₦airaland Forum

rvp20182:
It's better to listen to Kenya Central Bank governor debate with IMF here with Ghanian madmen messing up their economy with gold and other crazy ideas

Excellent brain.

https://www.youtube.com/watch?v=nqPDdyEPxbQ

Frustrations is why you only have gross talk to listen to.

The time for talking is long over ... Your central bank governor hasn't used his position to transform the lives of Kenyans and each years Kenyans desperately slide back in their living conditions

rvp20182:
Useless polemics.

Screams of a person whose citizens living conditions keep worsening, day after day

rvp20182:
Some stuff you say are shocking.

Kenya is not Ghana when it come to land . Nobody leases land in kenya except foreigners. There is no King who owns land in Kenya. All kenya smallholders and almost every kenya who own land is on Freehold.

This is not Ghana where you lease land from your King. This is not Ghana where you are taken to cemetry - kenya the land belong to you forever - you die - and get buried in your land - because you'll own it till jesus christ second coming - unless you sell it

ofcourse Kenya is not Ghana, how can you be Ghana when Kenyans don't have any land ownership all because the queen took over all of Kenya lands and when they finally decided to let Kenya have some, your politicians took that small one too over.

All of Ghana small holder farmers farm on their family land which are free hold lands... Stool lands are free hold lands..

In Ghana, lands are never for sale ... You can only lease it so the likes of bill gate and co will never be able to own a land in Ghana.

He's busy in Kenya about to buy your worthless land under which the aquifer is all because you guys don't know what to do with it and he will own it for centuries just like how the Brits manage to own all the good lands in Kenya and the Arabians and Indians have also come for their share.

Kenyans who wants to farm have nothing to farm on unless they go and lease it from the European owners or the Indians.

rvp20182:
The usual prevarication we are used to from Ghanians.

Rant on

vaxx:
Even in kenya, the largest farm owners aren't indigenous to kenya

as it has always been

rvp20182:
This long diatribe can be reduced by one figure 1 dollar: 15 cedis; one year ago 1 dollar: 6 cedis. As for kenya inflation is coming down from 9 percent to 7%.

you've forgotten Ghana does not consume dollars

To almost double your real economic in less than a years takes massive commitment to investing in the strategic areas that is needed.
This explains why Ghanaians are generally having better living conditions than Kenya.

rvp20182:
Small holder tea account for more than 70 percent of tea production in kenya. Kenya tea supports manufacturing, transport and other multiplier because it processed unlike your cocoa beans. It has greater multiplier. What we dont do is just to brand and sell them in such quantities.

Rice/Maize - we leave that to Tanzania - to supply us with deficit - we sell them finished goods.

Let me just laugh...
Small holder farmers produce 50% of Kenya tea while multinationals produce the remaining 50% ..

The small holder farmers end up spending the little monies they get on paying for the leased lands and that is why they've remained poor for year.

The Ghanaian cocoa farmer receives a higher price for his cocoa and also get scholarship for all his children into university.
While Ghana export 3.5 billion in cocoa beans and 3.2 billion in cocoa products.
That has a greater multiplayer effect.

Ghana now produces 1.2 billion dollars plus worth of rice which is sold locally... The trickle down effect is massive than the useless tea.

rvp20182:
Mad man in his element Eti refined gold cannot be smuggled out


More than $9b worth of Ghana gold exports unaccounted forhttps://www.ghanabusinessnews.com › General News
Oct 30, 2021 — The Ministry of Lands and Natural Resources on Friday inaugurated a special committee to halt gold smuggling in Ghana

like you said unaccounted for .. that was just pure poor journalistic reporting and the BOG came out to Clare that misconception.
PMMC couldn't provide export data for 5 years because because BOG took over all export activity from them under a 5 years ban from BOG untill the meet BOG approved standard.

rvp20182:
It's declining not because there is a substitute but because the economy is grinding to halt - folks can no longer afford to buy much. It could completely dry up like SriLanka or Lebanon. It's not good thing mad cow.

It has declined consistently for 10 years ... You'll have to wait for long for that halt

It has been a consistent effort to reduce import bill by providing local alternative which making sure that export grows massively... It's completely a good thing and it is reflective in Ghana GDP growth. As the country GDP has grown from 590 billion cedis last year to almost 1 trillion cedis this year.

That is a huge jump

Kenya is headed for a Sri Lanka Lebanon situation where your import bill continue to be unsustainable and that was evident in how WB and IMF had to step in before you guy could import food and fuel this year and if your country does not start switching to production, you'll continue to have huge problems with poverty ever growing larger and larger.

2022 total export of Ghana is 26 billion dollars.

rvp20182:
Reduce the base insults - and maybe your verbiage can make more sense.
Mineral concession is almost standard - you get a prospective license for few yrs, then once you have proven deposit, you get a long term minning license.
There are penalties on both parties if you were to renege.
The reality is your gov sold out - and is completely at mercy of private miners - both small and big.
Botswana has done very well - and is model country for mining in Africa.
This now a middle class country that made diamonds work for them.

