Ghana

Trafigura, a global commodity trading firm, announced?on Thursday?it?had?signed an offtake agreement with Heath Goldfields Ltd., a Ghanaian-owned mining company. The deal was to purchase 700,000 ounces gold dore at the Bogoso Prestea mine located in western Ghana. Trafigura said in a press release that it would provide $65 million of debt financing in addition to the?offtake in order to support the restart of oxide ore mining operations at the mine. Trafigura stated that it would 'act as an offtaker of gold dore' (a'semi processed gold product? )?generated at the Bogoso Prestea processing facility. Deliveries are expected to begin later this...

African governments have increased fuel prices sharply as global oil 'prices are surging due to the Iran War. This could spark inflation on the continent. Most African countries import a large amount of petroleum products. This leaves them vulnerable to disruptions in supply. South Africa, the continent's biggest economy, reduced its fuel tax for a month on Tuesday to curb future price increases in April. This came after business and trade union groups pressed the government to act. CONSIDERING FURTHER ACTIONS The National Petroleum Authority in Ghana raised the'mandatory minimum prices floors' for the April 1-15 price window. This pushed...

The Ghanaian economy grew by 5.5% a year on an annual basis?in 2025's third quarter, according to the Statistics Agency. This was mainly due to?improvements in the agriculture and services sectors, it said. Alhassan Iddrisu, a government statistician, told reporters that growth was down from 7.0%, which had been revised, in the same time period of last year. The industrial sector, however, only grew by 0.8%. Iddrisu stated that fishing?and crop production boosted the growth of the agricultural sector to 8.6%. He added that the services sector, which includes finance, insurance and trade, as well as education, grew by 7.6%....

Duncan Wanblad, a South African mining veteran, lamented Wednesday the country's missed investment in mining as gold prices surged above $4,000 per ounce - a record high fueled by expectations of reduced interest rates and demand for safe haven assets. Anglo American Plc's CEO Duncan Wanblad said that the mining potential of South Africa was not fully explored "due to the unsupportive exploration policy in the past 20 years". "That is a critical part of the mining life cycle." Wanblad explained that the data shows that it takes 17 years to get a deposit permitted, ramped up and in full...

Cocoa and coffee are poised to close 2024 as the biggest gainers among commodities for a 2nd year on an international supply deficit, while steelmaking coal will end as the worst performer, hit by slow growth in China. Looking ahead, global trade stress are most likely to control the commodities landscape in 2025 as Donald Trump goes back to the White Home threatening substantial tariffs, experts said. A strong dollar and gold's appeal as a safe haven for financiers are likely to support rare-earth elements rates, while adequate supply could depress oil for a 3rd year, they included. In bad...

Ghana could buy petroleum products from Nigeria's Dangote Oil Refinery once the facility is operating at complete capacity, cutting more pricey exports from Europe, the head of the country's oil regulator said on Monday. This might end regular monthly fuel imports from Europe of $400. million, Mustapha Abdul-Hamid, chairman of the National. Petroleum Authority, Ghana stated at the OTL Africa Downstream oil. conference in Lagos. If the refinery reaches 650,000 bpd a day capability, all. that volume can not be taken in by Nigeria alone, so instead of. us importing as we do today from Rotterdam, it will be much....

Ghana has actually gotten a draft memorandum of understanding on financial obligation restructuring from its bilateral lenders which it will now quickly examine with the goal of signing it quickly, its finance minister said on Friday. The memorandum will formalise a provisional contract reached in January with federal government financial institutions, including China and France, to restructure $5.4 billion of financial obligation, as the West African nation attempts to chart its way out of its worst economic crisis in a generation. Financing Minister Mohammed Amin Adam stated the document paved the way for the International Monetary Fund's executive board to...

Ghana's crude oil output fell to a fiveyear low in 2023 as production stalled in all fields, cancelling gains from brand-new wells, a state committee tracking petroleum revenue said on Tuesday. Output fell practically 7% in 2015, the Public Interest and Responsibility Committee (PIAC) stated in a report, dragging down petroleum profits in a nation fighting its worse economic crisis in a generation. Ghana, the world's second biggest cocoa manufacturer, ended up being an oil producer in 2010. Output is currently around 160,000-170,000. barrels-per-day of petroleum and about 325 million requirement. cubic feet each day of gas. The West African...

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...

The firms have announced that a Canada-based advisory firm and a Zambian mid-tier copper miner will pilot a sustainability bond this year to integrate artisanal mining into formal supply chains. Globally, artisanal mining is a source of livelihood for millions. In Africa, it is often done informally near or on company-owned mines. This reduces their profits, spreads pollution, and robs nations of revenue. Rob Karpati said that the proposed "stakeholder prosperiy bond" developed by?Veridicor and Zambia's Metalex Commodities aims to remedy this, according to its finance director. He said that the model "professionalises" the artisanal miners instead of removing them...

The Mines Minister announced on Tuesday that Ghana has selected local mining'services' company Engineers & Planners Ltd. to take over Gold Fields Damang gold mine. Ghana, which wants to increase local ownership of its mining industry, rejected Johannesburg-based Gold Fields’ lease renewal bid last year and took control of the mine, breaking years of automatic extension. Then, it?began to assess local bids in order to revive the asset for $1 billion. Emmanuel Armah Kofi Buah, in a'statement', said that the 'Minerals Commission had recommended e&p as the winning bidder. The company showed that it could access funding of up to...

