by both oil and non-oil imports.” Oil imports climbed 6.1% to $2.30 billion, while non-oil imports surged by 17.2% to reach $5.12 billion.

    Commodity Price Trends

    The report highlighted notable price movements for Ghana’s key export commodities in the global market. Cocoa prices experienced a sharp rebound in June 2024, reaching $9,022.6 per tonne following a 19.2% dip in May.

    “From January to June 2024, cocoa prices soared by 113.02 percent, mainly on the back of tight supply,” the report explained, with extreme weather conditions and rising demand contributing to the surge in prices.

    Crude oil prices remained relatively stable during the period, with a slight increase of 0.01% in June to average $83.01 per barrel. “Prices were supported by escalating geopolitical tension in Europe and the Middle East, notwithstanding OPEC+’s decision to boost supply later in the year,” the report added.

    Meanwhile, gold prices saw a slight dip in June, falling by 1.1% to settle at $2,325.34 per fine ounce. “Gold prices were weighed down by a rising US dollar and increasing Treasury yields, but losses were moderated by safe-haven demand amid tensions in the Middle East,” the report noted.

    Despite this minor decline, gold prices have increased by 14.2% since the beginning of the year, driven largely by concerns over global economic uncertainty.

    Commodity Price Index

    In terms of overall export performance, Ghana’s key commodities saw their prices increase on the global market in June 2024.

    “The weighted average price of the three major commodities exported by Ghana (cocoa, gold, and crude oil) increased in the month of June 2024. The index rose to 196.68 from 190.74 in the previous month, representing an increase of 3.1 percent,” the report confirmed.

    The rise in the index was driven by increases in both cocoa and crude oil prices, which outweighed a marginal decline in gold prices.

  • Investigate Gold for Oil programme – Parliament told

    Investigate Gold for Oil programme – Parliament told

    Concerns have been raised by the Ghana Extractive Industry Transparency Initiative (GHEITI), necessitating that Parliament probe the Gold for Oil policy due to its lack of transparency

    Vice President Dr. Mahamadu Bawumia revealed on Sunday new details about how he persuaded an unnamed businessman to buy gold worth GH₵3.1 billion from the Bank of Ghana’s vault.

    The Vice President explained that Ghana’s economy was on the brink of collapse, similar to the situation in Sri Lanka, which prompted him to urge the Governor of the Central Bank to begin purchasing gold “overnight.”

    However, despite this explanation, Dr. Steve Manteaw, co-chair of the Ghana Extractive Industry Transparency Initiative, stated in an interview with JoyNews that the government still needs to provide more information on the gold for oil policy.

    He emphasized that the intermediaries involved in the transactions remain unclear.

    “The whole Gold 4 Oil programme has been shrouded in secrecy, in ways that do not build public trust. If the Vice President can provide further details on this issue, it will help to build public trust and perhaps we will be able to confirm the assertions that he is making,” he said.

    Dr Manteaw noted that there is a need to understand the cost aspect of the transaction and not just the benefits, adding that it will be “beneficial in unearthing any acts of corruption in these transactions.”

    Owing to government’s failure to audit the programme, Dr Manteaw indicated that a parliamentary enquiry will be required to bring more clarity to the project.

    “…We wanted government on its own to make these disclosures but since the government has failed or refused to make these disclosures, I think a parliamentary probe will be in order,” he stated.

  • A gold bar now selling at $1m – Report

    A gold bar now selling at $1m – Report

    For the first time, the value of a gold bar has surpassed one million dollars, driven by surging prices for the precious metal.

    Spot gold prices climbed above $2,500 per troy ounce on Friday, marking a new record high.

    Given that the average gold bar weighs 400 troy ounces, this equates to a value of one million dollars per bar.

    Bloomberg News was the first to report on this milestone.

    Spot gold prices have risen over 20% this year. The increase in gold prices often signals that investors anticipate the Federal Reserve will soon lower its benchmark interest rate. Additionally, central banks, particularly in China, are buying more gold to reduce their dependency on the US dollar.

    Central banks and investors consider gold a reliable long-term store of value during economic uncertainty. This is because gold prices typically rise when interest rates fall, making bullion more attractive than bonds.

    Gold is also viewed as a hedge against inflation, as investors believe it will maintain its value even when prices increase.

    It’s worth noting that not all gold bars weigh exactly 400 ounces. The United States Gold Bureau also pointed out that gold bars are typically traded internationally by central banks and bullion dealers, rather than by individuals.

  • Chinese mining firm in Ghana suffers $900,000 loss in major gold heist – Report

    Chinese mining firm in Ghana suffers $900,000 loss in major gold heist – Report

    A Chinese mining company has reported the loss of 12kg (26lbs) of gold, valued at US$900,000, during an armed robbery in Ghana earlier this year.

    Beijing Xiaocheng Technology Stock Co, a gold mining firm listed on the Shenzhen stock exchange, announced in its mid-year financial report on Wednesday that “five to six” suspects had been apprehended and are currently in police custody in Ghana.

    Security forces in the West African country were, “still searching for the whereabouts of the gold”, according to the company.

    Africa has long been a key investment destination for Chinese companies seeking minerals and resources abroad, but concerns over security risks are increasing. In response, Beijing has pledged to enhance the protection of its workers and assets overseas.

    Beijing Xiaocheng, a company involved in gold mining, production, processing, and sales, stated that Ghanaian security agencies had offered a reward for information leading to the arrest of those responsible for the robbery on April 18.

    The company reported that 11 individuals were suspected of participating in the armed attack on its subsidiary, Akroma Gold Mining Co, located in Esaase, in Ghana’s eastern Kwahu West municipality.

    Following the incident, Akroma implemented stricter security measures at the gold mine.

    According to local media reports from April, heavily armed assailants targeted the company’s processing area, seizing gold and assaulting several workers, including Chinese expatriates.

    Beijing Xiaocheng revealed that the masked attackers infiltrated the Akroma processing plant through an undeveloped section of the mine.

    Despite security personnel being overpowered, resulting in injuries to workers, including Chinese nationals, there were no fatalities.

    The robbers escaped with 12kg of gold that was scheduled for export that day, resulting in a direct economic loss of US$900,000, according to the company’s financial report.

    Beijing Xiaocheng, which operates three gold mines in Ghana, confirmed that the Akroma mine had resumed normal operations after the attack.

    The company also operates solar power generation projects, including a 20MW photovoltaic power station in Ghana that has been in operation for over a decade.

