Ghana








Energy Markets

Environment

Environment

Ghana orders foreigners out of gold market by 30 April

Ghana has ordered that foreigners leave its gold market by the end the month. A new government agency announced this on Monday. The West African nation is looking to streamline the gold purchasing from small-scale mines, increase earnings, and reduce smuggling. Africa's largest gold producer is moving away from a model where local and foreign companies that have export licenses could buy and export gold produced by artisanal and small-scale mining. In the new system, only the newly formed GoldBod, also known as the Gold Board, is allowed to purchase, sell, assay, and export artisanal artisanal, according to a statement...

Environment

Ghana prepares gold board to increase earnings and suppress smuggling

Ghana prepares to introduce a Gold Board to streamline gold purchases from smallscale miners, increase incomes and decrease smuggling, the west African nation's newly designated finance minister Cassiel Ato Forson stated on Monday. The Gold Board will allow Africa's leading gold manufacturer to increase its take advantage of the precious metal's sales and aid preserve the national currency's stability. Data from Ghana's reserve bank showed that total gold exports for 2024 stood at $11.64 billion, a 53.2% year-on-year increase which helped almost double Ghana's trade surplus to $ 4.98 billion in 2024. The minister said almost $5 billion worth of...

Environment

UN firm introducing platform to assist small farmers meet EU logging guidelines

A United Nations trade company is releasing an online platform this month to help little farmers in establishing nations maintain access to Europe as soon as brand-new deforestation rules start. The rules, which will bar exports of products to Europe connected to deforestation, have actually currently seen a reduction in orders to some little farmers in the developing world. The European Commission recently proposed delaying the guidelines for a year, phasing in from 2025 to 2026. Pamela Coke-Hamilton, executive director of the International Trade Centre, told Reuters that the platform was part of a broader effort by her organisation to...

Environment

Debt service concern forcing bad to make difficult choices, UN official states

A lot of the world's. poorest nations are having to cut other investment in order to. service debts, United Nations Advancement Program. administrator Achim Steiner said on Monday. Speaking at an occasion in Hamburg, Steiner included that the. monetary crunch indicated nations around the world were struggling to. fulfill their sustainable advancement goals. For many, least developed nations, they have literally. been evaluated of the monetary markets. They can not borrow any. more money, Steiner told the Hamburg Sustainability Conference,. including that they should draw down other investing to prevent financial obligation. default. It's a really severe scenario. Countries like...

Environment

Ghana momentarily halts grain exports as lack of rain hits crops

Ghana on Monday briefly banned the export of grains consisting of maize, rice and soybean to guarantee domestic supply as the West African country comes to grips with neardrought conditions that have actually interrupted crop production, the farming ministry stated on Monday. Rainfall in north Ghana has actually been irregular over the past 2 months and low compared to in 2015. The dry weather condition has impeded crop production worldwide's. 2nd cocoa producer after Ivory Coast. Around 1.8 million. hectares (4.45 million acres) of land are at threat, with farmers. growing food on around half that area already affected. Maize,....

Environment

Howden develops service warranty and indemnity policy for carbon credits

Insurance broker Howden Group stated it has actually helped develop the world's first guarantee and indemnity policy for carbon credits as part of efforts to improve rely on the marketplace. Carbon credits, which are created by jobs which get rid of or prevent carbon emissions, are viewed as an essential tool for assisting business meet their net-zero dedications and deliver finance to preservation and carbon decrease projects. Yet development has actually been held back by quality concerns, consisting of over whether the declared ecological benefits of a project in fact taken place, something Howden's policy aims to repair. The very...

Environment

African, Inter-American advancement banks on $20 bln IMF reserve possession donor drive

The heads of the African and InterAmerican Advancement banks are touring The United States and Canada, the Middle East, Korea and Brazil in a bid to secure $20 billion of IMF reserve properties which they want to become $80 billion of environment funding. AfDB President Akin Adesina informed the goal is to get a minimum of 5 of the nations that he and his IDB counterpart Ilan Goldfajn are visiting in the coming months to pledge the so-called Special Drawing Rights (SDR). It follows the IMF's approval last month for SDRs to be utilized to get the type of 'hybrid...

Environment

REFILE-Ghana to postpone more cocoa deliveries as supply crisis worsens

The world's second largest cocoa producer Ghana is seeking to delay delivery of up to 350,000 tons of beans to next season due to poor crops, five sources told in a more worsening of the outlook for the worldwide chocolate industry. Chocolate makers all over the world are raising costs for consumers after cocoa more than doubled in value this year alone following a third year of bad harvests in Ghana and Ivory Coast, accountable for 60% of worldwide production. The market had previously estimated Ghana would roll forward some 250,000 metric tons of cocoa, comparable to about half its...