According to three sources who are familiar with the issue and a letter by an industry group, China, the U.S., and other Western governments have launched an unusually coordinated effort to convince Ghana to stop a gold royalty hike that they claim could hurt some of the world's largest miners. Africa's biggest gold producer is looking to replace its fixed royalty of 5% with a sliding rate between 5% and 12 % linked to gold prices. This is part of a bid to increase revenue as gold reaches successive historical highs. The upper bands in the new regime could come...

The head of the mining lobby in Ghana has said that Ghana's finance minister offered to reduce a mining tax by two percentage points to help push a new gold royalties regime through. Africa's leading gold producer is looking to replace the flat rate of royalty with a sliding scale between 5% and 12% in order to maximize value at a time when prices are surging. The new gold royalties regime will come into effect in 21 days if parliament does not amend it. It adds one percentage point to every $500 increase in gold prices, similar to Burkina Faso's...

Three industry sources have confirmed that gold mining companies in the Ivory Coast are now paying an 8% royalty backdated to January after months of disputing its legality. The world's largest cocoa producer has replaced the previously linked 3%-6% contract rate with a flat 8%?rate. The miners refused to pay at first, claiming that it was illegal because their contracts protected them from fiscal changes. They then entered into negotiations with the government in order to get the new royalties scrapped. The three people who are familiar with the issue, but declined to be identified because they weren't authorised to...

The Chinese embassy in Central African Republic (CAR), has warned that its citizens could become "mining slaves", in the gold trade of the politically insecure nation. Chinese workers are now looking to sub-Saharan Africa for work as gig economies in Asia dry up. The embassy released a statement Thursday stating that Chinese nationals were killed or kidnapped, and some even scammed of large sums and deported because they illegally mined. China has sent workers to resource-rich sub Saharan Africa in search of fortune. Gold prices have soared amid massive Chinese state purchases, while factory and construction jobs are disappearing as...

Newmont CEO Tom Palmer said that fiscal stability and fair tax systems and royalties are essential if countries wish to attract mining investments. The company had just opened its $900m Ahafo North Mine in Ghana. Newmont only operates in Ghana in Africa, which is one of the most stable mining jurisdictions on the continent. It offers stability agreements to firms that lock in royalties over a period of five to fifteen years. However, the government intends to tighten oversight of mining companies. Palmer, in an interview on Thursday, following the inauguration the Ahafo North Mine, Newmont's second mine in Ghana,...

The International Finance Corporation and Appian Capital Advisor, a private equity firm, have announced a $1 billion fund for critical mineral projects in Africa and Latin America. The fund will be anchored by a $100 million initial commitment from IFC (a member of World Bank Group), and focus on Nickel, Copper, Cobalt, and Rare Earths. These are all vital for energy transition and digital technology. IFC has launched its first joint fund with a mining investor. This is a reflection of the growing interest among development finance institutions in attracting private capital to mining projects. Appian CEO Michael Scherb said...

Ghana will shorten the duration of mining licenses and require direct revenue sharing with local communities as part of its most comprehensive mining law reforms since nearly 20 years. Details were announced on Wednesday by a government ministry. The planned overhaul is part of a wider trend in West Africa where governments are rewriting their mining codes to maximize the value from rising commodities prices. Emmanuel Armah Kofi Buah, Minister of Lands and Natural Resources in Ghana, said that the changes - which include scrapping the automatic renewal for some licences – will only apply to future contracts. This is...

Ivanhoe Mines said that its production at the Kamoa-Kakula Mine in the Democratic Republic of Congo increased by 11% on an annual basis to 112,009 tons of copper during the second quarter. The output increased despite the seismic problems that disrupted operation earlier this year. The Canadian miner resumed its operations in June, and reduced its production guidance for 2025 by almost 30%. It now expects to produce between 370,000 and 420,000 tonnes. Open Mineral's Senior Africa Commercial Officer, Zack Hartwanger said: "Ivanhoe’s rapid ramp-up, and its steady outlook, underscore Kamoa Kakula's status as one of the world's lowest-cost, high-margin...

John Dramani Mahama, President of Ghana, launched on Tuesday a taskforce backed by the security forces in order to combat illegal gold trading. Africa's largest producer is trying to recover billions lost due to smuggling. Ghana's task force is the first national initiative to combat gold smuggling. The government had previously tried to clean up artisanal gold mining, but this was unsuccessful in preventing illegal extraction or preventing the revenue losses that most African gold producers suffer. Ghana created a new board called GoldBod this year to centralise the gold trading. Mahama, at the inauguration for the new taskforce, said...

Three men launch a drone in the clear skies above Gold Fields' Tarkwa mine, a sprawling 210 square kilometer gold mine located in southwest Ghana. The drone's cameras scan the area for any intruders as the sun beats down. A drone detected something strange, and a 15-person police team arrived within 20 minutes. The team found abandoned clothing, newly dug trenches and rudimentary gear in pools of mercury- and cyanide contaminated water. Wildcat miners who work on the fringes of official mines in Africa left the equipment behind. They put their health, the environment, and the profits of official mine...