    Gold is Ghana’s leading export, generating US$9.53 billion in revenue in 2022, according to data from the Observatory of Economic Complexity. Nearly half of Ghana’s gold is exported to the United Arab Emirates, with Switzerland, India, and Hong Kong also being major buyers.

  • Bawumia proposes gold-backed exchange rate system to stabilize Cedi

    Bawumia proposes gold-backed exchange rate system to stabilize Cedi

    Vice President Dr. Mahamudu Bawumia has revealed his plan to implement a new exchange rate system that would tie the Ghana cedi to gold.

    He explained that this approach is designed to strengthen the cedi’s value against major currencies, thus improving exchange rate stability.

    Addressing the opening of the Royal Ghana Gold Limited in Accra, Ghana’s first gold refinery, Dr. Bawumia stated that he intends to pursue this plan if elected in the upcoming general elections.

    “I would like to propose a new foreign exchange regime management act for Ghana next year in which the value of the cedi will be anchored to gold. This will enhance exchange rate stability,” the vice president said on August 8, 2024.

    The proposal by Dr. Bawumia, if adopted, will follow suit with Zimbabwe, which has backed its currency with gold.

    Known as the ZIG, the adoption of the gold-backed unit has helped in overhauling Zimbabwe’s currency regime in the wake of persistent depreciation of the Zimbabwean dollar to the US dollar.

    Additionally, due to growing geopolitical tensions, many African countries have instituted measures to build their gold reserves to anchor their respective exchange rate regimes.

  • Revealed: It took gov’t 2 years to commission Royal Ghana Gold Refinery 

    Revealed: It took gov’t 2 years to commission Royal Ghana Gold Refinery 

    In June 2022, the Deputy Minister for Lands and Natural Resources, responsible for Mines, George Mireku Duker disclosed that Ghana’s newly constructed Gold Refinery, Royal Gold Ghana is set and ready to be commissioned by August 2022 by the President of the Republic, Nana Addo Dankwa Akufo-Addo.

    The Deputy Minister made this known when he paid a working visit on behalf of the Sector Minister, Hon. Samuel A. Jinapor to inspect the Refinery at the Precious Minerals Marketing Company (PMMC) premises in Accra, on Tuesday, 28th June, 2022.

    During his visit 2 years ago, Mr Duker highly commended the team at PMMC saying that he is impressed with the work done and particularly happy that the vision of the President Akufo-Addo-led government, to add value to the various Minerals produced in Ghana is on course with the completion of the Refinery.

    “As we have a Refinery here in Ghana, the value addition goal of the President will be met and this tells you that we are going to expand the base, we are going to add more value and more importantly, Gold would not be exported in the raw form.”

    He assured that the government through the Lands Ministry will tick all boxes to ensure that the state-of-the-art refinery is not a “white elephant” but is put to the intended purpose for the country to benefit fully from its proceeds.

    Hon. Duker hoped that the Refinery although currently being operated by foreign Nationals, will soon create more jobs for the Ghanaian youth through knowledge sharing and also add value to gold produced in Ghana as is the goal of the President Akufo-Addo-led government.

    The Mines Deputy Minister stressed that the Ministry is interested in building local champions to set up and own Mines that will rob shoulders with those of international standards like Newmont and Anglo Gold Ashanti.

    He stressed traceability and charged officials of PMMC to ensure that the Minamata Convention on Mercury is met at all cost in the process of utilising the refinery.

    Having taken a quick tour of the premises, he disclosed that the Refinery has already taken a test of processing the raw gold “and the results I must say are of very good standards, 99.9% pure. Very similar to what we saw in South Africa on our last trip to a Gold mine there”

    The Managing Director of Precious Minerals Marketing Company, Mr. Nana Akwasi Awuah on his part, expressed his appreciation to the Deputy Minister for his involvement and efforts in securing the reduction of the 3% withholding tax on Gold exports.

    He reported to the Deputy Minister that the reduction from 3% to 1.5% has been of immense benefit as the industry has seen a good increment in production and profit since the beginning of the year.

    “In December 2021, we did less than 200 kilograms of Gold but when the reduction took effect in January this year, that figure shot up to over 100% where we did over 400kilograms which means that it is having a positive impact.”
    He added that he is also elated that through the efforts of H.E the President, the country has the first working gold refinery with state participation in-country which will add value to the ore mined.

    The Refinery, known as the Royal Ghana Gold Refinery whose construction begun in 2019, has the capacity to refine from 300 to 500 kilograms per a day through chemical and electrical methods. Some facilities available at the Refinery include the Control room, the Scanner, the Refinery section which has the Electrolycis machine, the Moulding room and the Assay laboratory, among others.

    Dreams for the refinery materialised two years after the date it was to be commissioned.

    Ghana on Thursday, August 8, 2024, officially opened a commercial gold refinery, the Royal Ghana Gold Refinery, in Accra, a significant step in the government’s efforts to add value to the country’s mineral resources.

    Vice President Dr. Mahamudu Bawumia, who commissioned the refinery, emphasized that this facility is a strategic investment that aligns with the government’s vision to add value to Ghana’s mineral resources, thus retaining more economic benefits within the country.

    He noted that, historically, Ghana has exported its gold in raw form, leading to significant revenue losses and missed job creation opportunities.

    “The government of President Nana Addo Dankwa Akufo-Addo has been determined to make value addition a critical component of our export strategy since 2017, and the launch of this refinery is a key part of realizing that vision,” Dr. Bawumia stated.

    Note: Additional source of information from Precious Minerals Marketing Company (PMMC).

  • Gold exports raked in $5bn for Ghana in first half of 2024 – Minerals Commission

    Gold exports raked in $5bn for Ghana in first half of 2024 – Minerals Commission

    Ghana’s gold exports generated $5 billion in the first half of 2024, as reported by Chief Executive Officer of the Minerals Commission, Mr. Martin Ayisi.

    This figure reflects a significant portion of the country’s total export value of $9.2 billion for the same period, with gold accounting for 54% of the total.

    The surge in gold exports is attributed to a dramatic increase in gold prices, which averaged $2,338 per ounce in the second quarter of 2024—an 18% rise compared to the previous year and a 13% increase from the previous quarter.

    The price of gold reached a peak of $2,482 per ounce on July 17, 2024, and averaged around $2,396 per ounce in July.

