He says releasing the price early morning will enable traders buy more gold.

Mr. Atta Antwi who is a member of the Chamber of License Gold Buyers and CEO of Jamin Gold Enterprise in the Atwima Nwabiagya North District, said the late release of prices deter most stakeholders from selling their gold to licensed gold buyers.

“At least the authorities of Goldbod should release the price around 6am every day, and it will help us, the license buyers, to buy more gold from the stakeholders to support the government, but at times the price comes as late as 12pm, by which time most stakeholders have smuggled it,” he said.

Mr. Antwi said aside from the delay in price, Goldbod is a positive initiative supporting the economic benefits of the country.

He said before the establishment of Goldbod, most of the gold bars were being smuggled, but now it has reduced drastically.

“The Goldbod initiative has also helped us, the buyers, to support the miners with loans when they are in need of financial support, but it was not done previously,” he added.

He urged his other gold buyers to be truthful to gain the trust of stakeholders.

“Most of the stakeholders have a negative perception of us, the buyers, stealing from them when they bring their gold to scale; that shouldn’t be the case. Let’s open up to them to trust us,” he stated.

Source: Joseph Obeng

Speaking on JoyNews’ Newsfile today, Gyamfi said cocoa farmers receive fertilisers, chemicals, and rehabilitation support, which justifies pricing discounts of 30–40%.

In contrast, GoldBod provides no such incentives to miners, making it impossible to buy gold at a discount or trade it in the same way cocoa is traded.

“Cocoa farmers sometimes get prices that are 30, 40% discounted because of support like fertilisers and rehabilitation. Gold Board provides no gold rules or such incentives to miners and therefore cannot have a justification to buy gold at a discount or to trade gold the same way cocoa is traded. Understand that,” he said.

He also highlighted the difference, like the commodities, noting that cocoa is bulky and difficult to smuggle, while gold is compact and high in value.

“So you don’t manage cocoa the way you manage gold. When you are drawing parables in a debate like this, make sure you’re comparing like with like, not oranges with apples,” Gyamfi said.

Addressing the reports of a US$214 million loss, Gyamfi said GoldBod generated more than GH₵960 million in revenue in 2025, while total expenditure remained below GH₵120 million, based on unaudited management accounts.

He explained that, as a public institution, GoldBod does not declare profits but surpluses, and the Board is expected to report a conservative surplus of between GH₵700 million and GH₵800 million for 2025.

Gyamfi stressed that assessing the efficiency of a state enterprise must consider its objectives.

While the Cocoa Board often records losses, GoldBod was established primarily to generate foreign exchange and support the accumulation of Ghana’s gold reserves.

“In assessing the efficiency of our model, you don’t only look at cost, even if there were carrying costs, which there aren’t,” he said.

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New data from the Bank of Ghana reveals that international gold prices rose from $2,641 per ounce in December 2024 to$4,054 in October 2025, representing a remarkable 53.5% surge. Realized prices, what Ghana actually receives, increased by 55.9% over the same period. This price increment transformed the country’s external accounts. Gold export earnings jumped from $10.3 billion at the end of 2024 to $15.2 billion by October 2025, making gold the dominant export, accounting for more than 65% of total receipts.

The contrast with cocoa, Ghana’s traditional economic backbone, is stark. International cocoa prices declined by 43.8% between December 2024 and October 2025, raising concerns about its sustainability and long-term export stability. Yet cocoa export earnings increased from US$1.9 billion to US$2.8 billion, a 45.36% rise and formed 12% of Ghana’s export revenue.

Understanding global commodity prices is critical because they directly determine how much foreign exchange Ghana earns. Higher export prices translate into increased revenues, which strengthen international reserves and, in turn, help stabilize the cedi. That dynamic has been clearly visible in 2025. The gold price boom injected substantial foreign exchange into the economy, easing pressure on the currency market and improving external balances.

The cedi, which closed 2024 at GH¢14.70 to the US dollar, appreciated to GH¢11.12 by November 2025, marking a rare 32.2% recovery.This appreciation coincided closely with the surge in gold export earnings and rising reserves. By September 2025, gross international reserves had increased to US$11.6 billion, providing a much-needed buffer against external shocks.

However, this gold-led relief comes with risks. Gold is among the world’s most volatile commodities, driven more by global geopolitical tensions, investor sentiment, and shifts in interest rates than by Ghana’s domestic economic fundamentals. A change in global risk appetite could cause prices to fall as sharply as they rose. Should that occur, Ghana’s export earnings, reserve position, and recent currency stability could quickly unravel.

Beyond macroeconomic risks, the environmental and social costs are mounting. Elevated gold prices appear to be intensifying illegal mining activities, commonly known as galamsey, which increasingly encroach on cocoa-growing areas. Rivers, farmlands, and forest reserves continue to suffer degradation as enforcement struggles to keep pace with the scale of illicit operations.

The current gold windfall therefore presents Ghana with a narrow but critical window of opportunity. It offers the fiscal and external breathing space needed to rebuild buffers, invest in economic diversification, and strengthen regulation across both the mining and agricultural sectors.

If underlying structural weaknesses remain unaddressed, this golden moment may ultimately be remembered not as a turning point, but as a temporary reprieve.Ghana’s economy is experiencing an unusual moment of relief and the lifeline is not cocoa or oil, it is gold. As global prices of the precious metal surged throughout 2025, Ghana unexpectedly found itself riding a mineral boom that has strengthened the cedi, boosted export earnings, and bolstered international reserves.

New data from the Bank of Ghana reveals that international gold prices rose from $2,641 per ounce in December 2024 to$4,054 in October 2025, representing a remarkable 53.5% surge. Realized prices, what Ghana actually receives, increased by 55.9% over the same period. This price increment transformed the country’s external accounts. Gold export earnings jumped from $10.3 billion at the end of 2024 to $15.2 billion by October 2025, making gold the dominant export, accounting for more than 65% of total receipts.

The contrast with cocoa, Ghana’s traditional economic backbone, is stark. International cocoa prices declined by 43.8% between December 2024 and October 2025, raising concerns about its sustainability and long-term export stability. Yet cocoa export earnings increased from US$1.9 billion to US$2.8 billion, a 45.36% rise and formed 12% of Ghana’s export revenue.

Understanding global commodity prices is critical because they directly determine how much foreign exchange Ghana earns. Higher export prices translate into increased revenues, which strengthen international reserves and, in turn, help stabilize the cedi. That dynamic has been clearly visible in 2025. The gold price boom injected substantial foreign exchange into the economy, easing pressure on the currency market and improving external balances.

The cedi, which closed 2024 at GH¢14.70 to the US dollar, appreciated to GH¢11.12 by November 2025, marking a rare 32.2% recovery.This appreciation coincided closely with the surge in gold export earnings and rising reserves. By September 2025, gross international reserves had increased to US$11.6 billion, providing a much-needed buffer against external shocks.

However, this gold-led relief comes with risks. Gold is among the world’s most volatile commodities, driven more by global geopolitical tensions, investor sentiment, and shifts in interest rates than by Ghana’s domestic economic fundamentals. A change in global risk appetite could cause prices to fall as sharply as they rose. Should that occur, Ghana’s export earnings, reserve position, and recent currency stability could quickly unravel.

Beyond macroeconomic risks, the environmental and social costs are mounting. Elevated gold prices appear to be intensifying illegal mining activities, commonly known as galamsey, which increasingly encroach on cocoa-growing areas. Rivers, farmlands, and forest reserves continue to suffer degradation as enforcement struggles to keep pace with the scale of illicit operations.

The current gold windfall therefore presents Ghana with a narrow but critical window of opportunity. It offers the fiscal and external breathing space needed to rebuild buffers, invest in economic diversification, and strengthen regulation across both the mining and agricultural sectors.

If underlying structural weaknesses remain unaddressed, this golden moment may ultimately be remembered not as a turning point, but as a temporary reprieve.

The company has also launched a new e-commerce platform designed to expand access to its products both locally and internationally.

Speaking at the launch in Accra, Managing Director Gertrude Emefa Donkor described the website as Ghana’s first “24-hour digital gold showroom,” enabling customers worldwide to browse handcrafted jewellery, track real-time prices, make purchases, and schedule pickups at showrooms across the country.

Ms. Donkor stated that GoldBod is committed to transforming Ghana’s raw gold into world-class finished products, enhancing value addition and retaining foreign exchange within the country.

She highlighted the company’s flagship investment product, the GoldBod Jewellery Tablet, available in 1g, 5g, 10g, and 1oz, noting that the pure 24-karat tablets offer Ghanaians a straightforward way to secure long-term wealth.

Emphasizing craftsmanship, she added that all GoldBod jewellery pieces are meticulously handcrafted by Ghanaian artisans, reflecting local creativity, skill, and heritage.

GoldBod further announced plans to expand operations, explore strategic partnerships, and open flagship stores across Ghana and beyond, with a vision to establish Ghana as Africa’s leading jewellery and investment-gold brand.

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The move forms part of the Board’s mandate under the Ghana Gold Board Act, 2025 (Act 1140), to formalize downstream gold value addition, strengthen regulatory compliance, and promote sustainable industry growth.

According to a statement from the Board, all previous licenses issued by the Ministry of Lands and Natural Resources for gold refining and fabrication are no longer valid under the new law.

Existing operators are required to regularize their activities by applying for new GoldBod licenses by December 31, 2025.

The Board cautioned that operating a gold refining or jewellery fabrication business after the deadline without a valid license constitutes a criminal offence.

Applications are to be submitted exclusively online via www.goldbod.gov.gh, as manual or in-person submissions will not be accepted.

The new licensing categories include:

• Category A: For Ghanaian artisans and small-scale jewellery producers.
• Category B: For medium-sized Ghanaian-owned jewellery manufacturers producing for local and export markets.
• Category C: For large-scale local and foreign companies.
• Refinery License: For entities seeking to operate gold refineries in Ghana.

Applicants are advised to review all eligibility requirements and fee schedules on the GoldBod website before submission.

Source: AdomOnline

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I learnt of this risk in about 1990 in Obuasi when AngloGold (Ashanti Goldfields) installed its globally acclaimed innovative sulphur treatment plant (the STP-BIOX), which uses bacteria to remove sulphur compounds (pollutants) from water as part of its gold recovery process.

My cousin was the Mechanical Engineer in charge of running the plant. I was then a BSc Mathematics undergrad at KNUST.

When he took me on a visit to the plant, he told me of the risks of excessive poisons which the mining industry is unleashing into our environment and warned that Ghana shouldn’t allow individuals to do mining because they cannot safely handle these deadly pollutants in the same way Ashanti Goldfields was doing by investing in the expensive sulphur treatment plant.

Directly, he mentioned kidney damage risks associated with the chemicals used in recovering gold. – the compounds of cyanides, mercury, arsenic, etc. Being a science student then, I understood and appreciated the explanations he gave me.

So over the past 35 years, I have keenly observed the kidney damage risks unfold. For example, availability of dialysis machines in our hospitals hasn’t been a mainstream news until recent times.

Unfortunately, my cousin himself, then a Mechanical Engineer and who later became Contracts Manager for Anglogold Ashanti after studying law, died of kidney failure and I have had a reduced kidney function from my last test.

His words to me when he discovered he had kidney damage was “Taywee, I’ve been hit”. Yes, he calls me Taywee, short form for Tawiah.

After saying to me he has been hit, my question to him was “Hit by what?”. He said “I have been hit by kidney damage and you know I’ve been talking about this risk for a long time•.

This conversation took place in his office in Accra. He was then the Executive Secretary for Ghana Institution of Engineers.

Since then, I have been interested and observing kidney related news and it keeps becoming alarming. At this stage, the question will remain “who will act to save the people of Ghana from the increasing risks of kidney diseases?”

Amongst friends, I have told this kidney disease risks story for 35 years ever since my cousin educated me about it but I think the time is right to tell it publicly to increase awareness. May his soul continue to rest in perfect peace.

The author is a former Minister of Public Enterprises and former MP for the Effia Constituency

Source: Joseph Cudjoe

The Bank of Ghana (BoG) has increased its gold reserves to 37.06 tonnes as of September 2025, marking a 21.3 percent rise since the beginning of the year.

According to data from the central bank, reserves stood at 30.53 tonnes in January 2025 and have grown steadily month after month, rising from 36.02 tonnes in August to 37.06 tonnes in September.

The steady accumulation has been largely attributed to the Domestic Gold Purchase Programme, an initiative aimed at strengthening Ghana’s foreign exchange reserves, stabilizing the cedi, and enhancing investor confidence.

