Tag: gold
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Ghana records US$ 1.77bn trade surplus; represents 2.4% of GDP
Ghana gained a trade surplus of $1.77 billion in the first six months of 2023. This amount is almost 2.4 percent of the country’s Gross Domestic Product (GDP). Overall exports were estimated to be $8.17 billion in the first half of the year. Total imports were estimated to be $6.40 billion for the same period,…
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Ghana returns to gold top spot as output jumps 32%
Ghana recorded a 32% increase in gold production last year, enabling it to win back the top spot from South Africa as the largest gold producer on the continent, the president of the mines chamber said on Friday. Ghana lost its position to South Africa in 2021 after a drastic fall in output. Gold output…
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Ghana’s gold production drops by 12% in 2020 – EITI Mining Sector Report
Ghana’s total volume of gold produced fell to 4.023 million ounces in 2020 compared to the 4.577 million ounces produced in 2019. This represents a 12 percent drop in the country’s gold production as contained in the 2022 mining sector report by the Extractive Industries and Transparent Initiative (EITI). Per the report not only did…
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Trade surplus hits $1.87 billion in October
Latest figures from the Bank of Ghana indicate that Ghana’s total balance of trade recorded a surplus of 1.87 billion dollars in the first ten months of the year. This, according to the Central Bank’s Summary of Economic and Financial Data is equivalent to about 2.8% of Gross Domestic Product (GDP). The surplus recorded is…
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Gov’t to barter gold for oil – Bawumia
The Vice President, Dr. Mahamudu Bawumia, has hinted at a policy to use gold to make purchases of oil on the commodity market. Speaking at the AGI Awards night in Accra, Dr. Bawumia said this barter of sustainably mined gold for oil is key in addressing the economic crisis confronting the country. The cedi depreciated…
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Chifeng Jilong Gold to acquire Golden Star for US$470 Million
Ghana-focused miner Golden Star Resources says China’s Chifeng Jilong Gold Mining has agreed to purchase all of the company’s shares for a total of $470 million in cash. The Transaction will be consummated through Chifeng’s majority-controlled subsidiary, Chijin International (Hong Kong) Limited. In a statement, Golden Star CEO Andrew Wray said the deal would help…
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Bank of Ghana launches domestic gold purchasing programme to boost reserves
In its quest to shore up its reserves, the Bank of Ghana will in the coming days start purchasing gold from the local markets. This is according to the Governor of the Bank of Ghana, Dr. Ernest Addison. Speaking at an event to launch the Bank of Ghana’s Domestic Gold Purchase Programme, Dr. Addison explained…
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Goldridge and GNASSM sign agreement to boost value addition for gold locally
Goldridge Ghana Limited (GGL), one of Ghana’s leading exporters of precious minerals, has officially signed an agreement to do business with the Ghana National Association of Small Scale Miners (GNASSM). The collaboration to focus on local value-addition of gold is expected to maximise Ghana’s stake in the gold business, create decent employment opportunities for the…
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Adverse impact of COVID-19 causes decline in exports and imports – BoG data
Latest data from the Bank of Ghana’s Summary of Macroeconomic and Financial Data for January 2021, indicate that the country’s external sector continues to suffer adversely from the impact of the novel coronavirus pandemic. According to the data, the value of the country’s total exports decreased to 1.4 billion dollars in 2020, from the $1.5…
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Lingering impact of COVID-19 causes decline in Ghana’s trade numbers
Latest data from the Bank of Ghana’s Summary of Macroeconomic and Financial Data for November 2020, shows that the country as of October 2020 had received $12 billion from its exports this year. The value was a decrease from the $12.98 billion recorded in the same period last year. The report also showed a decrease…