    Mr. Ayisi forecasted that if gold prices maintain their current levels, Ghana could see gold export revenues surpass $10 billion by the end of the year.

    Martin Ayisi, the Chief Executive Officer of the Minerals Commission

    He noted that small-scale mining contributed approximately $1.7 billion to the total gold exports, representing 36% of the mid-year total. With the record prices, small-scale gold exports are projected to exceed $3 billion by year-end.

    Highlighting the vital role of the mining sector in Ghana’s economy, Mr. Ayisi underscored that the revenue from gold reaffirms the sector’s importance.

    He emphasized that value addition is crucial for maximizing economic benefits, pointing to initiatives such as the Ghana Manganese Company’s planned $450 million refinery, which aims to enhance the quality of manganese ore and create 350 new jobs.

    Additionally, Mr. Ayisi praised efforts to boost local content and participation in the mining sector, including encouraging mining companies to list on the Ghana Stock Exchange and the role of the Minerals Income Investment Fund in acquiring equity stakes in mining operations.

    He also stressed the need for better environmental management in small-scale mining operations, which support around three million livelihoods across 12 regions, to ensure sustainable practices and mitigate environmental impact.

  • Gov’t to generate over $10bn from gold exports by end of 2024 – Minerals Commission

    Gov’t to generate over $10bn from gold exports by end of 2024 – Minerals Commission

    Ghana is set to surpass $10 billion in gold exports by the end of 2024, according to the Chief Executive Officer of the Minerals Commission, Mr. Martin Ayisi.

    This forecast is driven by record-breaking gold prices and increased production across both small- and large-scale mining operations.

    For the first half of 2024, gold exports contributed a substantial 54% to the total export value of $9.2 billion, amounting to $5 billion.

    This surge is attributed to an average gold price of $2,338 per ounce in the second quarter, marking an 18% increase year-on-year and a 13% rise quarter-on-quarter.

    The price peaked at a record $2,482 per ounce on July 17, 2024, with July’s average standing at approximately $2,396 per ounce.

    Mr. Ayisi projected that if gold prices remain consistent with July’s averages, the full-year export value could exceed $10 billion.

    He also highlighted that small-scale mining exports totaled about $1.7 billion for the first half of the year, representing 36% of the total gold exports. Given the high prices, small-scale gold exports could surpass $3 billion by year-end.

    Emphasizing the importance of the mining sector to Ghana’s economy, Mr. Ayisi noted that gold revenue underscores the sector’s role as a cornerstone of national economic stability.

    He stressed that the real economic benefits of mining come from value addition. He pointed to the development of local refining capabilities, such as the Ghana Manganese Company’s $450 million investment in a new refinery to enhance manganese ore quality and create 350 jobs.

    Mr. Ayisi also praised the government’s initiatives to bolster local content and participation in the mining sector, which include ensuring that over $2 billion spent by mining companies on local supplies and services benefits Ghanaians.

    Furthermore, he acknowledged efforts to encourage mining companies to list on the Ghana Stock Exchange and the role of the Minerals Income Investment Fund in acquiring equity stakes in mines.

    Addressing environmental concerns, Mr. Ayisi called for improved environmental management of small-scale mining operations, which are active in about 12 regions and support around three million livelihoods, to prevent ecological damage.

  • Gold production in Ghana for year 2023 reaches 4m ounces

    Gold production in Ghana for year 2023 reaches 4m ounces

    Gold output in Ghana has experienced a slight increase from 3.7 ounces in 2022 to 4 million ounces, as reported by the Ghana Chamber of Mines.

    This marks the country’s highest production level since the onset of the COVID-19 pandemic.

    Bauxite and diamond revenues have also shown notable rises, although there has been a slight decrease in manganese export earnings.

    Manganese production is anticipated to rise to 5 million tonnes, bauxite to a range of 1.2 million to 1.5 million tonnes, and diamond exports to approximately 220,000 to 250,000 carats.

    The Chamber of Mines forecasts that gold production for 2024 will reach between 4.3 million and 4.5 million ounces.

    During the 96th annual general meeting of the Chamber on Friday (7 June), the president of the Ghana Chamber of Mines, Michael Edem Akafia, disclosed these figures.

    Akafia stated that Chamber members recorded mineral revenue of US$5.9 billion in 2023, with repatriations amounting to US$4.2 billion.

    “Ghana saw an increase in the production and export of traditional minerals, except manganese. Gold production rose from 3.7 million ounces in 2022 to four million ounces in 2023, an 8.3% increase, driven by the expansion of small-scale mining.”

    “However, large-scale gold production declined from 3.1 million ounces in 2022 to 2.9 million ounces in 2023. Small-scale production saw a significant increase of 70.6%, from 0.66 million ounces to 1.1 million ounces,” he said.

  • Ghana’s gold production grew to 4 million ounces in 2023 – Ghana Chamber of Mines

    Ghana’s gold production grew to 4 million ounces in 2023 – Ghana Chamber of Mines

    Ghana’s gold production saw an 8.3 percent increase, reaching 4 million ounces in 2023, up from 3.7 million ounces the previous year, as reported by the Ghana Chamber of Mines.

    This rise was largely due to a surge in output from small-scale miners, which offset the decline in production from the large-scale sector.

    This achievement represents the highest gold production level for Ghana since the COVID-19 pandemic began.

    In the large-scale sector, gold output dropped from 3.1 million ounces in 2022 to 2.9 million ounces in 2023, marking a 4.9 percent decrease.

    Conversely, the small-scale sector experienced a significant growth of 70.6 percent, increasing from 0.66 million ounces to 1.1 million ounces during the same period.

    Looking ahead to 2024, gold production is expected to rise to between 4.3 and 4.5 million ounces, with new projects such as Newmont’s Ahafo North and Cardinal Resource’s Namdini Gold Mine playing a key role in this growth.

    Additionally, manganese production is projected to increase to 5 million tonnes, bauxite output is expected to range between 1.2 million and 1.5 million tonnes, and diamond exports are anticipated to reach between 220,000 and 250,000 carats.

  • Gold exports in 2023 surge to $7.60bn, crude oil, cocoa, timber exports decline – BOG

    Gold exports in 2023 surge to $7.60bn, crude oil, cocoa, timber exports decline – BOG

    Gold exports reached $7.60 billion, marking a 15.0% increase compared to the previous year.

    This growth is primarily attributed to a 9.2% rise in export volume and a 5.4% increase in the average realized price.