In an earlier statement, the Bank explained that the programme is a key tool for diversifying reserve assets and reducing exposure to global financial volatility, thereby providing stronger buffers against external shocks.

The initiative also seeks to leverage Ghana’s gold assets to secure more affordable financing and improve short-term foreign exchange liquidity, reducing dependence on external debt markets.

Source: Joy Business

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“To create the impression that nobody was buying galamsey gold and all of a sudden GoldBod is now giving it a market is clearly wrong,” he said.

Speaking on Joy FM’s Super Morning Show during a discussion on the government’s commitment to the fight against illegal mining, Mr Gyamfi said that such claims are misleading.

“There has always been a market for gold anywhere in the world, including Ghana. Have we ever woken up to any news that there is stranded gold in Ghana? There’s always demand,” he said.

Mr Gyamfi explained that GoldBod does not directly buy gold. Instead, licensed private individuals make the purchases.

“Gold Board itself is not on the market buying gold. These licensed buyers are not stationed at mining sites. They sit in their offices, mostly in district and regional capitals, and buy gold brought to them. They have no technology or system to tell whether the gold was mined responsibly or not,” he noted.

He said the issue of traceability in the gold sector has existed since colonial times, and GoldBod, though only five months old, has been tasked to help address it.

“It is this five-month-old corporation called Gold Board that has now been given the mandate to find a solution to that problem. You think we can find a solution in five months to a problem that has existed for decades?” he asked.

According to him, the Board is already working on introducing a traceability system by the end of the year to help identify the source of gold. This will involve modern technologies such as satellite monitoring, RFID, and blockchain to ensure responsible sourcing.

“By next year, we will commence the rollout of this system. Licensed miners will have to seal and scan their gold with unique codes so buyers can know exactly where it is coming from. Aggregators will also have to trace the origin even after melting,” Mr Gyamfi explained.

He said that traceability will not only help fight illegal mining but also open Ghana’s gold to better international markets.

“Currently, because small-scale gold is not traceable, we are limited to markets in Dubai, Hong Kong, India, and Turkey. With traceability, we can access LBMA refineries in Switzerland and China where prices are higher,” he said.

He insisted that GoldBod’s mandate is to promote responsible mining and sustainability, not to fuel illegal mining.

“People are having the wrong impression that Gold Board is in the market buying galamsey gold. Nothing of that sort is happening,” he said.

Speaking on Joy News’ PM Express Business Edition last Thursday, he explained that while the rising price of gold appears to signal prosperity, it comes with new pressures and challenges that many outside the industry fail to appreciate.

“Well, absolutely. Generally, you would say that, given what I said about ground exposition and all of that. But like all things, there are two sides to it. They are the upside and all the things that you hear about. But then there are also the downsides to it,” he said.

According to him, high prices are quickly factored into costs, leaving companies with smaller-than-expected margins.

“For instance, when people look just at the gold price, that doesn’t tell the whole story. Because in periods like this, one of the things that happens is that your input prices are almost adjusted accordingly, because most people will factor that into their pricing.”

He further explained that miners are sometimes compelled to exploit marginal reserves at higher costs, in order not to sterilise concessions.

“If you have a concession, when the gold price goes up, that may require you to mine some of your marginal areas. Because if you don’t do that, you may end up sterilising your mine. Now that gold price is going up, this is the time to mine that portion. What that means, though, is that you are mining it at that high cost. So it means your margin is not as high as everybody expects it to be.”

Mr Akafia pointed out that production among large-scale players has stagnated at 2.9 million ounces, despite a surge in small-scale output.

“If you looked at the industry and looked at some challenges, and as I pointed out, you would ask yourself, why did production stagnate for large-scale players? Of course, for small scale it jumped from 1.1 million ounces to 1.9 million ounces, but stagnating at 2.9 million is telling you a story, right?”

For him, the limited pipeline of new exploration projects is a warning sign for the future.

“It may be that there are few projects coming on stream, but the global picture will give you an indication. One of the big indicators of how the future is likely to be is a pipeline for exploration projects. And if you compare us to others, you know, jurisdictions that are focusing on mining, then that’s why you see that we may have challenges that we may want to address.”

Despite the difficulties, Mr Akafia maintained that the sector remains central to Ghana’s economy, particularly through its collaboration with government on critical programs.

“As a chamber, that’s one of the things we work in partnership with government to do a whole lot of things. One of the things that we can visibly tell is the currency and its performance recently, and everybody knows that a big chunk of that is attributable to the gold industry, because it’s coming on the back of two key programs that we collaborated with government to sort of institute the gold purchase program.”

Source: Joy Business

At his recent media encounter in Accra on Wednesday, September 10, President Mahama said his administration would not hastily resort to a state of emergency in addressing galamsey, stressing that such a measure should be considered only as a last resort.

While acknowledging growing public calls for tougher measures, the President maintained that existing laws already give the state enough authority to act.

“I’ve been reluctant to implement a state of emergency in the galamsey fight because we’ve not exhausted the powers we even have without a state of emergency,” he said.

Reacting on Citi FM, Mr. Konadu said the President’s response only highlighted his government’s lack of political will to end the menace.

“To declare a state of emergency does not necessarily mean you’re putting soldiers on the road and shooting people as we’ve seen in Manso Tontokrom and other places where Assembly members and individuals have been shot at. It requires that you put a total halt on illegal mining. The President’s response is very shameful, and I find that he’s never going to be able to do that,” he argued.

He further claimed that President Mahama’s own words revealed the true reason for his hesitation. According to him, the President had openly admitted that Ghana’s economy is being propped up by gold exports, making it politically difficult to take decisive action.

“From the trajectory of his comments, it’s clear the economy is being sustained by gold and its sale. When he met the Bishops Conference, he told them we must be prepared to sacrifice. Yesterday he reiterated that point, adding that the high levels of small-scale illegal mining are due to high gold prices, and he even cited Peru as an example, which I thought was very unnecessary,” Mr. Konadu said.

The Manhyia North MP stressed that Ghana needs urgent and bold action to stop environmental destruction, not excuses tied to gold prices or international comparisons.

Source: Adomonline

Speaking at the maiden Mining and Minerals Convention in Accra on Tuesday, September 9, Mr. Gyamfi noted that these figures surpass the total small-scale export output for 2024, which stood at 63 tonnes, valued at $4.6 billion.

He attributed the record performance to GoldBod’s collaboration with the Bank of Ghana and reforms aimed at improving accountability, curbing smuggling, and ensuring fair pricing for small-scale miners.

“From January to the end of August 2025, small-scale gold exports facilitated by GoldBod, in close cooperation with the Bank of Ghana, hit a record 66.7 tonnes, valued at approximately $6 billion. This volume and value have already exceeded the total small-scale gold export output for the whole of 2024, which stood at 63 tonnes, valued at $4.6 billion,” he said.

Mr. Gyamfi added that small-scale exports have also surpassed those of the large-scale mining sector, which exported 65.1 tonnes, valued at about $5.6 billion during the same period.

“In support of gold reserve accumulation by the Bank of Ghana, GoldBod has initiated the local purchase of 20% of the output from seven large-scale mining companies. So far, we have locally purchased and supplied nearly 100 kilograms of large-scale gold to the BoG to bolster national reserves,” he explained.

Source: AdomOnline

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Speaking at his inaugural lecture at Legon last week, he said Ghana’s position as Africa’s top gold producer and a leading cocoa exporter provides a strong basis for a resource-backed monetary framework.

“A gold-backed digital currency, monitored by the central bank and audited through blockchain technology, could stabilise the Ghanaian cedi while enhancing public trust,” he said.

He added that cocoa futures and forward contracts could boost liquidity in the agricultural sector while supporting broader goals of price stability and monetary independence.

Similar concepts have been applied in Ghana before, such as the gold-for-oil and gold for reserve programmes championed by former Vice President Dr Mahamudu Bawumia, which leveraged the country’s gold reserves to reduce foreign exchange demand for fuel imports and to support the cedi.

At the lecture, both the Governor of the Bank of Ghana, Dr. Johnson Asiamah and head of research of the Bank of Ghana, Dr. Philip Abrado-Otu acknowledged the significant role played by the gold for reserve programme in stabilising the cedi.

Professor Alagidede’s tenure will focus on research in partnership with the Bank of Ghana, developing grant proposals, publishing findings, teaching, and strengthening ties between academia and the financial services sector.

Source: Ernest Arhinful

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He made this revelation in a social media post, highlighting the scale of illicit gold trade and its devastating impact on the national economy.

“This nation-wrecking act has gone on for far too long, and the consequences have been very dire,” he stated.

Dr. Forson noted that the value of the smuggled gold was nearly half of the $3 billion bailout Ghana secured from the International Monetary Fund (IMF) to stabilise the economy.

He lamented that such smuggling operations have deprived the country of much-needed foreign exchange and development resources.

“Imagine $12 billion translating into foreign exchange and supporting Ghana’s reserves position,” he wrote, referencing the estimated 600 tonnes of gold believed to have been smuggled over the past decade.

The Finance Minister underscored the urgency for bold action, calling for firm and decisive measures against those sabotaging Ghana’s economy.

“It is time for us to be decisive and ruthless towards those who are sabotaging the economy of Ghana. Ghanaians deserve better,” he declared.

He expressed hope that curbing smuggling would allow the country to regain control over its gold resources and ensure maximum benefits for its citizens.

Dr. Forson also pledged continued support for the Ghana Gold Board, which he said has shown impressive progress in the first half of the year.

“Defeating the gold smuggling syndicate will place our country firmly in control of our gold resources,” he noted.

He added that the recent inauguration of a special task force to combat smuggling would enhance efforts to tackle the problem and recover lost revenue.

Source: Ernest Arhinful

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In a social media post, Dr. Forson said the Board’s recent operations mark a positive shift in Ghana’s efforts to safeguard its mineral wealth.

“As the sector Minister, I make a solemn pledge to support the Ghana Gold Board,” he declared.

The Minister’s endorsement comes amid heightened government efforts to combat illegal gold exports and protect national revenues.

He also announced the formation of a special task force to track and intercept smugglers.

“Things can only get better with the inauguration of this task force to go after the smugglers,” he stated.

Dr. Forson emphasised that sustained political will and operational vigilance are essential to dismantling gold smuggling syndicates.

“Defeating the gold smuggling syndicate will place our country firmly in control of our gold resources and ensure that Ghana benefits fully,” he concluded.

Source: Ernest Arhinful

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Ghana’s reserves now cover 6 months of imports – Mahama

No one buys just because it’s from a 24-hour economy –…

In a world of tariffs and international conflict, gold appeals to investors as one of the few remaining stable assets. Everyone wants a piece of the action, from central banks to large institutions like hedge funds, and retail investors. But few know where their gold comes from, or much about the conflicts it may be fuelling in the countries where it is mined.

For the governments of West Africa’s Sahel region, the stakes are even higher. Gold is a lifeline for the military juntas of Burkina Faso, Mali, and Niger, who are beleaguered by jihadist insurgencies, regional isolation, and the ravages of climate change.

“Because gold prices have been at a historic high… the military governments are hoping that they will be able to benefit directly,” Beverly Ochieng, a senior researcher at global consultancy firm Control Risks, told the BBC.

Together, the three Sahel states produce around 230 tonnes of gold per year, according to the World Gold Council’s estimates, or about $15bn (£11bn) at the current market rate.

A lack of records for artisanal and small-scale gold mining means that this figure is probably an underestimate.

The combined gold production in these three states surpasses any other country in Africa, making the Sahel region a major global contributor to the gold market.

The governments say that the proceeds from the lucrative sector are benefitting citizens through increased “sovereignty” – though Russian firms are increasing their stake in the industry at the expense of Western-owned firms.

For example, Mali’s junta leader Gen Assimi Goïta laid the foundation stone last month for a gold refinery, in which a Russian conglomerate, the Yadran Group, will have a minority stake. The refinery will reportedly create 500 direct jobs and 2,000 indirect jobs.

Burkina Faso is also building its first-ever gold refinery and has set up a state-owned mining company, requiring foreign firms to give it a 15% stake in their local operations and to transfer skills to Burkinabé people.

Fake AI media campaigns have even been launched to celebrate the country’s charismatic 37-year-old military ruler Capt Ibrahim Traoré, for commanding such an important revenue stream for the nation.

“Mining gold from deepest dirt. But souls are rich and true,” croons an AI-generated Rihanna in one recent song, pouring her silky, auto-tuned praise on Capt Traoré.

