Government has asked large-scale gold miners to sell 30% of annual output to the central bank as part of a revamped reserve-building drive, up from 20%, a senior official told Reuters, though miners say key commercial terms remain unresolved. Central banks globally are increasingly stockpiling bullion as soaring prices boost its appeal as a reserve asset. Ghana, Africa’s top […]
Government spokesperson Felix Kwakye Ofosu says close to ¢50 million belonging to Ashanti Regional NPP Chairman Bernard Antwi-Boasiako, aka Chairman Wontumi, has been frozen as part of ongoing investigations into suspected financial crimes. Speaking on Joy News’ PM Express on Tuesday, the Abura Asebu-Kwamankese MP revealed that the Economic and Organised Crime Office (EOCO) has […]
The long-dormant Black Volta and Sankofa gold projects in Ghana’s Upper West Region are set for revival after Engineers & Planners (E&P), one of West Africa’s largest indigenous mining contractors, acquired full equity in Azumah Resources Ghana Ltd and Upwest Resources Ghana Ltd. The transaction, completed with the Registrar of Companies and the Minerals Commission, […]
Gold has jumped to a fresh high as investors fret over the impact of the trade war between the US and China. Spot gold touched $3,357.40 (£2,540) per ounce on Wednesday, before dipping from its peak. It has risen by around a third since the start of the year. The rise follows comments by the […]
Gold Fields Limited, one of the world’s leading gold producers, is preparing to shut down its Damang mine in Ghana by Friday, April 18, 2025, after the government rejected the company’s application to extend its mining lease. The announcement, made on Monday, triggered a 6.3 per cent drop in Gold Fields’ share price on the […]
Ghana’s export sector experienced a \surge in 2024, with total exports reaching GH₵294.9 billion, significantly surpassing imports of GH₵250.2 billion and generating a trade surplus of GH₵44.7 billion, according to the Ghana Statistical Service (GSS) Trade Report. The report highlights that just three commodities—gold, petroleum, and cocoa—accounted for 78.2 percent of Ghana’s total export revenue. […]
The National Security has said it has made a huge bust, seizing a large, unspecified amount of US dollars and Ghana cedis, including counterfeits, hidden in twelve 20ft shipping containers. The containers, according to National Security were tracked to a warehouse around Sapeiman in the Ga South Municipality in Greater Accra, where a special late-night […]
Ghana placed 5th in Africa as the largest holder of central banks gold reserves, data from International Statistics has revealed. The country also placed 60th globally, According to the figures, the nation boasts of 28.1 tonnes of gold reserves, about 41.2% of the reserves. The country’s gold reserves have increased steadily since May 2023, when they stood […]
The Bank of Ghana (BoG) has added 7.70 tonnes of gold to the country’s reserves as of the end of last month, the Governor of the Bank of Ghana, Dr Ernest Addison, has stated. The measure, which is part of the central bank’s Domestic Gold Purchase Programme (DGPP), is aimed at increasing gold as the […]
Armed robbers made away with gold with a value of approximately US$350,000 when they raided the Homase site of gold ore mining company, GoldStone Resources Limited near Akrokeri in the Ashanti region on June 10, 2022. GoldStone Resources in a statement issued today said no one was hurt during the dastardly heist and the loss […]
The Vice-President, Dr Mahamudu Bawumia, has charged central banks in Africa to actively build up their gold reserves by purchasing traceable and sustainably produced local gold at world market prices. “We have not had that philosophy and thinking over the years to build our gold reserves, as we just produce and share,” he said. Therefore, […]
Effective January 1, 2022, small-scale miners (SSM) will no more be required to pay three per cent withholding tax on gold at the point of export through the Precious Minerals Marketing Company (PMMC). This follows the government’s fiscal policy to scrap the three per cent withholding tax on processed gold and replace it with 1.5 […]