    The surge in export volume was fueled by enhanced gold production, notably from the Newmont Ahafo Mine expansion, resumed operations at Anglogold Ashanti Obuasi Mine, and higher contributions from small-scale miners, as outlined in the 2024 Bank of Ghana Annual Report.

    The average realized price for gold in 2023 stood at $1,843.13 per fine ounce.

    On the other hand, crude oil exports experienced a significant decline of 39.3% in 2023, with earnings totaling $3.84 billion, down by 29.3% from the $5.43 billion recorded in 2022.

    This drop in earnings was influenced by reduced prices and export volumes.

    Export volumes decreased by 13.4% year-on-year to 46.9 million barrels, primarily due to decreased production from the Jubilee and TEN fields. The average realized price also fell by 18.4% to $81.78 per barrel.

    Cocoa exports saw an 8.4% decline, with total earnings amounting to $2.12 billion in 2023, lower than the earnings in 2022. Cocoa beans exports specifically reached $1.31 billion by the end of December 2023, 1.1% lower than in 2022, mainly due to a 0.2% price drop and a 0.9% decrease in export volumes.

    The average price and volume of exports for cocoa beans settled at $2,465.47 per tonne and 533,056.34 tonnes, respectively.

    Meanwhile, cocoa products’ average price increased by 7.1% to $3,289.39 per tonne, but volume dropped by 23.8% to 240,896.35 tonnes, resulting in an 18.4% decrease in earnings to $792.40 million.

    Timber export receipts declined by 11.7% to $142.55 million by the end of December 2023, mainly due to a 15.5% reduction in volume to 290,306.26 cubic meters.

    Nonetheless, the average realized price per cubic meter of timber increased to $491.02 in 2023 from $469.99 in 2022.

  • Billions in smuggled African gold flowing into UAE annually – SwissAid report

    Billions in smuggled African gold flowing into UAE annually – SwissAid report

    321-474 tons of African gold extracted through artisanal and small-scale mining remains unreported annually, with an estimated value ranging from $24 to $35 billion.

    SwissAid reports an alarming surge in the smuggling of African gold, which more than doubled between 2012 and 2022. In 2022 alone, over 435 tons of gold bullion were illicitly transported out of Africa.

    This illicit trade contributes to conflict, finances criminal and terrorist groups, undermines democratic institutions, and facilitates money laundering. Mali, Ghana, and Zimbabwe are among the top sources of smuggled gold, with Dubai identified as a crucial international hub for its distribution, often routed to Switzerland.

    Approximately 66.5% (405 tons) of the gold imported into the UAE from Africa in 2022 was obtained through smuggling. The gold enters Dubai via various means, including hand luggage, cargo, scheduled flights, and private jets.

    Most of the illegally obtained African gold is then exported from the UAE to Switzerland, its second-largest importer, as well as to India. However, under Swiss law, gold processed in Switzerland is not traced back to its African origins.

    While the UAE has taken steps to address concerns about gold smuggling, including increased inspections and imposing significant fines, it emphasizes that it cannot be held responsible for the export records of other countries. The UAE asserts that it has adopted measures to combat money laundering within the gold sector.

  • Gold valued at over US$30bn illicitly transported from Africa in 2022 – Report

    Gold valued at over US$30bn illicitly transported from Africa in 2022 – Report

    Gold trafficking from Africa, primarily directed towards the United Arab Emirates (UAE), has seen a significant increase over the past decade, with hundreds of tons of gold valued at tens of billions of dollars illegally departing the continent annually, as stated in a report released on Thursday.

    According to research conducted by Swiss said, an organization specializing in development aid and advocacy, an estimated 435 tons of gold, predominantly extracted by small-scale miners and valued at over US$30 billion, was illicitly transported out of Africa in 2022.

    Swissaid highlighted that the UAE served as the primary destination for Africa’s smuggled gold, receiving 405 tons in 2022 alone.

    In the preceding decade, the UAE received over 2,500 tons of smuggled gold, amounting to a total value exceeding US$115 billion, as reported by the organization.

    In response to these revelations, a UAE representative acknowledged that the country had implemented significant measures to combat concerns regarding gold smuggling, including the enactment of new regulations governing gold and other precious metals.

    The magnitude of this illicit trade underscores the expansion of small-scale, or artisanal, mining into an industry involving millions of individuals, generating gold outputs comparable to or surpassing those of industrial mining operations.

    In a 2019 investigation by Reuters, it was revealed that billions of dollars‘ worth of gold was being illicitly transported out of Africa each year via the UAE, which served as a conduit to markets in Europe, the United States, and beyond.

    Apart from the loss of tax revenues, experts and governments have expressed concerns that such widespread smuggling indicates the existence of a significant underground economy susceptible to potential money laundering, financing of terrorism, and evasion of sanctions.

    Marc Ummel, the commodities expert at Swissaid and one of the report’s authors, asserted that the UAE contributes to gold laundering by providing a legal veneer to large quantities of smuggled gold as they transit through the country.

    “If we keep on seeing more than 400 tonnes of illegal gold entering the UAE every year, this is a clear sign that the implementation of the regulations in the UAE is seriously lacking.”

    Discrepancies

    For its analysis, Swissaid compared total gold exports from all African countries with gold imports into non-African countries. The organisation filled gaps in UN Comtrade data with individual country statistics and identified errors by comparing the data with figures reported by trade associations and speaking with governments and refineries.

    These discrepancies between declared exports and declared imports do not exist for Switzerland and India, the other two major gold importing countries for African gold.

    The Swissaid report found that there were 12 countries in Africa involved in smuggling 20 tonnes or more per year.

    In response to accusations that it was not doing enough to enforce regulations on the sector, a UAE Ministry of Economy spokesperson said the UAE cannot be held accountable for other government’s export records.

    “Only our own, where we have sophisticated technologies and systems to track and verify the data.”

    Artisanal Mining

    With the gold price having doubled since 2009, the number of people turning to artisanal mining has surged. Swissaid estimates that artisanal and small-scale gold mining in African countries produced between 443 and 596 tonnes of gold in 2022.Of this, more than 70% is not declared.

    By comparison, industrial miners have produced around 500 tonnes of gold a year.

  • Family curses Nana Agradaa at cemetary over alleged gold theft, assault

    Family curses Nana Agradaa at cemetary over alleged gold theft, assault

    After a series of public protests at Parliament House and other institutions against Evangelist Patricia Asiedua, popularly known as Nana Agradaa, accusing her of seizing their pot of gold, a woman named Sarah, accompanied by her relatives, has turned to spiritual methods to reclaim their asset and curse the self-proclaimed Evangelist.

