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Ghana’s diamond industry on its ‘knees’

diamonds

The volume of diamond produced in the country has reduced by 90 percent in the past decade. Although very low, the production of diamond has been heavily affected by the ban on small scale mining due to the fact that the sector is heavily dominated by small scale miners. With the ban, the mining of the precious mineral has dwindled. ...

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IMF to prioritise Banking crisis, GDP growth in 7th review

IMF

As the International Monetary Fund (IMF) prepares for the seventh review of Ghana’s performance under the economic assistance program, some economists have outlined issues that are likely to top the discussions. Among them are the government’s efforts at maintaining fiscal discipline as well as controlling the public sector expenditure. The Fund is to meet the economic managers of Ghana and ...

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Classify $2bn bauxite barter deal as a loan – Dr. Lord Mensah

Economist Dr. Lord Mensah

Economist Dr. Lord Mensah has backed calls seeking that Ghana’s $2bn bauxite agreement with China, be classified as a loan. His view follows the Minority in Parliament’s move to petition the International Monetary Fund (IMF) on the matter. The side is seeking that the Fund determines to decide whether the 2 billion dollar Chinese deal agreed by the government in ...

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AngloGold Ashanti dismisses fake recruitment for Obuasi, Iduapriem mines

AngloGold

Anglogold Ashanti is cautioning the public to be wary of a fake recruitment process for its Obuasi and Iduapriem mines. The company tells Citi Business News some unknown persons have succeeded in luring unsuspected persons into paying monies to secure employment in the mining company’s two mine sites. “These individuals and/or companies write to unsuspecting job seekers either on a ...

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30% of gold to be refined locally – Amewu

Minister of Lands & Natural Resources, John Peter Amewu

The government is working to ensure that 30 percent of gold mined in Ghana is refined locally. The Minister of Lands and Natural Resources, John Peter Amewu said an agreement to implement this new policy direction would be concluded by November. “In the gold industry, plans are far advanced to start refining 30 percent of gold [locally]. I am sure ...

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Anglogold Ashanti appoints new CEO

Kelvin Dushnisky

Anglogold Ashanti has appointed Kelvin Dushnisky as the CEO and Executive Director of the company. His appointment takes effect from September 1st 2018. He replaces Srinivasan Venkatakrishnan who will be exiting the company by the end of August. Mr.  Dushnisky joins Anglogold Ashanti from Barrick Gold Corporation where he serves as the President and Executive Director. A statement from Chairman ...

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Kosmos Energy ruling won’t affect Ghana operations—Tullow Oil

TullowOilLogo_large

Tullow Oil has told Citi Business News its performance this year will not be affected despite the outcome of the court case brought against it by Kosmos Energy. Tullow says although they find the ruling very disappointing, their expenditure share will not be affected by it. “It won’t have any effect on that part of our business. This is a ...

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International bodies mount pressure on govt to lift ban on mining

John Peter Amewu, Minister for Lands and Natural Resources

Some international bodies are mounting pressure on government to lift the ban on all small scale mining activities to allow legally registered companies to operate. According to international organization, PACT, the ban is causing legally registered small scale mining companies to lose millions of cedis invested in their operations as well as millions of job loss. PACT also maintains that ...

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Producer Price Inflation for May increases to 7.1%

factory

The Producer Price Inflation (PPI) for May 2018 has increased to 7.1 percent. This was up by 0.7 percent compared to the 6.4 percent recorded in April. The PPI measures the average change over time in the prices received by domestic producers for the production of their goods and services. Speaking to journalists, Government Statistician Mr. Baah Wadieh explained that the ...

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$259m tax waiver: AngloGold moves to revamp Obuasi mine

file photo

AngloGold Ashanti has welcomed the tax waiver granted by Parliament paving the way for it to redevelop its Obuasi mine. The mining company believes the move will lead to increased production from the mine site for at least the next twenty years. Parliament, on Thursday, granted 259 million dollars in tax waivers to Anglogold Ashanti following a request by the ...

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