The reality is very different, according to Ms Ochieng, who explained that Burkina Faso and its neighbours need quick cash to fund counterinsurgency campaigns.

In the case of Mali, much of this has been outsourced to Russian mercenaries, including the Wagner Group and its successor, Africa Corps, which falls under the command of Russia’s defence ministry.

Africa Corps has been involved in military training in Burkina Faso, but the junta officially denies its presence.

Although public spending transparency in the countries is poor, the governments are thought to devote large portions of their budgets to national security.

Military spending in Mali trebled since 2010, amounting to 22% of the national budget by 2020.

The governments are fighting jihadist groups linked to al-Qaeda and Islamic State (IS).

But campaign group Human Rights Watch (HRW) has accused the Malian government and the Wagner Group of committing atrocities against civilians, including unlawful killings, summary executions, and torture.

It has documented similar atrocities by Burkina Faso’s military and its allied militias.

For their services, the Wagner Group and now Africa Corps are often paid directly in gold or in mining concessions, according to Alex Vines of the London-based Chatham House think-tank.

“Very little [of the gold revenues] will trickle down to Malians and Burkinabés,” he told the BBC, adding that in fact the armed insurgents themselves may be benefiting from gold.

Since the coup in Mali in 2021, brutal government tactics against communities suspected of harbouring or sympathising with jihadists have increased, pushing more civilians to join the very groups they are fighting.

Jamaat Nusrat al-Islam wal-Muslimin (JNIM), an al-Qaeda affiliate which is the most active jihadist group in the region, staged an unprecedented number of attacks targeting Burkina Faso military during the first half of 2025, a sign of the group’s growing strength.

The armed groups are also literally cashing in on the increased global appetite for gold.

A large proportion of gold mining in the Sahel is from the artisanal and small-scale sector, which is often informal, meaning it takes place on unlicensed and undeclared sites away from government oversight, according to a 2023 report on gold mining in the Sahel by the United Nations Office on Drugs and Crime (UNODC).

Armed groups, including jihadist groups, and Sahel governments are in competition for control over many of these small-scale gold mines.

Gold provides an important revenue stream for militant groups, which appear to be expanding their territorial influence in both Mali and Burkina Faso.

The UNODC believes that most gold from this type of mining ends up in the United Arab Emirates (UAE), a global centre for gold refining and trading.

“You do see overlap of violent extremist groups moving onto artisanal production areas for control,” said Dr Vines.

The global spike in gold prices may be prolonging and exacerbating conflict in the Sahel – but, unfortunately for the diggers in artisanal gold mines, it has not led to owners increasing their wages.

One gold miner in Mali’s northern Kidal region agreed to respond to written questions from the BBC on condition of anonymity, for fear of his safety.

He estimated that, on a “good day”, he earns 10,000 to 20,000 CFA francs, or approximately $18 to $36 (£13 to £26).

The amount he is paid has not increased alongside global gold prices, he said.

“Prices went up, but the extra profit goes to mine owners… It’s risky and uncertain, but for many of us, it’s the only option,” he added.

Dr Vines, who formerly worked as a blood diamond investigator for the UN, is concerned that gold has become Africa’s new main conflict commodity.

He noted that gold has not received the same international attention as diamonds, which fuelled bloodshed in several African states throughout the 20th Century, especially during the 1990s.

Intervention by human rights groups and the UN led to the establishment of the Kimberley Process Certification Scheme in 2003, which did much to end the sale of so-called “blood diamonds” on the open market.

But attempts to crack down on “blood gold” have been less successful.

This is partly due to a lack of unified ethical standards. The London Bullion Market Association (LBMA), a major authority in the gold market, requires refiners to comply with standards based on guidelines set by a global body, the Organisation for Economic Co-operation and Development (OED).

The UAE’s enforcement of these regulations has historically been patchy.

In 2021, the country announced its own standards for ethical gold mining – however, the framework remains voluntary. The issue of enforcement has caused tensions in the past between the Gulf state and the LBMA.

Tracing technology represents another hurdle.

“There is no ‘DNA testing’ for gold. With a lot of effort, you can trace diamonds before they get polished and cut… But I haven’t seen ways of tracing the origins of a gold nugget,” Dr Vines said.

Gold is smelted early on in the value chain, making it nearly impossible to trace and connect to potential conflict zones, he explained.

Dr Vines believes that it is likely that some blood gold from the Sahel ends up in UK markets.

“[Gold] gets smelted in [the] UAE, then goes onto the jewellery manufacturing industry, or into dentistry, or bullion. Some of it clearly comes into the UK. And once it is here, there is no way of testing what it is.”

Another reason that it will be difficult to repeat the successes of the Kimberley process, according to Dr Vines, is because the certification system was not designed to deal with state governments.

“Kimberley was designed to deal with armed non-state actors in places like Sierra Leone and Liberia,” he said.

For now, gold’s importance for Sahel governments and the patchy enforcement of ethical gold standards mean that the commodity is likely to continue changing hands, regardless of its origin.

Unfortunately for some communities in the Sahel, that may mean paying for the trade in blood.

Source: BBC

The presentation was made to the King of the Ashanti Kingdom, Otumfuo Osei Tutu II, during the Mining in Motion summit at a gala dinner held at the Kempinski Hotel Gold Coast City, Accra.

Six bars were donated for auction, with proceeds supporting Otumfuo Nana Osei Tutu II’s charities focused on land restoration and clean water conservation.

Also in attendance were prominent figures including Emmanuel Armah-Kofi Buah, Ghana’s Minister of Land and Natural Resources; Kenneth Zikhale Ng’oma, Minister of Mining, Republic of Malawi; Colonel Ousmane Abarchi, Minister of Mines, Republic of Niger; Wilmot Paye, Minister of Mines, Liberia; Godard Gibolum, Deputy Minister of Mines, DRC; Aboubacar Kourama, Vice Minister of Mines, Guinea-Conakry; Abdiwahab Abdi Omar, Deputy Minister of Mineral Resources, Republic of Somalia; Sammy Gyamfi, CEO of Ghana GoldBoard; and Cisse Vakabe, Mining Advisor to the President of Côte d’Ivoire.

In a historic partnership between Typhoon Greenfield Development Ltd, MKS PAMP, and DGI, backed by the London Bullion Market Association (LBMA), the first 445 grams of gold were produced at Typhoon Greenfield’s Adomanu mine and exported for refining at MKS PAMP facilities in Switzerland.

This milestone occurred under the DGI initiative, which enables small-scale mining operations to meet international standards, specifically the Development Gold Ghana Performance Standard and the LBMA Responsible Sourcing Programme.

This achievement marks the culmination of years of collaborative efforts and signals a new era in formalising the small-scale mining sector, positioning Ghana as a credible source of LBMA-compliant gold from small-scale mining entrepreneurs.

Max Afriyie-Barwuah, President of Development Gold International (DGI), said: “This is a major milestone in the Ghanaian gold industry that has been many years in the making, working with mines in the field to build their technical capacity to meet international standards. It signals the serious intention of small-scale miners in Ghana to meet international standards and of LBMA Good Delivery List (GDL) refiners to recognise Ghana as a source of formal and responsible gold from small-scale mines. Our goal is to reduce environmental degradation and enable these miners to access responsible gold markets globally at scale.”

Kwaku Afrifa Nsiah-Asare, CEO of Typhoon Greenfield Development Ltd, added: “We are thrilled to pioneer this home-grown Ghanaian responsible mining initiative and to be the first small-scale mining business to have our operations assessed against the Development Gold Ghana Performance Standard. This has opened opportunities to work with respected businesses in the international gold market such as the LBMA GDL refinery, MKS PAMP. Partnering with DGI has helped us build our team’s capacity and enhance our operating systems for greater efficiency and management of environmental and social aspects. I expect others to follow and for the formalisation of small-scale mining in Ghana to scale rapidly.”

Omar Liess, Chief Commercial Officer of MKS PAMP, said: “This partnership represents a significant step forward for responsible sourcing in Ghana’s artisanal and small-scale mining sector. We’re proud to support this initiative and look forward to continued collaboration with our partners in Ghana to scale these efforts and inspire similar initiatives globally.”

Ruth Crowell, Chief Executive of the LBMA, said: “The LBMA is encouraged by this announcement. This is exactly the kind of initiative LBMA supports. Ghana is paving the way for similar arrangements between small-scale producers working with GDL refineries in other countries.”

DGI’s Development Gold Ghana Performance Standard was developed in collaboration with mining industry experts at TDi Sustainability to independently assess and verify the responsible practices of small-scale gold miners.

The standard aims to create opportunities for Ghana and other nations to redefine small-scale gold mining, which has historically been associated with illegal mining and environmental, social, and governance (ESG) issues such as deforestation, pollution, water contamination, habitat loss, safety risks, and social instability.

The initiative not only enhances the traceability of the gold supply chain through DGI’s tech platform, MineTrace, but also ensures mining practices are environmentally sustainable and socially responsible.

Assheton Carter, Executive Chair of TDi Sustainability, said: “DGI is doing something very important by providing an indigenous, Ghana-appropriate, progressive good-practice framework that facilitates mine-site improvements at small-scale mines. It creates an assurance process to demonstrate compliance with international due diligence expectations and offers technical assistance and capacity development to uplift this vital sector. TDi has a long history of developing responsible value chains for minerals, especially ASM gold. It is never easy and takes time—in this case, four years of hard work on the ground. We are incredibly proud to be involved in the launch and roll-out of this truly African initiative.”

The LBMA launched its responsible artisanal and small-scale mining (ASM) programme in 2022, aiming to facilitate more responsibly sourced ASM gold into the LBMA Good Delivery List (GDL).

Ghana was identified as one of four countries globally showing the most promise for increasing the flow of responsibly produced ASM gold to GDL refineries.

Since 2023, the LBMA has engaged with Ghana’s government, mines, traders, and the Bank of Ghana to promote responsible ASM sourcing, and published an ASM Toolkit for GDL refineries to guide them in progressive improvement systems rather than mere compliance.

According to Dr Boako, the central bank’s losses primarily stem from operational functions—particularly its Open Market Operations (OMO)—and a deliberate change in accounting policy approved by the BoG board.

In a detailed statement released on Thursday, Dr Boako explained that the shift in accounting treatment, which moved exchange losses, gold revaluation and asset movements from the operating account to Other Comprehensive Income (OCI), was politically driven.

“This new board was unwilling to acknowledge a profit,” he said, adding that “they have reported an operating loss but a gain in OCI.”

Dr Boako argued that despite a reported loss, the BoG’s negative equity has actually decreased—an indication of financial recovery, not failure.

“In 2023, BoG incurred a loss, which added to the negative equity. However, in 2024, a loss was reported, but negative equity has decreased,” he noted, suggesting that the narrative of continuous mismanagement is misleading.

He warned that the public must not be misled by politicised interpretations of financial data and called for consistency in accounting principles.

“This change in accounting policy must apply to 2025. Therefore, we will closely monitor the situation,” he concluded, urging transparency and professionalism in the Bank’s future reporting.

The UK-based research firm now anticipates a 12.9% appreciation of the cedi in 2025, citing a 16% gain between late April and mid-May 2025, largely driven by higher global gold prices.

“The cedi has appreciated by 16% between late April and the middle of May… resulting in our Country Risk team revising down their end-2025 forecast… from our previous projection of GH¢15.5/$1,” Fitch stated. “We now forecast that the currency will strengthen by 12.9% over 2025, from GH¢14.7/$1 at the end of 2024.”

Fitch added that the appreciation will have a disinflationary impact, allowing the Bank of Ghana (BoG) room to begin monetary easing later in the year.

“As Ghana is a net importer of key consumer goods… a stronger exchange rate will have a disinflationary effect,” it noted. Although the BoG raised the policy rate by 100 basis points to 28.00% in March 2025, Fitch expects a cumulative 200 basis-point cut in the second half of the year, ending 2025 at 26.00%.

Fitch also believes that the stronger currency will increase household purchasing power and drive faster spending growth.

Currently, the cedi is trading at around GH¢11.00 to the US dollar.

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This was contained in a market data released by the BoG on April 5, 2025.

The gold reserves position ending April 2025 represents more than 200 percent increase compared to December 2022.

Details of BoG’s reserve position

The data showed that on March 31, 2023, the BoG’s Total Gold Holdings, stood at 8.78 tonnes.

However, this increased by some significant margin over the past months to reach 31.73 tonne in April 2025.

A careful look at the data, showed that in some cases the amount of gold reserves added by the BoG on a month-on-month basis went up by more than 20 percent.