    Sarah and her daughter were previously seen protesting against Evangelist Asiedua, also known as Nana Agradaa, alleging theft of their pot of gold and an acid attack on her daughter.

    Despite their efforts, they have been unable to recover the gold.

    In a new development, they have been spotted at a cemetery performing rituals and invoking curses on Nana Agradaa.

    Dressed in black and red attire, Sarah and her family members were seen pouring libations and chanting incantations against Nana Agradaa in the Nzema language.

    A circulating video captures the family invoking curses on Nana Agradaa with fervor and determination.

    The Earlier Street Protest

    On Thursday, May 16, 2024, Sarah, 30, and her daughter took to the streets to protest against Rev. Patricia Oduro Asiedua, also known as Nana Agradaa, the General Overseer of Heaven Way Chapel.

    Sarah accused Nana Agradaa of gold theft, fraud, and involvement in an acid attack on her daughter.

    Police sources confirmed receiving a protest notification from Sarah Abraham, who also expressed her intention to submit petitions to the Inspector General of Police (IGP) and other relevant bodies seeking justice.

    Those close to Sarah say her determined pursuit aims to recover the gold and secure justice for her daughter, who is believed to have been a victim of an acid attack amid the ongoing battle over the treasured metal.

    Her notification of protest to the police stated, “We write to notify the Police of our intention to hold a peaceful two-person protest on Thursday, May 16, 2024, from the hours of 9:00 am to 11:00 noon.

    The purpose of this protest is to draw the public’s attention to Rev. Patricia Oduro Asiedua, the General Overseer of the Heaven Way Chapel, known in public life as Nana Agradaa and Evangelist Mama Pat, on an alleged criminal gold theft and acid assault.

    The protest will start from the Obra Spot at the Kwame Nkrumah Interchange in Accra, and the petitions to the Inspector General of Police, the Economic and Organised Crime Office (EOCO), the Speaker of Parliament, the Chief Justice, and Peace Watch Ghana will be presented afterward.”

    Background

    Sarah’s grandmother, as a gesture of gratitude for her commitment and service, reportedly bequeathed her a pot filled with gold before her demise.

    Before passing away, her grandmother advised her to have the gold blessed by a pastor. Following this counsel, Sarah sought the spiritual assistance of Nana Agradaa, also known as Evangelist Mama Pat.

    However, the situation took a distressing turn when Nana Agradaa allegedly confiscated the pot of gold, insisting on a fee of GH¢1000 for prayers, which Sarah paid.

    Later, Nana Agradaa demanded an additional GH¢4000, a sum beyond Sarah’s financial means.

    Unable to meet this new financial demand, Sarah requested the return of her gold, but her repeated efforts over the years have been unsuccessful.

  • 2023 list of top producers of gold in the world

    2023 list of top producers of gold in the world

    The United States Geological Survey report, indicates that around 3,000 metric tonnes of gold were produced globally in 2023.

    The report also highlighted various countries as the primary gold producers in that year.

    As per the Mineral Commodity Summaries issued by the Geological Survey in January 2024, China, Australia, and Russia emerged as the leading gold producers worldwide.

    China’s prominent position might come as a surprise, with the country leading in gold production, contributing 370 tonnes, equivalent to over 12 percent of the total global output.

    Australia and Russia shared the second spot, each producing 310 tonnes of gold.

    Furthermore, Canada featured on the list, producing 200 tonnes of gold, while the United States and Kazakhstan produced 170 tonnes and 130 tonnes, respectively.

    These countries secured the fourth, fifth, and sixth positions as the top gold producers, respectively.

    Making it to the top ten were Mexico, producing 120 tonnes of gold; Indonesia with 110 tonnes; and South Africa and Uzbekistan, each producing 100 tonnes during the period.

    However, Ghana’s position was 11th according to the United States Geological Survey, with a gold production of approximately 90 tonnes in 2023.

    This marked an increase from the previous year’s production of 88 tonnes in 2022.

    Refer to the complete list below, sourced from the United States Geological Survey:

  • Armed robbers attack Akroma mine workers; escape with gold

    The Nkawkaw Divisional Police Command has initiated a manhunt for approximately 20 armed men who launched an attack and robbery at the Akroma Gold Mining Company in Esaase, within the Kwahu West Municipality of the Eastern Region.

    The heavily armed assailants targeted the company’s processing area, where they also assaulted and injured several workers, including expatriates.

    Overpowering the company’s security, the armed men made off with undisclosed quantities of gold bars before the police arrived at the scene.

    The injured workers, some sustaining gunshot wounds, were promptly transported to the hospital for urgent medical attention.

    The Head of Human Resources at the company, Frederick Obeng Somuah, confirmed the incident to Citi News, stating that management is fully cooperating with the police, who have commenced their investigations into the matter.

    “Yesterday, around 5:40 am, the company’s processing area was attacked by some armed men. In fact, as to the number of armed men, they range between 10 and 20. But police are still investigating to know the extent of damage and the items they actually took.

    “Unfortunately, some of our guys were injured during the incident. We had some gunshots and injuries, and also they beat us mercilessly. Fortunately, no death was recorded. We are okay.

    “The police have come in, the regional command, through to the district police command, and we are hoping and believing that the investigations will go well so that the perpetrators will be brought to book.”

  • Price of gold surges by 3.4%

    Price of gold surges by 3.4%


    The global market price of gold surged past $2,410 per ounce on Friday, reaching a new record high and climbing approximately 3.4% over the course of the week.

    This upward trend in the commodity market was fueled by robust safe-haven demand, which has now overshadowed concerns about potential delays in interest rate cuts by the US Federal Reserve.

    Traders intensified their purchases of bullion following reports indicating that Iran was gearing up for a possible attack on Israel. Such geopolitical tensions could potentially spark a broader regional conflict and exacerbate existing inflationary pressures.

    According to Moody’s, the US Federal Reserve is unlikely to raise interest rates in light of recent consumer price index data and a strong job market.

    Gold continued to benefit from robust physical demand in China, where investors sought refuge amid volatile local currency conditions and an economy in need of additional stimulus.

