Ghana

Energy Markets

Environment

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

Gold Fields cuts output projection as icy weather weighs down Chile mine

Gold Fields stated on Friday it expects to produce much less gold this year than formerly anticipated, as weatherrelated challenges weigh down production at a brand-new mine in Chile. The Johannesburg-based gold miner stated its 2024 output has been reduced to in between 2 million ounces and 2.15 million ounces from a previous forecast of about 2.3 million ounces. Gold Fields' revenue plunged to $320.7 million in the first half of this year ended June 30, compared with about $458. million a year back, taking a hit from decreasing gold output. It likewise dealt with production setbacks at South Deep...

Mining

Uganda returns Congolese law enforcement officer who left violence

Uganda handed over the almost 100 Congolese policeman who had fled throughout the border to Kanungu district in southwestern Uganda to escape fighting between M23 rebels and Congo's military, a Ugandan military spokesperson said Friday. The declaration said the police officers' national identities had actually been confirmed, which they had been enabled to enter Uganda as an act of humankind and in line with international law. The officers were turned over along with their weapons, ammo and other arms, the declaration by Significant Kiconco Tabaro, a Ugandan military representative, stated. Tabaro said that refugees continued to flow over the Ugandan...

Mining

AngloGold says free cash flow to double in 2nd half

AngloGold Ashanti anticipates more than $400 million free capital throughout the 2nd half of the year on the back of high gold costs and improved expense performance, CEO Alberto Calderon said on Tuesday. AngloGold's heading earnings rose 413% to $313 million in the 6 months to June 30, up from $61 million a year earlier. Its earnings was buoyed by firmer metal costs and enhancements in gold production and expense efficiency, including a significant turn-around at its Brazil operations. The miner boosted its first-half dividend payment by 450% to 22 cents per share, from 4 cents per share throughout the...

Mineral Resources