However, since the beginning of this year, the aggressive increase in the gold reserve holdings slowed, compared to the margin of increase in previous months.

BoG’s Gold Purchase Programmme 

The BoG has attributed the strong growth in its gold reserves over the years to the Domestic Gold Purchase programme, which was launched in June 2021.

The move was part of measures to increase Ghana’s reserves by diversifying the central bank’s holdings with the purchase of gold from mining firms in the country.

It also helped the BoG to reduce global shocks and volatilities associated with the dollar but immune from gold reserves.

Per the arrangement, the BoG buys gold from the mining companies and pay them back in Ghana cedis.

The central bank had earlier raised concerns about Ghana’s low gold reserves, calling for new measures to improve the situation going forward.

The Governor of the BoG Dr. Johnson Asiama in a recent interview with JOYBUSINESS noted that the central bank is committed to preserving the country’s total international reserves going forward.

“A move that should also go a look way to help firmly stabilize the cedi” he said.

Impact

The cedi is expected to be the biggest gain from a strong BoG gold reserve position.

The situation sends a good signals on the market, whiles assuring investors that the central bank is in a strong position to defend the local currency.

Some market analysts have in past argued that the weak gold reserve position created uncertainties that led to some persons betting on the ability of the central bank to support the cedi.

This in the past fueled the activities of speculators.

He warned that failure to do so would be a major letdown, especially considering his previous experience in office.

Speaking on Adom FM’s Dwaso Nsem on Tuesday, April 29, Charles Owusu described illegal mining—commonly known as galamsey—as a national crisis that must be addressed beyond political lines.

He called for immediate intervention, including deploying the Ghana Armed Forces to guard the country’s forest reserves.

“I’ll be disappointed if Mahama fails in this galamsey fight. He’s tried and failed before, so he knows what’s at stake. If by tomorrow all forest zones are declared military zones, galamsey will end,” he said.

Rev. Owusu argued that the lack of political will is the biggest obstacle, suggesting that illegal miners often receive protection from political actors.

“We all know that depending on who is in power, their own people are involved. That’s why harsh actions are avoided,” he added.

He dismissed the idea that repealing existing mining laws like LI 2462 would solve the problem, stating that enforcement—not legislation—is the real issue.

He called for the creation of a dedicated Forest Protection Unit within the Ghana Armed Forces to safeguard the country’s dwindling green spaces.

“God didn’t give us gold to destroy ourselves. Our forests are disappearing, water bodies are polluted, and yet we’re doing nothing because we’re afraid to confront those behind it,” he lamented.

Rev. Owusu further highlighted the inconsistency in political narratives, recalling how the then-opposition NDC demanded swift action from President Akufo-Addo, only for the problem to persist under their own watch.

He further proposed restricting small-scale mining to Ghanaians, questioning the unchecked operations of foreign nationals and large mining companies in the sector.

“You have just four years. Use your power to end this. Bring together the Lands Ministry, Forestry Commission, Lands Commission, and security chiefs. Declare the forests a military zone. If you do that, we won’t be talking about galamsey on the radio anymore,” he said.

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This revelation was made by the Upper East Regional Minister, Donatus Akamugri Atanga, during a discussion with journalists at the proposed site for the Bolgatanga airport on Saturday, March 29.

The minister emphasized that the construction of the Bolgatanga Airport would greatly benefit miners and gold buyers by providing a more efficient way to transport their products across the country.

He also appealed to stakeholders for support in making the airport a reality.

“This region has suddenly discovered mineral deposits. Out of the 15 district assemblies, about seven have these deposits, which presents a significant business opportunity,” said Atanga.

He added, “Once mining begins, there will be a need for quicker transport to move the gold to national markets without the risk of armed robberies. We need to accelerate efforts to improve infrastructure. Upper East is a gateway to Burkina Faso and Togo, and our airport will be a valuable asset.”

The security personnel reportedly seized two cars, five motorbikes, an undisclosed amount of gold, and a significant sum of money.

During a visit to the town, Adom News gathered that the security team arrived in two Land Cruisers and a private car.

According to  the younger brother of the victim, Atta Kituwa, the operatives took away GH¢150,000 in cash, a 2023 Honda vehicle, and other valuable items.

He also alleged that they ransacked rooms belonging to tenants but failed to disclose the reason for their operation.

Eyewitness Isaac Obeng, who had visited the miner’s house just before the raid, said he was taken aback by the sudden arrival of the heavily armed security personnel.

When he attempted to inquire about their mission, he claimed he was slapped by some of the officers when he complained about the sporadic gunshots.

The sudden and unexplained operation has left the community unsettled, with many questioning the motive behind the raid.

Speaking on Nhyira Fm’s “Kuro Yi Mu Nsem” show, he expressed conviction that cocoa and gold are the sole contributors to the growth of Ashanti Region.

“In Ashanti Region, cocoa and gold production is one of the areas that creates revenue for our mothers and fathers who are farmers. It is an area that I’ll sit down with sector players and plan,” he stated.

According to Dr. Amoakohene, the recent decline in cocoa production is a worry.

“During the past government, cocoa production declined. Initially they were producing almost 1 million tons of cocoa but today we produce just a little around 500 thousand, which isn’t good,” he said.

The minister-designate emphasized the government’s resolve to engage community members in the fight against illegal mining.

“With the issue of galamsey, when I got close to them during my campaign, I realized they don’t have any work to do. Galamsey is their only source of livelihood. If you take soldiers there, they cannot stay there for up to 3 days, they have to eventually leave and immediately when they do, the galamseyers go back there. We need to get the community to support all that we’re doing,” he said.

Dr. Frank Amoakohene shared his plans to train the galsmseyers in other economic ventures to help reduce dependence on mining.

“If they do not have any alternative skill whatsoever, we need to find them some. We have to train them in other areas so that when they stop the ‘gala’ they will have something else to feed on,” he said.

He also believes there are good miners out there who need licenses and some training to practice safe mining and contribute to the sustainable gold production.

“There are others that work really hard, so if the government gives them licenses to practice safe mining, they can help with the country’s gold production. So we can streamline the informal extractive sector so they can also have their daily bread,” he said.

This would driven by geopolitical tensions, potential US Fed interest rate cuts, and supply shortfalls.

According to Databank Research, gold prices may reach US$2,600-US$3,100, while cocoa prices could rise between US$7,000 and US$9,600.

“We expect gold prices to trade higher in 2025, ranging from US$2600-US$3100 on the prolonged effect of geopolitical tension. We are optimistic about a recovery in gold prices throughout 2025 as geopolitical uncertainties are likely to drive safe-haven demand. Additionally, we foresee further interest rate cuts by the US Fed in 2025, could drive gold prices high, potentially reaching between US$2,600 and US$3,100 per ounce following the January 2025 FOMC meeting”.

Furthermore, it said “Given the positive outlook for gold prices, we believe local investors in Ghana could diversify their portfolios by considering the New Gold ETF and the Bank of Ghana’s Ghana Gold Coin (GGC). We believe these assets provide an opportunity to benefit from rising global gold prices while serving as a hedge against local currency depreciation”.

The expected rise in cocoa price will be due to a significant supply constraint from Ghana and Côte d’Ivoire, which are slowly recovering from adverse weather with illegal gold mining in Ghana affecting some cocoa farms.

“We asset that the EU Deforestation Regulation (EUDR), effective in early 2025, will further restrict supply availability, likely keeping prices elevated amid strong global demand for chocolate”.

Brent crude to trade below US$76 per barrel

Databank Research also expects Brent crude oil prices to trade below US$76 per barrel in 2025.

This will be influenced by high US inventories and a shift towards cleaner energy.

“Our outlook remains cautious as major consumers, such as China and North America, face economic challenges alongside increasing demand for sustainable energy sources. Consequently, global oil demand growth is projected to decline from 1.74 million barrels per day (bpd) to 1.64 million bpd in 2025”.

This will reflect a broader trend of slowing consumption amid economic uncertainties and a transition to alternative energy.

Source: Joy Business

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The deceased and five other injured victims of the community were hit in gunshots.

According to eyewitnesses, the armed men arrived in the Atwima Mponua District, Monday morning, and began stealing excavator parts and gold deposits.

Their activities took a deadly turn as some youth in the town attempted to resist the operations. Two persons were killed in the chaos and five others are in critical condition.

The incident has sparked widespread tension in the town, with the youth and local authorities taking to the streets in protest.

Assembly Member for Kyekyewere Electoral Area, Samuel Anyine says the situation has led to widespread fear amongst community members.

“They are thieves. They came steal excavators and gold deposits leaving two community members dead. We are afraid because anything can happen”.

He added that “government must deploy the military into the community. This can’t continue. As I speak, others are in critical condition”.

Meanwhile, traditional leaders are putting in efforts to ensure calm is restored in the community.

Through their legal representatives, Mayer Brown International LLP, the investors allege significant breaches of the UK-Ghana Bilateral Investment Treaty (BIT) and have called for immediate settlement discussions to prevent the escalation of the dispute.

In a detailed letter addressed to Ghana’s Attorney General, Godfred Yeboah Dame, the investors accuse Ghana of failing to respond to earlier requests for amicable settlement discussions.

They claim that the government has taken actions that exacerbate the dispute, including allowing unauthorised parties to extract and sell valuable gold tailings from the mine. These activities, according to FGRL and BGHL, have caused millions of dollars in losses.

The investors also allege that Ghana has illegally transferred ownership of the mine and associated mining leases to an unrelated third party in violation of both Ghanaian law and international treaty obligations.

Mayer Brown’s letter condemns these actions, citing breaches of provisions under the UK-Ghana BIT, including the obligation to provide fair and equitable treatment and protection to foreign investments.

Calls for Immediate Action

The investors have requested Ghana to:

1. Take immediate steps to safeguard their assets and prevent further illegal activities at the mine.
2. Engage in urgent discussions aimed at reaching an amicable settlement.

Failure to address these demands by 14 January 2025, the investors warn, will lead to the initiation of international arbitration proceedings under Article 10 of the UK-Ghana BIT. This could potentially result in Ghana being held liable for significant damages.

The letter highlights potential consequences for Ghana’s international standing, including possible scrutiny by the World Bank. The investors referenced World Bank guidelines, which urge member countries to resolve disputes over expropriations to avoid adverse impacts on their creditworthiness and eligibility for new loans.

Legal and Diplomatic Responses Awaited

Copies of the letter have been sent to key stakeholders, including President Nana Addo Dankwa Akufo-Addo, the Minerals Commission, and international diplomatic representatives, such as the British High Commissioner to Ghana and the US Ambassador to Ghana.

Mayer Brown’s letter concludes with a call for the Ghanaian authorities to protect the investors’ rights and engage in good-faith negotiations to resolve the dispute.

As of now, the Ghanaian government has not issued a public response.

The Lands and Natural Resources Minister, Samuel Jinapor however, has okayed the transfer of the Mine to Heath Goldfields Ltd.

This development follows a recommendation from the Minerals Commission based on what it said is the company’s demonstrated technical and financial capacity.

The approval, outlined in a letter dated November 12 from the Ministry to the Chief Executive Officer of the Minerals Commission, underscores the government’s commitment to revitalising the mine, which has faced operational and environmental challenges in recent years.

Revitalising the Mine

The ministry has emphasised the importance of this acquisition in securing the employment of mine workers, reviving local economic activities, and preventing potential environmental degradation from prolonged inactivity. In the letter, the ministry directed the Minerals Commission to expedite the process, ensuring compliance with all legal requirements to facilitate the transfer.

“This decision reflects the government’s focus on preserving livelihoods and fostering development in mining communities,” the letter stated, highlighting the national significance of

Local stakeholders, including mine workers and residents of the surrounding communities, are optimistic about the mine’s revival. The Prestea Bogoso Mine has historically been a vital economic pillar in the region, providing employment and contributing to local development.

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According to the Trade Statistics Report from the Ghana Statistical Service, United Arab Emirates (40.1%) led the destination of gold export followed by Switzerland (30.1%), South Africa (22.2%), and India (6.8%). Together they accounted for 99.2% of gold export from Ghana.

About a third of mineral fuels and oils were also exported to China (29.8%), nearly a quarter of cocoa to the Netherlands (22.2%), vegetable products to Vietnam (17.0%) and iron and steel to Burkina Faso (55.9%).

For five out of the 10 product classifications, China was the leading country of origin.

However, for mineral fuels and oils the main country of origin was the United Kingdom, closely followed by the United Arab Emirates.