  • Potential buyers eye Newmont’s Akyem gold mine amidst rising gold prices

    Potential buyers eye Newmont’s Akyem gold mine amidst rising gold prices


    Newmont’s plan to sell the Akyem gold mine in Ghana has stirred interest among potential buyers, including Chinese mining companies, amid the uptrend in gold prices.

    Following Newmont’s announcement of its intent to divest the mine, Australian miner Perseus Mining has also expressed interest in acquiring it. Newmont has enlisted Citigroup Inc. to oversee the sale process and has initiated discussions with prospective bidders.

    Shandong Gold Mining Co. and Zijin Mining Group Co. are among the entities eyeing the asset, with Chifeng Jilong Gold Mining Co. also contemplating participation.

    Negotiations are at an early stage, and interested parties may opt out of submitting bids. Newmont, Citigroup, Shandong Gold, and Zijin have refrained from commenting on the matter.

    The divestment of Akyem forms part of Newmont’s strategy to raise $2 billion through asset sales following its acquisition of Newcrest Mining Ltd. in November. Alongside Akyem, Newmont plans to offload four gold mines in North America and one in Australia.

    Akyem mine, which produced 420,000 ounces of gold annually as of 2022, holds significant value amid the recent surge in gold prices, which recently breached $2,200 per ounce. Newmont aims to shed non-core assets and streamline its workforce to alleviate debt stemming from the Newcrest acquisition.

    Despite divesting Akyem, Newmont remains committed to its Ghanaian operations. The company recently disbursed GH¢184.6 million in dividends to the government for its stake in the mine’s operations and has lent support to the government’s gold-buying initiative.

    Perseus Mining, already operating the Edikan Mine in Ghana, sees the potential acquisition of Akyem as a chance to double its gold output. Newmont anticipates Akyem’s production to reach 170,000 ounces in 2024, down from 295,000 ounces the previous year, while Ahafo South and Ahafo North mines will continue operations.

    Newmont’s CEO, Tom Palmer, emphasized that the divestiture stems from the assets not meeting the company’s Tier-1 asset criteria.

    Despite reporting a net loss attributable to impairment charges and reclamation costs, Newmont generated significant cash flow and dividends for shareholders in 2023.

  • ‘Bukom Banku’ in trouble after eloping with GHC 800k worth of gold

    ‘Bukom Banku’ in trouble after eloping with GHC 800k worth of gold

    A small-scale mining company is urgently searching for their delivery guy, known only as Bukom Banku, who is suspected of absconding with gold worth GHS 800,000.

    Despite numerous attempts to contact him, Bukom has ignored phone calls and remained silent the few times he did answer.

    In a bid to locate him, the company is offering a substantial bounty of GHS 50,000 to anyone who can assist in his apprehension.

    This was announced by X (formerly Twitter) user EDHUB, @eddie_wrt, on March 31, 2024.

    “Anyone with information on his whereabouts can report to the nearest police station or contact 0542837631, ” the tweet read.

  • VIDEO: Illegal miners attempt to bury gold thief alive

    VIDEO: Illegal miners attempt to bury gold thief alive

    A suspected thief was forced to recite his last prayers as a group of illegal miners (galamsey operators) held a gun to his head after catching him red-handed raiding their site.

    In a video that went viral, the miners are heard giving instructions to the alleged thief, who was caught trying to steal their processed gold ore.

    The exact location and time of the incident are unknown, but the miners can be seen directing the thief to enter a pit while telling him to prepare for the worst.

    “I am pleading with you. Please forgive me… this is goodbye to my family…” the alleged thief said amid tears.

    In the video, the enraged miners are also seen pumping a shotgun while compelling the thief to enter a pit.

    However, the outcome for the alleged thief remains unknown as the video abruptly ends when he is forced into the pit with a pan on his head.

  • Ghana’s gold production to increase by 4.5m ounces annually – Akufo-Addo

    Ghana’s gold production to increase by 4.5m ounces annually – Akufo-Addo

    President Akufo-Addo unveiled ambitious plans for Ghana’s mining sector during his State of the Nation’s Address in Parliament on Tuesday, February 27.

    Highlighting significant developments, he announced the imminent opening of three large-scale mines in the Ahafo, Upper East, and Upper West regions.

    Among these, Cardinal Namdini is set to become operational in the fourth quarter of the year, marking a milestone for gold production in the Upper East Region.

    “With these new mines, our gold production is expected to increase to some four point five million ounces (4.5 million oz) annually,” he said. 

    To enhance the value of this production, the government has established a 400-kilogram gold refinery through a public-private partnership, with negotiations underway for a London Bullion Market Association (LBMA) Certificate.

    In addition to gold, President Akufo-Addo emphasized the government’s focus on green minerals like lithium. He outlined a policy framework to ensure the responsible exploitation and management of these critical minerals, aiming for comprehensive beneficiation across the value chain.

    The President attributed the resurgence of Ghana’s mining sector to progressive policies, which have revitalized dormant mines such as Obuasi and Bibiani, while expanding existing operations.

    Notably, preliminary reports indicated a record-breaking gold production of four million ounces, fueled by measures like reducing withholding tax on unprocessed gold by small-scale miners from three percent to one and a half percent. This policy change resulted in a staggering 900 percent increase in gold exports from the small-scale sector over the past two years.

    Building on these resources, Ghana introduced the innovative Gold for Oil Policy, which now accounts for approximately 30 percent of the nation’s total crude oil consumption.

    President Akufo-Addo’s address underscored the government’s commitment to leveraging Ghana’s abundant mineral resources for sustainable development and economic growth.

  • 4.5 million ounces of gold to be produced annually by Ghana – Akufo-Addo

    4.5 million ounces of gold to be produced annually by Ghana – Akufo-Addo


    President Akufo-Addo envisions Ghana boosting its gold production to approximately 4.5 million ounces annually, citing the ongoing construction of three large-scale mines in the Ahafo, Upper-East, and Upper-West Regions.

    The mining firm Cardinal Namdini is expected to commence gold pouring in the Upper-East in the last quarter of 2024.

    Ghana reclaimed its status as Africa’s leading gold producer last year, surpassing South Africa with a record-breaking production of four million ounces.

    President Akufo-Addo, in a State of the Nation Address, attributed this success to progressive government policies, including the revival of dormant mines like Obuasi and Bibiani, as well as the expansion of existing ones.

    The President highlighted the positive impact of reducing withholding tax on unprocessed gold by small-scale miners from three percent to one-and-a-half percent, resulting in a remarkable nine-hundred percent increase in gold exports from the small-scale sector over the last two years.

