#ghanapolicy

The Ghana Chamber of Mines attributed the development to an increase in production in both small-scale and large-scale mining. But the country is now facing an environmental crisis due to illegal gold mining.  Much of the country’s forests, rivers and other bodies of water, have been damaged by illegal gold mining prompting serious health concerns in mining communities.  Popularly known as…

Newmont Corporation has announced that, following the completion of due diligence, it has entered into a binding Scheme Implementation Deed (SID) under which Newmont will acquire 100 per cent of the issued share capital in Newcrest by way of an Australian court-approved Scheme of Arrangement. The deal is worth about A$28.8 billion ($19.2 billion). It will create the world’s biggest gold…

The first tranche of the International Monetary Fund (IMF) cash to support the country’s balance of payment is expected to be credited to the Bank of Ghana’s account this week. Joy Business is learning that the IMF Board will approve the “cash disbursement” as soon as it considers a request for Ghana’s Programme this Wednesday, May 17, 2023. Part of the first tranche will come in by Friday May…

Ghana’s domestic gold purchase programme has increased the country’s bullion reserves from eight to 14 tonnes, President Nana Akufo-Addo has said. Speaking at the official opening of the Graphic Natural Resources Stakeholders Dialogue in Accra on Thursday, 11 May 2023, the president said: “For well over the century that we have been mining gold, our gold reserves between the 1980s and June 2021,…

Ghana spent a total amount of US$1.52 billion on its three oil producing fields in 2022. This was made up of production costs of US$597.86 million and development cost of US$919.51 million. GNPC’s share of the total costs stood at US$120.63 million. This was made up of production and developments costs of US$79.81 million and US$40.82 million respectively. Crude Oil Liftings Lifting by…

The Government of Ghana defaulted on its coupon payment for the 2030 Eurobond on April 14, 2023, due to the debt moratorium declared on December 19, 2022. However, the International Development Association (IDA) of the World Bank has made a guarantee payment of $372 million on behalf of the Ghanaian government to cover the Eurobond. The payment was made on April 20, 2023. In 2015, Ghana…

The total revenue from royalties for the three oil fields in Ghana was US$302,954,860.69 in 2022 compared to US$185,683,636.46 in 2021, representing 63.2 per cent increase, the 2022 annual report of the Public Interest Accountability Committee (PIAC) had noted. Royalties are early and dependable sources of revenues for the state as it is a charge on gross production. Royalty from the Jubilee…

The Bank of Ghana lifted its benchmark monetary policy rate further by 150 bps to 29.5% during its March 27th 2023 meeting, while most analysts had expected it to remain steady at 28%. It marks the second consecutive rate hike this year, pushing borrowing costs to their highest level since at least January 2001, in an effort to re-anchor inflation expectations toward the medium target and thus…