Vegetable products were primarily imported from Burkina Faso.

Source: Myjoyonline

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It is estimated that, Ghana loses around $2 billion each year in tax revenue due to smuggling and illicit gold operations.

In 2022 alone, nearly 60 tonnes of gold were reportedly smuggled out of the nation, intensifying the financial impact.

The UK has warned that if unregulated mining practices and illegal small-scale mining, locally referred to as galamsey, are not addressed, they will continue to inflict severe damage on Ghana’s economy.

At a Civil Society Organization (CSO) meeting focused on mining reforms and governance, Chris Aston, the team lead for the UK Ghana Gold Programme (UKGGP), urged Ghanaian authorities to take urgent and decisive action against the issue.

He stressed the importance of reversing this trend to protect Ghana’s economic future.

The UK government’s concerns resonate with increasing national and international demands for reforms in Ghana’s mining sector, particularly aimed at reducing illegal activities and enhancing regulatory oversight.

“This represents lost revenue for the government of Ghana. Currently, the sector is at risk, exploited by organized crime groups. The threats are escalating, with gold smuggling more than doubling. Our goal is to disrupt illegal mining and the flow of illicit finances. Ghana is losing over $2 billion annually to gold smuggling,” Aston stated.

The UK-Ghana Gold Programme (UKGGP) works in partnership with the Government of Ghana to ensure proper regulation of artisanal small-scale gold mining and effective enforcement of existing laws.

The initiative aims to unlock the full potential of artisanal mining to benefit Ghanaians while preventing environmental harm and safeguarding the health and well-being of miners.

Source: Adomonline

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According to him, the government should consider the broader impacts of illegal mining (galamsey) beyond just revenue loss from gold mining.

Speaking on Newsfile on Saturday, September 14, Mr Kodua emphasised that no amount of revenue from gold is worth the lives of Ghanaians.

“Are we putting our lives and all the things at stake just on foreign exchange? Is that what the government is saying when we have the danger of Ghanaians losing their lives due to the chemicals being used?

“When we have the danger of not having water to drink when the food that we are eating is being polluted with these chemicals. I think this argument is far bloated out,” he said.

Mr Kodua stressed that the focus of the galamsey discussion should not be on revenue or exchange rates, but on the well-being of Ghanaians, adding that the money being generated is supposed to serve the people.

“What will be the use when the money is in and we have a lot of burden? I think that argument for me is not right. The government must listen to the people, lives are at stake,” he said.

He also raised concerns about the calls for exempting licensed small-scale miners from the ban and urged the government to halt all mining activities and conduct a thorough audit to determine who holds valid licenses and who is operating responsibly, without polluting water bodies or encroaching on forest reserves.

“You can’t say that because of the foreign exchange or because others have licenses – we know of those who have licenses and yet polluting the same water and depleting forest reserves.

“So TUC or Organised Labour, our call is clear, you must halt everything and then come and let’s see how we can make progress,” he added.

The TUC has already served notice it will embark on a strike at the end of this month if drastic measures are not taken by the government to end galamsey. Meanwhile, it is expected to meet the government this week regarding its concerns.

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Shenzhen-listed gold mining firm Beijing Xiaocheng Technology Stock Co disclosed in its half-year financial report released on Wednesday that “five to six” suspects had been arrested and detained at a police station in Ghana.

Security agencies in the West African nation were “still searching for the whereabouts of the gold”, according to the company.

Africa has been a major investment destination for Chinese companies seeking minerals and resources overseas, but there are growing concerns over the security risks, and Beijing has vowed to ramp up protection for workers and assets abroad.

Beijing Xiaocheng, which is engaged in gold mining, production, processing and sales, said Ghanaian security agencies had issued a bounty for the arrest of those responsible for the robbery on April 18.

It said 11 people were believed to be involved in the armed attack on the Chinese company’s subsidiary, Akroma Gold Mining Co, in Esaase, in the Kwahu West municipality of Ghana’s eastern region.

The company said Akroma reinforced security measures at the gold mine after the attack.

According to local media reports in April, heavily armed assailants targeted the company’s processing area, stealing gold and assaulting and injuring several workers, including Chinese expatriates.

Beijing Xiaocheng said the attackers, who were wearing masks, broke into the Akroma processing plant from an undeveloped area of the mine.

It said workers at the mine, including Chinese citizens, were injured after security personnel were overpowered but there were no fatalities.

The robbers fled with 12kg of gold that was to be exported that day, causing a direct economic loss of US$900,000, according to the financial report.

Beijing Xiaocheng, which owns three gold mines in Ghana, said the Akroma mine had resumed normal business activities after the attack.

The company also has solar power generation projects including a 20MW photovoltaic power station in Ghana that has been operating for over a decade.

Gold is Ghana’s top export, earning the country US$9.53 billion in 2022, according to Observatory of Economic Complexity data. Nearly half of Ghana’s gold is exported to the United Arab Emirates, while Switzerland, India and Hong Kong are all major buyers.

www.scmp.com

The 31-year-old accelerated in the final 200 metres to cross the line in an Olympic record two hours 22 minutes 55 seconds, three seconds ahead of Ethiopian Tigst Assefa.

Hassan’s victory came only two days after she won bronze in the 10,000m and six days after 5,000m bronze.

“I have no words. Every moment in the race I was regretting that I ran the 5,000m and 10,000m. I was telling myself if I hadn’t done that, I would feel great today,” said Hassan.

“The moment I started to feel good was at 20km, I felt so good. Then I knew I wanted gold.”

Kenya’s Hellen Obiri finished third, 12 seconds behind Assefa.

Britain’s Clara Evans was 46th in 2:33:01 and Rose Harvey 78th in 2:51:03, while Calli Hauger-Thackery did not finish.

With temperatures touching 24C despite an 08:00 race start, several athletes used ice packs during the race and others carried bottles of water for long periods.

Hassan won 5,000m and 10,000m gold and 1500m bronze at Tokyo 2020.

A star-studded American team packed with NBA icons, led by LeBron James and Steph Curry, demonstrated their quality to win 98-87 amid a febrile atmosphere at Bercy Arena.

The success saw the current crop emulate the 1992 ‘Dream Team’ which they have been regularly compared to.

In front of almost 20,000 boisterous fans, France refused to roll over and moved back within three points at 82-79 with the clock ticking down in the final quarter.

But Curry, as he so regularly does, instantly landed a three-pointer for 85-79 to ease the pressure and swished three more as the Americans raced away.

Ultimately, Les Bleus did not have enough to put the Americans into an unwanted bracket of failure.

Pretty much every US Olympic squad since the Barcelona Games has been compared to the side led by Michael Jordan and Magic Johnson.

Six teams have won Olympic gold – but none have ever come close to being revered like this Gen Z ensemble cast.

Now, after securing victory in Paris, a group featuring four NBA regular season MVP winners – James, Curry, Kevin Durant and Joel Embiid – 11 NBA All-Stars and seven NBA champions has to be mentioned in the same breath.

Curry was the focal point of the American celebrations when the final hooter went, hugged by his team-mates and draped in a Stars and Stripes flag by James.

Stars turn out for hottest ticket in town

On the penultimate night of the Games, it was the Bercy Arena which felt like the hottest ticket in town.

France, led by NBA rookie of the year Victor Wembanyama, against the American All Stars.

The magnitude of the occasion was indicated by the presence of French President Emmanuel Macron and calibre of athletes – past and present – courtside.

The hosts were represented by football icon Thierry Henry and NBA legend Tony Parker, along with swimmer Leon Marchand and judoka Teddy Riner.

On the American side of celeb row was sprinter Sha’Carri Richardson, television personality Jimmy Fallon and Scottie Pippen, part of the legendary 1992 roster which the current crop were trying to emulate.

Not everyone was so lucky, however. Fans without tickets waited outside holding homemade signs pleading for someone to help them out.

If those outside did manage to join the 16,000 other fans inside, it was well worth the gamble.

Image source: Getty Images

Image caption: Scottie Pippen sat next to fellow basketball legend Sue Bird and former United States footballer Megan Rapinoe

How US stars claimed gold

The high-octane atmosphere in the stands continued on the court as the stars came out to play.

France began well with their talisman Wembanyama – the 7ft 2in prodigy – scoring seven points in a fast and furious start.

But the Americans quickly raised their level and responded strongly.

James illustrated their growing confidence with a behind-the-back assist which Devin Booker put away before a pair of three-pointers from Anthony Edwards secured a 20-15 advantage at the end of the first quarter.

France rallied at the start of the second period to turn a five-point deficit into a lead, but Team USA stepped on the gas.

A six-point gap opened up at 37-31 when James trampled through French defenders in trademark fashion, with Curry and Jrue Holiday landing from behind the arc to put them eight points ahead at half-time.

The hosts had an uphill task in front of them to dethrone the kings of the Olympic court.

Continued to be backed by vociferous support, they kept plugging away to stay within reach.

The third quarter closed at 72-66 and, although they refused to give up in the final period, their wait for a maiden Olympic title goes on.

The Algerian, amid a controversy that has overshadowed the boxing events in Paris, beat Chinese world champion Yang Liu by unanimous decision to win the welterweight division.

The 25-year-old was roared to the ring by swathes of Algerian support – who waved their green, white and red flags – and dominated the fight.

She was showboating at the bell, dancing while already knowing the victory was hers, before the pair shared a warm embrace.

“It is my dream. I am very happy,” Khelif told the BBC. “It is fantastic. Amazing.

“Eight years of work, no sleep. I want to thank all of the people in Algeria.

“I am very happy for my performance. I am a strong woman.”

When the result was confirmed, Yang raised her opponent’s arm into the air – a sharp contrast to the scenes after Khelif’s opening fight against Italy’s Angela Carini – and Khelif was then carried around a jubilant arena on the shoulders of her coach.

Lin Yu-ting, the second boxer banned last year under the same ruling, will fight in her final on Saturday but Khelif’s Games – one of the most extraordinary and controversial in recent memory – ended with her standing on top of the podium.

She was applauded by all three of her fellow medallists and there were tears in her eyes as the Algerian anthem was played.

How did we get here?

Carini abandoned in Khelif’s opening bout after 46 seconds, saying she had to “preserve” her life.

The Algerian, whose previous best result was a world silver in 2022, followed that with convincing, unanimous-decision victories to reach this stage.

This was expected to be a tougher bout – Yang represented a step-up in class – but it proved to be another clear victory.

Yang was due to face Khelif in the final of last year’s World Championship – a title Wang went on to win – but Khelif was disqualified by the International Boxing Association (IBA), meaning they did not meet.

The IBA said Khelif and Taiwanese boxer Lin Yu-ting, who contests her final on Saturday, “failed to meet the eligibility criteria for participating in the women’s competition, as set and laid out in the IBA regulations”.

The International Olympic Committee (IOC), which runs the boxing events at the Olympics, has allowed the pair to compete and strongly criticised the IBA, insisting Khelif and Lin were “born and raised as women”.

President Thomas Bach said earlier on Friday the organisation “does not like the uncertainty” but suggested there is not a “scientifically solid system” to “identify men and women”.

Image source: Reuters

Image caption: Khelif won in front of thousands of Algerian fans on court Philippe Chatrier at Roland Garros – the tennis court that has been transformed into a boxing arena for the Olympics

Many of the pair’s opponents and coaching teams have been unhappy with their involvement, however, indicating a level of discontent behind the scenes.

Carini said it “was not right” immediately after her loss to Khelif, although she later apologised for how she handled the moments after the fight. Her coach said he had advised her not to fight, saying people had told her not to “fight a man”.

Before the next round, opponent Anna Luca Hamori from Hungary said: “I don’t think it is fair”, while the Hungarian Boxing Association protested about Khelif’s inclusion. After the fight Hamori wished Khelif good luck.

Neither her semi-final opponent, Janjaem Suwannapheng, nor the Thailand’s boxer team made any direct comment on the controversy, though Suwannapheng said after the fight: “She is a woman but very strong.”

Two of Lin’s opponents, meanwhile, have made ‘X’ gestures – said to be intended to represent female chromosomes – in the ring after defeat.

Svetlana Kamenova Staneva left the arena saying “no, no, no” and made the ‘X’ sign.

Before the fight, the Bulgarian had said it was “not good for boxing”, while her boxing federation said they “strongly” opposed Lin and Khelif’s participation in Paris 2024.

After Lin’s semi-final victory over Esra Yildiz Kahraman, the Turkish fighter also made the ‘X’ sign in the centre of the ring.