    Anticipating economic growth, President Akufo-Addo emphasized the strategic importance of advancements in the gold sector.

    Despite Ghana’s abundant mineral resources, past policies have left many mining communities grappling with severe infrastructural deficits.

    To leverage these resources, the government introduced the innovative ‘Gold for Oil Policy,’ accounting for approximately thirty percent of the country’s total crude oil consumption.

    Additionally, a 400-kilogram capacity gold refinery has been constructed through a public-private partnership, with ongoing negotiations for a London Bullion Market Association (LBMA) Certificate.

    President Akufo-Addo also highlighted the policy framework for the exploitation and management of green minerals, including lithium, aiming for comprehensive benefits across the value chain of these critical minerals.

    “For our green minerals, including lithium, we have put in place a policy for their exploitation and management, to ensure it is beneficial across the value chain of these critical minerals,” the President noted.

  • Ghanaian, Nigerian team up to defraud UAE citizen of $60k in a fake gold scam

    Ghanaian, Nigerian team up to defraud UAE citizen of $60k in a fake gold scam

    A cunning scam that spanned international borders, has observed a United Arab Emirates citizen, Farhad Omedi, fall victim to a fraudulent gold deal orchestrated by a Ghanaian and two Nigerians.

    Omedi was lured to Accra, Ghana, where he was promised a lucrative gold transaction.

    The Ghanaian accomplice, Baffour Abraham, and the two Nigerians, 39-year-old Sunday Olatunji and 51-year-old Israel Olawale Omoley, convinced Omedi to start with a substantial sum of $60,000 under the pretense of selling him genuine gold.

    However, it turned out to be a well-coordinated scam.

    Fortunately, the authorities were quick to act. The Dawhenya and Lakeside police apprehended Olatunji and Omoley, but Abraham managed to evade capture and is currently on the run.

  • I will let 100% of gold reserves go to the country – Bawumia

    I will let 100% of gold reserves go to the country – Bawumia

    Flagbearer of the New Patriotic Party, Dr Mahamudu Bawumia, has underscored the importance of maximizing the benefits derived from Ghana’s abundant natural resources to foster job creation, enhance livelihoods, and strengthen the domestic economy.

    In light of Ghana’s significant gold reserves, Dr. Bawumia has proposed a legislative initiative that would ensure areas with confirmed gold deposits are exclusively owned by Ghanaian entities.

    This policy, if enacted under his government’s leadership, aims to empower local ownership and control over valuable natural resources, thereby driving economic prosperity within the nation.

    Furthermore, Dr. Bawumia emphasized the potential of this policy to bolster Ghana’s gold reserves substantially. By increasing these reserves, Ghana can achieve a level of financial stability that supports robust and sustainable external payments.

    “My government will provide the Geological Survey Department and our universities with resources annually to undertake a mapping of areas where we have gold reserves.

    “As a matter of policy, we will legislate that concessions in these areas with proven reserves will be 100% Ghanaian owned since with proven gold reserves, we can easily raise the capital required and hire the expertise,” Dr Bawumia said when he delivered a public lecture on February 7, 2024, at the UPSA.

    Additionally, Dr. Bawumia highlighted his government’s intention, if elected, to collaborate with exploration experts from universities and geological institutions.

    This partnership aims to harness the expertise of these professionals in exploring seven significant gold belts spanning from Axim and Winneba to Nangodi and Lawra.

    “However, even if only 5% of this 5-billion-ounce estimate materializes, it will be a game changer for Ghana,” Dr Bawumia added.


    According to data from the Geological Survey Department, Ghana boasts seven gold belts spanning an area of 43,000 square kilometers. Remarkably, approximately 50% of this area, totaling 21,000 square kilometers, remains unexplored.

    Conservative estimates suggest that these unexplored belts hold a significant potential quantity of gold, estimated at around 5 billion ounces. This substantial reserve translates to a staggering market value of $10 trillion dollars at current market prices.

  • Gold ‘stolen’ by the British from Asanteman now worth over £2billion – Prof McCaskie

    Gold ‘stolen’ by the British from Asanteman now worth over £2billion – Prof McCaskie

    Recent revelations indicate that the looted treasures during the Sagrenti War of 1874 in Kumasi extended beyond mere artifacts.

    During a keynote address at a symposium commemorating the 150th anniversary of the Sagrenti War of 1874 on February 6, 2024, Head of the Centre of West African Studies at Birmingham University, Prof. Tom McCaskie, noted that a significant portion of the wealth amassed by Asantehene Kofi Karikari’s predecessor, Nana Kwaku Dua I, was lost in the looting, with the entire city of Kumasi left in ashes.

    “Kwaku Dua was somebody who really really enforced the laws of Asante. In the process, he gathered together a great deal of money in gold dust principally but also in species and other things,” he said.

    Expanding on the significance of the gold, the historian elucidated that a substantial sum of money was stored in three distinct locations within Kumasi: Kumasi itself, Aburaso, and Breman. This wealth had been passed down to Kofi Karikari following the death of Nana Dua in 1867.

    “The amount of gold contained in Adakakese alone at Kwaku Dua’s death was in excess of 400,000 ounces. This in 1867 was worth 1.2 million pounds sterling. The current value of the Adakakase is somewhere over 2 billion pounds.”

    “The attempt to get back the treasures looted from Kumasi by Garnet Wolseley in 1874, takes no account- because it cannot- of the gold or gold dust that the British must have carried away with them. We don’t know about this because it was loot, a private loot and so it is separate from the cultural artefacts that Otumfuo is trying to retrieve for Asanteman,” he added.

    It is believed that the Asantes may be seeking restitution for more than just gold artifacts from the British.

  • Gold stolen from Asanteman by British now worth over £2billion

    Gold stolen from Asanteman by British now worth over £2billion

    Recent revelations indicate that the looted treasures during the Sagrenti War of 1874 in Kumasi extended beyond mere artifacts.

    During a keynote address at a symposium commemorating the 150th anniversary of the Sagrenti War of 1874 on February 6, 2024, Head of the Centre of West African Studies at Birmingham University, Prof. Tom McCaskie, noted that a significant portion of the wealth amassed by Asantehene Kofi Karikari’s predecessor, Nana Kwaku Dua I, was lost in the looting, with the entire city of Kumasi left in ashes.