Environment

Ghana's low cocoa output adds to squeeze on trade surplus

Ghana's cocoa export revenue fell almost 50% yearonyear in the very first 4 months of the year, cancelling out gains from oil and gold receipts and narrowing the West African country's trade surplus, reserve bank information showed on Friday. Cocoa export profits have continued a constant decrease given that December 2023, standing at $599.2 million since April compared with $1.17 billion at the exact same point in 2023, Bank of Ghana stated in a summary of financial and financial data. Strong winds, scant rain, smuggling and illness have actually damaged cocoa output of the world's number two manufacturer. Production is...

Environment

Debt-for-nature swaps could give $100 billion increase to environment fight, says report

Debtfornature swaps, where poorer countries have financial obligation written off in return for securing communities such as barrier reefs or rainforests, could offer $100 billion for the fight versus climate change, a new report has actually calculated. The UK-based, non-profit International Institute for Environment and Development (IIED) based the quote on the possibility of financial obligation swaps in a number of the 49 less established nations viewed as most at threat of debt crises. Belize, Ecuador, Barbados, Gabon and Cabo Verde have all done such swaps recently and Laura Kelly, the director of IIED's sustainable marketing researches group, said many...

Environment

Chocolate costs to keep rising as West Africa's cocoa crisis deepens

Surveying the removed landscape of her farm dotted with pools of cyanidetainted, tea coloured waste water left by prohibited gold miners suffices to make Janet Gyamfi break down. Only in 2015, the 27-hectare plot in western Ghana was covered with almost 6,000 cocoa trees. Today, less than a dozen stay. This farm was my only methods of survival, the 52-year-old divorcee told , tears streaming down her cheeks. I. planned to pass it on to my children. Long the world's undisputed cocoa powerhouses representing. over 60% of international supply, Ghana and its West African neighbour. Ivory Coast are both facing...

Fossil Fuels

Fossil fuel-focused Africa Energy Count on track to start this year

The proposed Africa Energy Bank, which will focus investment in oil and gas projects across the continent, is set to begin operations later this year with an initial $5 billion licensed capital base, a senior authorities said on Wednesday. The bank, a partnership between Afreximbank and the African Petroleum Producers Company (APPO), is implied to help plug a. moneying gap in Africa amid pressure on significant banks from. ecological groups to move financial investment dollars away from. climate-warming oil and gas tasks. Africa must set up its own funding ability so that. we can still develop this tactical sector, that...

Mining

Mining

Mines ministry: Ghana takes over Gold Fields Damang mine

The Mines Ministry announced on Wednesday that Ghana has taken operational control of Gold Fields Damang after rejecting a renewal request from the South African company. The Johannesburg-based mining company announced on Monday that they had been unable to extend their Damang lease which expires on April 18 and were winding down its operations. The company had promised to end the mining operation in a planned manner, but it was still processing stockpiles in Damang. The Mines Ministry said that the return of Damang Mine to state supervision is a crucial step in Ghana's economic re-set, as it ensures its...

Mining

Gold Fields suspends operations at Ghana's Damang Mine after the government rejects a lease renewal

Gold Fields, a South African company, announced on Monday that it will cease operations at its Damang Mine in Ghana following the rejection of a lease extension application by the Ghanaian government. The Johannesburg-based mining company has considered selling smaller operations, including the Cerro Corona mine in Peru and Damang in Chile. Both mines have less than five years remaining on their lifespan. Instead, they are focusing on the newly-commissioned Salares Norte project in Canada and the recently-commissioned Salares Norte in Chile. Gold Fields only processed stockpiles in Damang after ceasing its mining operations in 2023, although the company committed...

Mining

At least 7 people eliminated by army at Ghana's AngloGold Ashanti mine

A Ghanaian smallscale miners' association on Sunday stated soldiers eliminated nine unarmed people at an AngloGold Ashanti mine on Saturday night, while the army stated 7 prohibited miners had been killed in a firefight. Kofi Adams, local chairman of the Ghana National Association of Small Scale Miners, told Reuters that nine people had actually been eliminated and fourteen significantly hurt in the incident at the Obuasi gold mining site in the West African country's Ashanti Area. He said individuals had actually not been equipped. Previously, Ghana's militaries stated that about 60 illegal miners bring locally made rifles and other weapons...

Climate Change

Climate Change

Cocoa traceability rates stop working to improve as EU deforestation law looms

The volume of cocoa in Ivory Coast and Ghana that can be completely traced did not increase last year, a major UNbacked report has discovered, raising concerns about how the world's leading 2 cocoa growers will comply with a. brand-new EU law prohibiting the import of products connected to. logging. The brand-new law next year will need importers of commodities. and associated items to show their items weren't grown on. deforested land by, amongst other procedures, tracing their supply. chains down to the plot where their raw materials were grown. The report, released by the Cocoa and Forests Initiative. (...