Tebogo, 21, stormed clear of his rivals to clock an African record of 19.46 seconds and finish ahead of American Kenneth Bednarek, who crossed the line in 19.62.

Lyles, crowned the world’s fastest man by five-thousandths of a second in a historically quick 100m final on Sunday night, was unable to compete at the head of the race and matched his Tokyo bronze in 19.70.

It emerged after the race that Lyles had tested positive for Covid and the 27-year-old had to be helped off the track in a wheelchair.

Having burst out on to the track to huge cheers before the race, Lyles was seeking to become the first man since Usain Bolt in 2016 to complete a 100m and 200m double at an Olympic Games.

But Tebogo had other ideas.

A world bronze medallist over the distance last year, Tebogo also took 100m silver in Budapest as Lyles completed a golden treble.

That was a dazzling return for Tebogo at his first senior global championship, but it was nothing compared to his achievement at the Stade de France as he marked his first Olympics with a gold.

Tebogo, sixth in the Paris 100m final, lined up with a 200m personal best of 19.50 – notably down on the favourite’s 19.31.

Showman Lyles made his entrance to huge excitement, seemingly ready to seize his moment with the eyes of the world fixed upon him, but he remained third throughout following a slow start.

Bednarek held out to equal his silver of three years ago in Tokyo – a medal he also won at the 2022 World Championships – but could not overhaul Tebogo.

Tebogo stars as illness wrecks Lyles’ hopes of history

Tebogo dedicated Olympic gold to his mother Seratiwa, who died in May of this year after a brief illness, and held up his spikes, displaying her date of birth, to the camera following his victory.

“It’s basically me carrying her through every stride that I take inside the field,” Tebogo said.

“To take her [with me], it gives me a lot of motivation. She’s watching up there, and she’s really, really happy.”

Having ended Lyles’ 26-race winning streak over the distance in the semi-finals, Tebogo announced himself on the global stage as he repeated that victory over the man who has long been tipped as Bolt’s heir apparent.

Tebogo entered the home straight with an advantage and, as his rivals threatened to pull alongside, he surged away in the closing stages to clinch an emotional – and hugely significant – triumph.

Lyles, the fastest man over 200m this year before this race and a three-time reigning world champion over the distance, produced his usual theatrics before the serious business began.

But this performance in his favoured event was not at his usual world-beating standard and it soon became apparent why as news broke of the American’s illness.

Bolt, the fastest man in history and winner of eight Olympic gold medals, completed the sprint double at three successive Games in Beijing, London and Rio – and he remains the only man to ever enjoy such a dominant streak.

Lyles had targeted a remarkable four golds in Paris, including both the 4x100m and 4x400m relays, but it remains to be seen whether he will be fit to contest those finals.

The anticipated title showdown with Dutch star Femke Bol never seriously materialised as McLaughlin-Levrone left her rivals far behind to defend the title in 50.37 seconds.

Bol, the second-fastest woman of all-time in the event, faded to finish third in 52.15, behind US silver medallist Anna Cockrell, who ran a personal best 51.87.

McLaughlin-Levrone improved her world record to 50.65 in June, but she saved her best for the sport’s biggest stage to claim her sixth global title.

Together, McLaughlin-Levrone and Bol have run 17 of the 20 fastest times in history.

As defending champion and world record holder, it was McLaughlin-Levrone who entered their latest meeting as favourite, hinting at this form by improving her best time two months ago.

However, Bol had shown progress of her own, setting an indoor 400m flat world record this year and a new European 400m hurdles record of 50.95 in July to become only the second woman to run under 51 seconds over the barriers.

Bol produced a sensational sprint finish to take the Netherlands from fourth place to gold in the mixed 4x400m relay earlier in the Games, but on this occasion the 24-year-old did not have the legs to trouble a jubilant McLaughlin-Levrone.

“My whole family’s here. We’re going to celebrate, we’re going to enjoy this time and get ready for the relay too,” said McLaughlin-Levrone, who celebrated her 25th birthday on Wednesday.

“It’s amazing to see our sport continue to grow, for people to want to watch the 400m hurdles, it’s amazing.”

She spoke of what it had taken to achieve her gold mission, saying: “Just a lot of hard work put in this year. I knew it was going to be a tough race. An amazing competition all the way round.”

Elsewhere, Arshad Nadeem made history by winning Pakistan’s first Olympic gold in athletics – throwing a Games record of 92.97m in the men’s javelin.

USA’s Grant Holloway beat compatriot Daniel Roberts to take the men’s 110m hurdles title and upgrade his silver from Tokyo, while another American – Tara Davis-Woodhall – won the women’s long jump.

Speaking at a campaign event on August 8, 2024, Dr Bawumia outlined this initiative as a strategic move to combat gold smuggling, which he identified as a significant issue affecting the country’s mining sector.

Dr Bawumia explained that, the reduction in the export tax is intended to make it less financially appealing for individuals to smuggle gold out of Ghana.

By lowering the tax from the current rate, he believes that the policy will incentivize legal and transparent transactions, leading to increased gold production volumes that can be refined domestically.

The NPP flagbearer also highlighted how this tax reduction would support his proposed “gold for oil” and “gold for reserves” programs.

These initiatives aim to use gold exports to stabilize the national currency and strengthen the country’s foreign reserves.

According to him, these programs are crucial for achieving economic stability and enhancing Ghana’s financial resilience.

Dr Bawumia noted that, a previous reduction in the gold export levy from 3% to 1.5% in 2021 had already led to a significant decrease in gold smuggling.

He attributed this success to the more favourable tax environment, which encouraged miners to adhere to legal export practices and contributed to a more controlled and transparent gold market.

“A few years ago, I pushed for the reduction of the gold export levy (withholding tax) from 3% to 1.5%. The result of this is that after a sharp decline in 2021, the gold export volumes have been steadily recovering, with 2024 showing promising signs. In the first half of 2024, the small-scale mining sector alone produced a total export volume of 821.97 troy ounces.”

“This is more than double that of Jan-Jun 2023 (404.06 troy ounces) and 2022 (262.05 troy ounces). Also, in value terms, 2024 recorded $1.77 billion higher than 2023 and 2022 just from the small-scale sector.”

“Given our strategic intention to realize higher production volumes to refine locally and support the gold for oil and gold for reserves programmes for a stable currency, I will further reduce the withholding tax from 1.5% to 1%, in the next government under my presidency.”

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Currently, Ghana’s gold is exported in raw form to be refined outside Ghana, resulting in lost revenue and missed opportunities for job creation. Between 2018 and 2023, Ghana’s average annual gold production was 3.92 million ounces (122.5 tonnes).

The Vice President said historically, Ghana has exported its gold in raw form, missing out on significant revenue and job creation opportunities, and that the government of President Nana Addo Dankwa Akufo-Addo has been determined to make value addition a critical component of our export strategy since 2017 and the launch of the refinery is particularly important as it realises a key part of this vision.

“Originally, this vision was to be actualized through a joint venture between the Precious Minerals Marketing Company (PMMC) and Rosy Royal Minerals Limited. PMMC granted part of its land for the construction of the refinery and despite delays due to COVID-19, the beautiful edifice you see today, which started in 2018, was completed in 2022.”

He said the Bank of Ghana took over PMMC’s interest in the refinery and PMMC continues to be resourced to discharge its mandate as the National Assayer, providing quality and revenue assurance for the refinery’s products.

He commended the Board, Management and Staff of both the Bank of Ghana and PMMC for their relentless support and cooperation in seeing to the fruition of this historic national project.

“With the ability to locally refine our gold, we will be able to sell the refined gold at its appropriate price, enabling us to retain its economic value within our borders, while creating numerous job opportunities for the youth. In addition, Government’s intention to refine all gold produced in Ghana will further enhance our economic independence and resilience.”

Dr. Bawumia stated at the commissioning of the new gold refinery that, with the BoG’s domestic gold purchase programme(DGPP), which started in 2021 and the refinery, Ghana is positioned as the gold hub of Africa and this marks a new era for Ghana and ushers the country into his vision of building a resilient economy anchored on the country’s mineral resources in a golden age of natural resource governance.

Dr. Bawumia is optimistic that with the right policies and a deliberate approach to Ghana’s natural resources use, the country will be able to overcome the cyclical depreciating trait of its currency.

“Historically, the nature and structure of our largely primary commodity producing and import-dependent economy is such that a largely flexible exchange rate regime in the context of external shocks, fiscal indiscipline and speculative activities will lead to a continuously depreciating exchange rate over time even if we have periods of stability.“ He disclosed

He revealed that, the next NPP government under his presidency will adequately provide the Geological Survey Department and universities with resources annually to investigate and undertake mapping of areas where we have mineral resources.

“A minimum of US$5 million will be invested in this geological investigation of mineralized zones from 2025. With evidence of proven reserves, we will ensure that earmarked concessions in these resource-mapped areas with proven reserves will be 100% Ghanaian-owned for small-scale mining.”

On the Reclamation of degraded land, Dr Bawumia said there must be increased effort towards the reclamation of degraded mining lands and that it would require a carefully planned programme and consistent resource allocation assuring that the next NPP Government will set up a reclamation fund with an annual dedicated budget to implement the land reclamation programme.

“We will use a comprehensive and collaborative approach to ensure strict adherence to our mining laws and regulations to prevent illegal and improper mining practices such as mining near or in river bodies, the use of prohibited chemicals or equipment for mining, environmental degradation.”

The Vice President again said government will adopt a multilevel approach to support and enhance the operations of small-scale mining.

“Among the many approaches, will be the establishment of a Minerals Development Bank to provide financial resources to indigenous Ghanaians in the sector. This will deepen the Ghanian ownership dream and avoid situations whereby Ghanaians acquire mining license and sell to foreigners because they do not have the required capital. We will also set up common user processing factories for the small scale mining sector to enable them scale up how much they realize from processing.”

“Using a phased approach and leveraging on the already established and hugely successful BoG’s Domestic Gold Purchasing Program (DGPP) in the medium term, we will implement an enhanced due diligence scheme and significantly raise gold production standards in the long term.”

He believes the policy will further improve the foreign reserves adequacy of the BoG to ensure adequate foreign exchange is available to meet the international trade needs and reduce external borrowing requirements of the country and improve the BoG’s level of gross international reserves in addition to prudent fiscal and monetary policy which is key to ensuring a stable Ghanaian cedi.

Dr. Bawumia said the current issues of illegal mining pose a big threat to value addition efforts as it has a real potential of tainting the gold dore which will be fed the refinery thereby making it difficult to meet the responsible sourcing requirements, and by extension the ability to operate with international certification reason why the Royal Ghana Gold Refinery must ensure that its entire feedstock is responsibly sourced.

“There is therefore a compelling reason, more than ever to ensure that we nib the menace of galamsey in the bud to ensure responsible mining and safeguard our environment and water bodies.”

“I am very certain in my mind that addressing the galamsey (illegal mining) problem does not just require political will but also well thought through policies that are practical. The next NPP government under my presidency shall adopt practical policies to address the root causes of galamsey and support the small-scale mining sector. I am of the firm conviction that while galamsey is a menace, small-scale mining is not, and therefore the latter must be prioritized.”

He assured that government’s overarching objective for dealing decisively with the galamsey menace and enhancing the small-scale mining sector is to improve lives and livelihoods and protect the environment.

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Djokovic, who has won a men’s record 24 majors and swept up every title there is in tennis, finally clinched Olympic gold at his fifth Games.

The Serb, 37, put in his best performance of the year to beat French Open and Wimbledon champion Alcaraz 7-6 (7-3) 7-6 (7-2) in front of a packed crowd in Paris.

He sealed the title with a forehand winner, then turned towards his box – arms outstretched in disbelief – before throwing his racquet to the floor after a draining match which lasted just under three hours.

After hugging Spain’s Alcaraz, Djokovic immediately burst into tears and fell to his knees in the middle of the court.

He then unfurled a Serbian flag and clambered into the stands to celebrate with his family and support team.

Djokovic is just the fifth player to win the ‘Golden Slam’ in singles – all four majors and the Olympic title – after Rafael Nadal, Serena Williams, Andre Agassi and Steffi Graf.

“Everything I felt in that moment when I won surpassed everything I thought or hoped that it would,” said Djokovic.

“Being on that court with the Serbian flag raising, singing the Serbian anthem, with the gold around my neck, I think nothing can beat that in terms of professional sport.

“It definitely stands out as the biggest sporting achievement I have had.”

Alcaraz, 21, was also in tears after the match, but will leave with a silver medal on his Olympic debut.