    “Kwaku Dua was somebody who really really enforced the laws of Asante. In the process, he gathered together a great deal of money in gold dust principally but also in species and other things,” he said.

    Expanding on the significance of the gold, the historian elucidated that a substantial sum of money was stored in three distinct locations within Kumasi: Kumasi itself, Aburaso, and Breman. This wealth had been passed down to Kofi Karikari following the death of Nana Dua in 1867.

    “The amount of gold contained in Adakakese alone at Kwaku Dua’s death was in excess of 400,000 ounces. This in 1867 was worth 1.2 million pounds sterling. The current value of the Adakakase is somewhere over 2 billion pounds.”

    “The attempt to get back the treasures looted from Kumasi by Garnet Wolseley in 1874, takes no account- because it cannot- of the gold or gold dust that the British must have carried away with them. We don’t know about this because it was loot, a private loot and so it is separate from the cultural artefacts that Otumfuo is trying to retrieve for Asanteman,” he added.

    It is believed that the Asantes may be seeking restitution for more than just gold artifacts from the British.

  • Ghana is the best, invest in Africa’s mining hub – Lands Minister to investors

    Ghana is the best, invest in Africa’s mining hub – Lands Minister to investors

    Minister for Lands and Natural Resources, Samuel A. Jinapor, has delivered a compelling address at the thirtieth anniversary of the Investing in African Mining Indaba held at the Cape Town, on Monday, 5th February, 2024.

    He made a resounding call to “Invest in the number one mining destination of Africa, Ghana.

    Ghana’s mining legacy, spanning over a century, was highlighted by the Minister as he emphasized the diverse mineral wealth the country possesses, including gold, diamond, bauxite, manganese, lithium, iron ore, copper, zinc, nickel, chrome, lead, and salt.

    Underlining Ghana’s gold production leadership on the continent, he reported an unprecedented four million ounces produced last year, with plans for expansion and the addition of three new gold mines in the country.

    “We have three (3) new gold mines currently under construction, one by Newmont in the middle belt of the country, and two in Northern Ghana, by Cardinal Namdini and Azumah Resources, with Cardinal Namdini’s Project expected to pour its first gold this year. With these new mines, and the expansion of existing ones, we expect to increase gold output to some four point five million ounces (4,500,000 oz), annually, ” he explained.

    Breaking away from the conventional notion that gold was exclusive to the southern part of Ghana, the Minister revealed new gold deposits identified in the Savannah Region, inviting investors to join in the exploration of this promising frontier, in Ghana know as the “Dollar Power.”

    The Minister also detailed Ghana’s commitment to value addition in mineral resources, showcasing a new four hundred kilogramme (400kg) capacity gold refinery.

    Fruitful discussions with South Africa’s Rand Refinery were disclosed, indicating progress toward securing a London Bullion Market Association (LBMA) certification.

    “Beyond gold, Ghana is strategically leveraging over nine hundred million metric tonnes (900,000,000MMt) of bauxite resources to build an integrated aluminum industry.”

    The Minister highlighted initiatives, such as the construction of a US$450,000,000.00 manganese refinery and the establishment of the Ghana Integrated Iron and Steel Development Corporation (GIISDEC) to harness iron ore resources for an integrated iron and steel industry.

    Addressing the lithium market, the Minister affirmed Ghana’s commitment to value addition, echoing a firm stance against the raw export of lithium resources. This commitment aligns with Ghana’s Green Minerals Policy, aiming to contribute to the global green energy transition.

    “And if we have not said it loud enough, permit me to repeat, Ladies and Gentlemen, under NO circumstance will we export our lithium resources in their raw state,” he stressed.

    The Minister underscored Ghana’s dedication to using mining as a catalyst for sustainable development. Policy and legislative reforms since 2017 have prioritized efficient exploitation, environmental protection, value addition, local content, and local participation.

    The government aims to shift from the traditional “dig and ship” model to a new era of beneficiation, ensuring optimal returns and investment security.

    Highlighting opportunities across the entire mining value chain, the Minister emphasized the potential for exploration, mining, refining, processing, and downstream industries.

    Ghana’s strategic location and the benefits of the Africa Continental Free Trade Area (AfCFTA) were presented as key advantages, enabling investors to use Ghana as a launchpad to reach the broader African market.

    Mr Jinapor in his address assured the global investor community of Ghana’s readiness for business, backed by a stable democracy and a progressive fiscal regime.

    Ghana, “the beacon of democracy in Africa,” offers an attractive investment destination with ease of access to geological information, transparent governance institutions, and highly skilled mining personnel.

    The Lands Minister wooed investors of Africa and on the global scale to invest in Ghana, showcasing the country for its rich mining potential and inviting them to join in the exciting journey towards sustainable and mutually beneficial mining ventures.

  • The youth is the most important resource in Ghana – Independent presidential candidate

    The youth is the most important resource in Ghana – Independent presidential candidate

    Independent presidential candidate for the 2024 general elections, Dr. Sam Ankrah, has underscored the significance of prioritizing the well-being and development of the country’s youth over natural resources like oil, gas, or gold.

    In a meeting with media practitioners at his campaign office in Accra, Dr. Ankrah, a global business strategist and development economist, stressed the need for creating a system that harnesses the untapped potential of the younger generation.

    He emphasized that if the youth are deemed more valuable than the country’s mineral resources, efforts should be directed towards preparing them for future responsibilities, and the government should take on this responsibility.

    “If our youth are more valuable than our oil, gas, or gold we are mining then let’s create a system to harness these untapped resources as a country,” he added.

    Discussing his Affordable Ghana campaign, focused on transparent and accountable leadership, Dr. Ankrah urged young people to support his initiative and actively engage in holding political candidates accountable.

    He promised to present a youth policy document encompassing a comprehensive scheme catering to every young person in the country, with a commitment to ensuring full-time employment, apprenticeship, or education for every young person above 18 by his second year in office.

    As a seasoned economist and investment banker, Dr. Ankrah highlighted the importance of active civic responsibility and engagement for a thriving democracy.

    He emphasized that achieving an empowering atmosphere for Ghanaian citizens requires adherence to the rule of law, efficient government institutions, and a robust fight against corruption.

    Dr. Ankrah encouraged the younger generation to maintain optimism for the nation’s future and be innovative in supporting his ten-point plan, which aims to challenge the political duopoly of the National People’s Party (NPP) and the National Democratic Congress (NDC) in Ghana’s governance history.