Italy’s Lorenzo Musetti is the singles bronze medallist, having beaten Felix Auger-Aliassime of Canada on Friday.

Djokovic completes tennis with stunning win

Image source: Getty Images

Image caption: Novak Djokovic was swept aside by Carlos Alcaraz in the Wimbledon final but turned the tables at Roland Garros

This moment will mean as much to Djokovic, if not more, than all the Grand Slams, Masters 1,000 titles and ATP tournaments he has won.

He left this same court at Roland Garros two months ago needing knee surgery, which put his Olympic dream at risk, and his reaction after Sunday’s win showed what it meant.

His family watched on from the stands, bearing Serbian flags, with daughter Tara carrying a sign that said “Dad is the best”.

Djokovic has spoken about seeing the Olympics as the pinnacle of sport, and the emotions of representing his country have affected him in his past four Games.

He won singles bronze in Beijing in 2008, finished fourth at London 2012, suffered an emotional early loss in Rio in 2016 and lost the bronze-medal match in Tokyo three years ago.

However, Djokovic did not drop a set in Paris and was focused from the outset, determined to get his hands on the one prize that had eluded him for so long.

The final match itself was a test of his determination – he was on the back foot in the first set but did not give in, saving all eight break points he faced and taking advantage as Alcaraz faltered in both tie-breaks.

Asked if he had ‘completed’ tennis, Djokovic said: “Yes it’s complete because I completed all the achievements with this gold medal, but no because I love this sport. I don’t play only to win the tournaments.

“I don’t know about the future, I really want to be in the present moment to celebrate. It was a long journey, many, many years of dreaming to be holding the gold medal. So now it’s about happiness, joy and celebration.”

It was played in a superb spirit, with both players often left laughing at the quality of the other’s shot-making.

The crowd was equally split between Spanish fans, decked in flags, and Serbia supporters carrying signs with “Nole” – Djokovic’s nickname – written on.

An electric atmosphere added to the tension – Alcaraz looked the more nervous and had to save a break point in his opening game, but he pushed Djokovic to the limit with his mix of touch and power.

However, Djokovic simply would not give in. He played some of his best tennis when down break point and, after taking the first set, was full of confidence.

There was the occasional gesture towards his support box – who responded by telling him to keep his head up and stay positive – but on the whole, Djokovic was as dialled in as he has been all year.

It has been a difficult season for Djokovic. He lost in the Australian Open semi-finals to Italy’s Jannik Sinner, had an indifferent hard-court swing, needed knee surgery after injuring himself at Roland Garros and was completely outplayed in his first final of the season at Wimbledon.

However, that will only make this victory that much sweeter for a man who shows no sign of stopping – and has not ruled out competing at the Los Angeles Olympics in 2028.

Italy win women’s doubles gold

Image source: Getty Images

Image caption: Sara Errani (left) and Jasmine Paolini were seeded third at Paris 2024

Elsewhere, Italy took gold in the women’s doubles as Jasmine Paolini and Sara Errani beat Mirra Andreeva and Diana Shnaider – the Russian pair playing under a neutral banner.

Andreeva and Shnaider are the first Russian athletes to medal at Paris 2024.

They were beaten 2-6 6-1 10-7 by Wimbledon finalist Paolini and former doubles world number one Errani.

Spain’s Cristina Bucsa and Sara Sorribes Tormo beat Czech Republic’s Karolina Muchova and Linda Noskova 6-2 6-2 in the bronze-medal match.

Showman Lyles overhauled his rivals in the second half of the race to triumph by the finest of margins in a personal best 9.79 seconds.

That was the same time as Olympic debutant Thompson, who led for most of the race, but Lyles produced a spectacular finish to successfully begin his bid for a potential four golds at these Games.

The United States’ former world champion Fred Kerley took bronze in 9.81, edging out South Africa’s Akani Simbine for the podium.

After a lengthy wait behind the start line to a backdrop of dramatic music in a frenzied atmosphere at Stade de France, all eight finalists finished within 0.12 seconds of Lyles in a remarkable race.

Such was the standard of the final – which Great Britain’s Zharnel Hughes and Louie Hinchliffe failed to reach – Italy’s reigning champion Lamont Marcell Jacobs was run out of the medals and another Jamaican rising star, Oblique Seville, finished last in 9.91.

In the end it was Lyles, an athlete who thrives on the sport’s grandest stages and who won three golds at last year’s World Championships, who sprinted away in celebration once the official result appeared on the big screen.

The 27-year-old repeatedly rang the victory bell by the side of the track after establishing himself at the pinnacle of the sport, before he targets further success in the 200m and relay events.

“You couldn’t have asked for a bigger moment,” Lyles told BBC Sport.

“I had to take every round as it was and I was a little upset after the first round so I came with the aggression, and after I ran 9.83.

“I hope you guys like Noah because I got a lot more coming!”

Lyles continues to deliver on big ambitions

Lyles has remained outspoken and unflinching in his belief that he has the on-track ability and off-track aura to replace Usain Bolt as the new superstar of men’s athletics.

The American has talked the talk but he continues to back it up when it matters most.

Lyles last year became the first man since Bolt in 2015 to win a 100m and 200m world double, before completing a golden treble in the 4x100m relay.

Lyles claimed in the build-up to the Paris Games that he would look to add the 4x400m to that haul in the French capital, and he hinted at his form when running a 100m personal best at the London Diamond League last month.

But repeating such success on these stages, under intense pressure – much of it self-imposed – is another thing entirely.

He has now become the first American to win an Olympic 100m title for 20 years, since Justin Gatlin in 2004, and asserted himself as the dominant male sprinter of the current generation.

A three-time reigning world 200m champion, he will look to maintain his grip on the sport’s major titles in that event, which starts on Monday.

Should he do so, he will move a step closer to sporting immortality in his pursuit of a historic four golds at these Games.

GB’s Hinchliffe and Hughes come up short

Hinchliffe’s fairytale rise from obscurity less than three months ago to an Olympic 100m debut was already a stunning achievement in its own right.

But the 22-year-old and his coach Carl Lewis both said their goal was to make the final in Paris. When the Briton beat Lyles in a statement introduction in his heat on Saturday that appeared a realistic target.

Even Lewis, with his vast experience as both a nine-time Olympic champion and coach at the University of Houston for the past decade, has been surprised by the remarkable rate of Hinchliffe’s progress during their 12-month partnership.

Unfortunately the final proved a step too far, with Hinchliffe run out of the non-automatic qualifying spots after finishing third behind Seville and Lyles in his semi-final.

“It’s obviously not the result I wanted but I can’t be too hard on myself,” Hinchliffe, already the sixth-fastest British man in history, told BBC Sport.

“I’ll definitely use this experience and I’ll learn from my mistakes, so it is back to the drawing board and we’ll work on it and come back stronger next year.”

It also was not to be for Hughes, who could not set up the opportunity to replicate the breakthrough first global medal he achieved last year – or for Olympic redemption following his false start in the Tokyo final three years ago.

The 29-year-old has not been able to hit the same heights of a 2023 season in which he broke two long-standing British records over 100m and 200m, after this campaign was disrupted by a hamstring injury.

“Obviously I’m disappointed but I know where I am coming from. This is my third 100m. Not making any excuses. Today just wasn’t my day,” Hughes, who will also contest the 200m, said.

“To try to get through the rounds of the Olympics after injuring my hamstring with a grade two tear last month wasn’t that easy, but I dug deep to give myself a chance and that’s what I came here to do.”

According to the Chief Executive Officer of the Minerals Commission, Martin Ayisi out of the total exports of US$9.2 billion for the first-half of 2024, gold alone accounted 54% of the total exports which amounted to US$ 5 billion.

This was because of the surge in gold prices especially in the second quarter of 2024 and increase in production from both small- and large-scale operations.

The gold price averaged a record $2 338 an ounce in the second quarter, 18% higher year-on-year and 13% higher quarter-on-quarter.

The average price of gold for the month of July is about US$2396 an ounce. Gold reached a new record of US$2482 an ounce on 17 July 2024.

Mr. Ayisi has predicted that if the price of gold stays around the average for the month of July or the second quarter, then the full-year outlook for gold hit US$10 billion or more.

The Chief Executive Officer noted that, the exports from small scale mining for the first half of this year is about US$ 1.7 billion and accounted for about 36 % of the gold exported by mid-year.

He predicted that on the back of the record price, exports from small scale may be than US$ 3 billion by the end of 2024.

According to Mr. Ayisi the revenue from gold goes to reinforce the fact that the mining sector remains the pillar of Ghana’s economy.

Mr. Ayisi however indicated that the real benefits of mining to the economy of economy lies in the value addition. He cited the case of lithium, bauxite and manganese and even the local refinery of gold.

He was particularly happy about manganese and the strong policy of the Government on value addition. Explaining further, Ghana Manganese Company shall construct a 450-million-dollar refinery to refine manganese ore.

This will upgrade the grade from 27 to 40 percent and create an additional 350 jobs and contribute to revenue.

The CEO also referred to the new measures that have been put in place in the area of local content and local participation to ensure that over US$ 2 billion dollars that are spent by the mining companies on local supplies and services are undertaken by Ghanaians.

He further mentioned the efforts being made by the Government to ensure the mining companies list on the Ghana Stock Exchange to raise capital for mining projects and lauded the work of the Minerals Income Investment Fund to take equity stakes in mines all to enhance state and Ghanaian participation in the mining sector.

Mr Ayisi called for better environmental management of small-scale mining operations which is carried out in about 12 regions in Ghana and supports about three million livelihoods to ensure the operations do not damage the environment.

According to the Bank of Ghana, the stock of Gross International Reserves increased by $275 million $6.865 billion in June 2024, compared to $5.344 billion during the same period in 2023.

This represented 3.1 months of import cover.

The Gross International Reserves (excluding encumbered and petroleum assets) also increased to $4.522 billion in June 2024, from $4.32 billion in April 2024.

The net international reserves were however slightly lower at $4.500 billion, as against $2.332 billion a year ago.

Trade balance records higher surplus of $1.805bn

Meanwhile, the balance of trade recorded a surplus of a higher $1.805 billion for the first half of 2024, compared to a surplus of $1.602 billion in the corresponding period of last year.

Total exports increased by 13.33% year-on-year to $9.22 billion in June 2024. This was driven mainly by significant growth in gold exports and a modest increase in crude oil exports.

Earnings from gold exports increased by 46.3%% year-on-year to $5.041 billion in June 2024.

The value of crude oil exports, in comparison, increased by 19.38% to $1.981 billion, on the back of both volume and price increases.

Exports of cocoa, both beans and products, dropped by 47.7% to $760.o million in June 2024.

Other exports, including non-traditional exports, also decreased slightly to $1.445 billion in June 2024.

Total imports increased by to $7.423 billion in June 2024, compared to $6.538 billion in June 2023.

This is according to the 2023 mining report by the Ghana Chamber of Mines.

A total of $2.7 billion was channelled through local banks, this was marginally lower than the value of the same transaction in 2022; $2.73 billion.

In 2022, about $1.41 billion was transferred through the central bank with 2023 recording a slight increase to 1.5 billion dollars.

“On the whole, the Chamber’s producing member companies repatriated US$4.2 billion into the country through commercial banks and the Bank of Ghana in 2023.”

Relative to their realized mineral revenue of US$5.9 billion in 2023, the repatriated funds of the Chamber’s producing member companies translate into 71.3% of their forex earnings.

This the chamber describes as “a marginal reduction from the previous year’s outturn of 73%.”

In 2023, the producing member companies sold $716.97 million to the Bank of Ghana under the forex purchase initiative. This arrangement gives it the first right to purchase any forex above the MSR to be offloaded onto the forex market by mining firms.

Also, the volume of gold sold to the central bank under the Domestic Gold Purchase Programme (DGPP) improved from 93,799 ounces in 2022 to 447,492 ounces in 2023, representing a growth rate of 377.1 per cent.

Also, data from the Bank of Ghana shows that receipts from the export of minerals improved from US$6.8 billion in 2022 to US$7.8 billion in 2023.

“The 15 per cent growth in mineral revenue was ascribed to the increase in proceeds from the export of all minerals, except manganese”

Mineral production outlook for 2024

Ghana’s mineral sector is expected to record broad-based growth in the production and exports of the four traditional minerals. The production of gold is projected to range between 4.3 million ounces and 4.5 million ounces in 2024.

The report continues to add that it expects new productions by some members of the chamber to boost production.

“Fresh production from Newmont’s Ahafo North project and Cardinal Resource’s Namdini Gold Mine will supplement the planned production of the existing producing member companies’ mines, which will increase the attributable production of the Chamber to a range of 3.1 million ounces to 3.3 million ounces in 2024.”

The production growth was driven primarily by the expansion in the output of small-scale miners, which was sufficient to offset the decline in the large-scale sub-sectors’ output.

It is the country’s highest output since the outbreak of the COVID-19 pandemic.

Gold production attributable to the large-scale sub-sector declined from 3.1 million ounces in 2022 to 2.9 million ounces in 2023, which translates into a downturn of 4.9 per cent.

Conversely, the comparable outturn for the small-scale sub-sector grew by 70.6 per cent, from 0.66  million ounces to 1.1 million ounces in the corresponding period.

Gold output is forecast to reach between 4.3 and 4.5 million ounces in 2024.

New projects like Newmont’s Ahafo North and Cardinal Resource’s Namdini Gold Mine will contribute to this growth.

Manganese production is expected to increase to 5 million tonnes, bauxite to between 1.2 million and 1.5 million tonnes, and diamond exports to about 220,000 to 250,000 carats.

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The assailants, heavily armed, targeted the company’s processing area, where they not only robbed the premises but also subjected several workers, including expatriates, to assault and injury.

Overcoming the security measures in place, the armed group seized undisclosed quantities of gold bars before fleeing the scene prior to police arrival.

Injured workers, some of whom sustained gunshot wounds, were promptly transported to the hospital for urgent medical attention.

The Head of Human Resources at the company, Frederick Obeng Somuah, who confirmed the incident, said the management is fully cooperating with ongoing police investigations.

“Yesterday, around 5:40 am, the company’s processing area was attacked by some armed men. In fact, as to the number of armed men, they range between 10 and 20. But police are still investigating to know the extent of damage and the items they actually took.

“Unfortunately, some of our guys were injured during the incident. We had some gunshots and injuries, and also they beat us mercilessly. Fortunately, no death was recorded. We are okay.

“The police have come in, the regional command, through to the district police command, and we are hoping and believing that the investigations will go well so that the perpetrators will be brought to book.” he said on Citi News.

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The price of spot gold reached $2,364 per ounce Tuesday, after hitting record highs for seven straight sessions and trading at $2,336 per ounce Monday. Year-on-year, gold is up 16.5%.

Investors who expect the Federal Reserve to cut its benchmark interest rate are the main force driving up prices, but the surge is boosted by other factors, including central banks — led by China — buying up gold to ease reliance on US dollars.

Central banks see gold as a long-term store of value and a safe haven during times of economic and international turmoil.

Gold is considered a resilient investment. When interest rates fall, gold prices tend to rise, as bullion becomes more appealing than income-paying assets like bonds. Investors also regard gold as a hedge against inflation, betting bullion will retain its value when prices rise.

The People’s Bank of China bought gold for the 17th straight month in March, adding 160,000 ounces to bring reserves to 72.74 million troy ounces of gold, according to Reuters.

Central banks may want to “diversify away” from US dollars and buy gold amid geopolitical uncertainty, according to an April 9 UBS research note. As China builds its reserves, demand is pushing up prices, already boosted by usual investors.

Chinese investors are looking to gold as an alternative asset amid downturns in property valuations and equity prices in past years, according to an April 9 Capital Economics research note.

Other central banks, including India and Turkey, are also increasing their gold reserves. India’s GDP growth is driving those purchases, according to UBS.

A sign of the times?

Central banks demanding gold is a sign of waning reliance on the dollar, according to Ulf Lindahl, CEO at Currency Research Associates.

Dollars are increasingly unappealing for central banks who want to decrease economic reliance on the US, Lindahl said in an email.

Nations not allied with the US may accumulate gold to “mix away from dollars” to reduce vulnerability to sanctions, according to a March JP Morgan research note.

Central bank buying has driven the rise in gold prices since 2022, according to the note. Gold could be entering a strong era, as central bank purchases of gold in 2022 were more than double the average annual purchase across the decade prior, according to JP Morgan.

The rise in prices comes amid US Treasury Secretary Janet Yellen’s visit to China to discuss financial stability in US-China relations, including what Yellen called the overproduction of Chinese electric vehicles.

Oil prices are also on the rise, posing a threat to the US economy, according to Mark Zandi, chief economist at Moody’s.

Higher oil prices are likely to stoke concerns over inflation, boosting gold prices, according to the UBS research note.

The usual perception of gold

The rise in gold prices signals investors are anticipating rate cuts from the Fed later this year but might be uncertain about the prospects of squashing inflation without throwing the US economy into recession, also known as a soft landing.

UBS sees the expectation of Fed rate cuts as “still the main driver for bullish sentiment toward gold,” according to an April 9 research note.

Fed Chair Jerome Powell said in remarks April 3 that inflation is still on a “sometimes bumpy path” toward the Fed’s goal of 2%, and that rate cuts to rebalance the economy are likely to begin at some point later this year.

Fifty-one percent of investors currently expect a quarter-point cut in June, according to data from CME group. Yet job growth data for March exceeded expectations, calling into question the need for multiple rate cuts amid a still-strong economy.

The Personal Consumption Expenditures price index, the Fed’s preferred inflation gauge, rose 2.5% for the 12 months ending in February. That’s a tick up from January’s 2.4% increase, according to Department of Commerce data released last month.

On a monthly basis, the core PCE price index that strips out the more volatile food and energy categories, rose 0.3%. The index, which Fed officials view as a crucial gauge of underlying inflation, was down from 0.4% in January, when it had grown at the fastest pace in one year.

So why is gold surging right now?

Some investors are buying into the hype around gold bullion as prices rise, pushing them further up. On Reddit, proud gold buyers often post threads about their stashes.

Costco began selling gold bars online in August and silver coins in January. The company may now be selling as much as $200 million in gold and silver each month, according to an estimate by Wells Fargo. Chief Financial Officer Richard Galanti told analysts in December that the company had sold more than $100 million of gold bars in the prior quarter.

“The accelerating frequency of Reddit posts, quick on-line sell-outs of product, and [the company’s] robust monthly eComm sales suggests a sharp uptick in momentum since the launch,” the April 9 investment note said.

Lindahl said that “trend followers” and others jump on the rise in prices as the background begins to point to substantially higher prices over the long term.

It’s also worth noting that gold is a traditional asset to hold during political uncertainty. Voters in more than 60 countries are set to head to the polls this year, including for the US presidential election. That uptick in geopolitical and economic unpredictability underscores the precious metal’s stable value.

According to the Chamber, despite the nation’s economic challenges, the mining sector saw some expansion in 2023.

Its President Joshua Mortoti said the small-scale mining companies are expected to produce between 1.1 million and 1.3 million ounces of gold in 2024, whilst the large-scale gold mining firms would produce 3.4 million ounces.

“The latter mines [Obuasi, Tarkwa] are approaching their end of life span. With a projected output range of 1.1 million ounces to 1.3 million ounces in 2024 from the small-scale sector, the national gold output is expected to exceed 4.5 million ounces in 2024. Including manganese production, the planned output for 2024 is 5 million tonnes,” he said.

The Minister of Lands and Natural Resources, Samuel A. Jinapor, said the government and the Chamber had achieved significant successes together in the previous year and that 2024 offers a chance to intensify and improve cooperative efforts meant to establish the conditions required for the efficient and profitable operations of the large-scale mining firms.

“What I can assure you is that the government is fully committed to providing adequate security for your concessions. Because it is when your concessions are safe that you can work in peace to support the government. So, whatever we need to do to ensure that your concessions are safe, we will do it”, he stated.

“And in this regard, I will continue to count on the leadership of the Chamber. If there are specific or special cases, we need to deal with let us know and we will take the necessary steps to deal with them”, he added.

According to the third-quarter 2023 data, production attributable to the Ghana Chamber of Mines member businesses was 2.14 million ounces, which is marginally less than the 2.18 million ounces recorded in 2022 for the same period.

In the meantime, production from small-scale miners increased from 0.66 million ounces in 2022 to 1.12 million ounces in 2023, a 70.6% rise.

Emmanuel Mensah, charged with conspiracy and stealing, pleaded guilty.

Mensah’s accomplice, Adu Quaye, is, however, at large.

Prosecuting, Sergeant Douglas Addae, narrated to the court presided over by Mr Charles Owusu Nsiah that the complainant, Severin Mouity, is a gold buyer and the accused live at Nsuaem, in the Tarkwa-Nsuaem Municipality.

He said the complainant owned a gold-buying shop, a few meters away from Royal Midway Hotel, in Nsuaem.

According to Sergeant Addae, on December 5, last year, the complainant received gold valued at GH¢30,000 from customers and kept same in a drawer after the day’s work.

He said on December 6, 2022, the complainant reported for work only to detect that thieves had broken into his office through the ceiling and made away with the gold.

Prosecution said complainant rushed to the Nsuaem Police Station and lodged a complaint.

Sergeant Addae said during investigations, the accused person’s name came up, and the police invaded his place of abode, but they were told he had traveled.

The court heard that Mensah went into hiding until luck eluded him, and he was arrested by the Agona Police on September 11, 2023.

The Prosecutor said during investigations, the accused person admitted that he stole the gold from the complainant’s shop with his broth­er-in-law, Adu Quaye, and they sold it for GH¢2,700 of which he had GH¢1,200 as his share.

He said the convict further said he went and sought refuge at Alabanka­ta his grandmother’s hometown, a community along the Dixcove road in the Western Region.

Sergeant Addae said the police have mounted a search to arrest Adu Quaye for prosecution.

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As of August 2023, total exports stood at US$10.76 billion. It is lower than the US$ 11.81 billion recorded in August 2022.

Although Ghana maintained a trade surplus in the year under review, total exports declined by about US$ 1 billion accounting for the nine percent fall.

The trade surplus stood at US$ 2.06 billion compared to the US$1.56 billion dollars posted in August last year.

Gold retained its dominance as the most significant contributor to the country’s total exports.

It was the only item in the export basket that saw an increase.  It improved to US$ 4.67 billion from US$ 4.22 billion.

All the remaining components contracted. Cocoa exports reduced marginally from US$ 1.61 billion to US$ 1.60 billion.

Oil exports dropped significantly from US$ 3.82 billion to US$ 2.65 billion dollars.  Other exports fell slightly from US$ 2.16 billion to US$ 2.11 billion.

In terms of the contribution of the trade surplus to Gross Domestic Product (GDP), it was however an improvement.

The trade balance to GDP was 2.6 percent; higher than 2.1 percent in 2022.

However, country’s imports saw a decrease from US$ 10.25 billion dollars to US$ 8.74 billion. Both oil and non-oil imports fell, leading to this positive trade balance.

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This is equivalent to 2% of Gross Domestic Product.

According to the Summary of Economic and Financial Data of the Bank of Ghana, the country bagged $9.0 billion in six months of this year, triggered by increases in gold and crude oil exports.

Total imports, however, stood at $7.56 billion. This was dominated by oil imports of $5.28 billion.

For exports, the data further revealed that gold dominated the total value of exports, recording $3.01 billion in June 2022, followed by oil which registered $2.83 billion in June 2022.

This is compared with $2.66 billion and $1.75 billion during the same period last year

The impressive outing for crude oil exports so far in 2022 is as a result of the higher price of the commodity. Crude oil is presently hovering around $102 per barrel.

Again, increased gold production has resulted in a surge in gold exports.

For imports, non-oil imports was estimated at $5.28 billion in June 2022, whilst oil imports accounted for $2.28 billion.

Also, the current account balance as of June 2022 stood at a deficit of $1.09 billion, -1.8% of GDP. This is far higher than the deficit of $128.2 million recorded in April 2022.

The overall balance of payment however stood at -$2.49 billion in June 2022, as against %2.36 billion during the same period last year in 2022.

Central Bank Governor John Mangudya said the 22-carat coin would be named the Mosi-oa-tunya, the Zimbabwean name for Victoria Falls, and would contain one troy ounce of gold – a little heavier than an imperial ounce and equivalent to 31.1g.

The coin will be easily convertible into cash and could also be used in transactions, the bank says.

But it will be beyond the affordability of most people, who are struggling in difficult economic circumstances. Currently, one troy ounce of gold costs more than $1,600 (£1,300).

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The gold price fluctuates but is seen as a secure investment.

High annual inflation – which last month was measured at nearly 192% – has reduced the value of the local currency, so gold could be seen as an alternative store of value. US dollars are also used as legal tender but there is a dollar shortage in the country and it is hoped that the gold coins could reduce that demand.