Ghana has mined gold since 15th century with ABSOLUTELY nothing to show for it.

As for kenya - watch this video - and come & talk - if lazy read the comments. Kenya has done incredibly well for resource barren country

https://www.youtube.com/watch?v=QXc3D8KKkDs&t=1354s

this video is funny because all there is is tea farm which is mostly corporate farms lands owned by multinationals.. with a 1.5 billion output
When Kenya is busy importing 900,000 metric tonnes of rice

rvp20182:
You could say it's a silver lining of the unintended consequence - certainly it's not strategic. If you wanted to devalue cedis - you'd have to do it slowly - but certainly your gov has lost the handles here.

it's actually strategic... Ghana import bill is about to decline even further to 8 billion dollars from 2023 ending onwards....

rvp20182:
No wonder more gold is smuggled than is officially declared.
Gold is the most strategic asset one can think of - it's why your central bank want a piece of it.
Refined gold is easy to be smuggled, under declared or any other shenagians by companies.
You want to be part of the operations....so you have your eyes and ears.
Now I checked Gold Ashanti - there is only one Ghanian in the board....most likely appointed just for PR
The rest of the board are white men and women.

The same for Galamasy - Chinese gangs used to lock themselves in the room where the refining is done - while Ghanians who dug the gold wait for peanuts.

Now when it come to Oil - which Ghanian SOE is in the sector. I bet NONE.

Gold is only smuggled in your mind ... Gold is not Ivory that get smuggle out of Kenya ... You can't smuggle gold through the port of through the borders ..
Infact you'll be more concern for it safety that you won't want to gamble with it.

Every single gold is flown out and to do that, you'll need export clearance from BOG.

Gold is not a strategic asset for any govt to invest in it mining ... Oil is a strategic asset and every govt will *kill to invest in it.
Central banks can get gold when ever they want easily as long as it is mined or is available in their jurisdiction.

The hardest thing to smuggle is refined gold...
You can't under declare because everything is weigh before export.
Obuasi Gold Mine Managing Director, Eric Asubonteng, Iduapriem Gold Mine Managing Director, Samuel Pobee and their team
These are the guys who run the company in Ghana with their Ghanaian team. They subcontract to Engineers and Planners which is a west African behemoth.
Before every plane takes off, BOG weigh the amount of gold being exported and BOG also have the GOLD mined output and have the production output at factory ...
Next joke please

And for galamsey... All their output is handled by PMMC and refining is done by them before PMMC get them buyers with export license from BOG.

Gold is not Elephant tusk that you can just place in your bag and fly with... Next joke

The fact that you don't know the Ghanaian SOE with combine asset of almost 60 billion dollars is enough

rvp20182:
Yet the cedis continues to fall.

which is also a strategic policy that will bear fruit in 2 years from now.. it is leading to a lesser appetite to import certain things and it is also driving more Ghanaians to put their money into production..

We are seeing this effect in the real estate sector, manufacturing, and Agriculture...
Today, Ghana produces almost a million tonnes of rice which is just about the same as our consumption... And an increase in the production of other staples.

The explosion in growth of restaurants and other service companies.

These are the actual effect we are looking for

rvp20182:
You never completely privatize strategic assets. No country does that. You're at whims of private sector. What you did in 1992 is moronic - if you completely privatized.

You suppose to do typically 51% public; 49% private, if the asset is strategic or Infant.

Once the industry has matured - gov sells out - but not completely if it's strategic.

Now as we speak you dont own the gold - you dont own the telcom (except airteltigo) - you dont own anything - no airline - nothing - profit is repatriated - it appears mostly to South Africa.

Gold mining is not a strategic asset ... Oil is

It was actually smart because theres little to gain from deep mines.. operation cost and taxes takes 90% to 95% of what ever is recoverable.
It was only smart to privatize.

There's nothing like maturity when it comes to gold mining, operation cost only goes up every year as the mine gets deeper.

rvp20182:
There is no patriotism when money is involved. Ghanians will be first to resist such a move. You cannot exchange gold for a falling cedis. It doesnt make any economic sense.

We shall see - so far - gold purchasing has done nothing but accelerated the cedis fall.

who said it's about patriotism... Its purely business and that is why they are lining up trying to compete on who will have the largest share of their stock sold to BOG.

They know the value of the cedi and they are ever ready to sell and so far, BOG has already bought 500,000 ounces.

When export receipt come in, all the exporters already receive cedis for their export and it has been so for more than 20 years now ... So selling to BOG saves them on transportation cost.

So far... BOG gold reserve is growing and that's the most important thing

rvp20182:
If Ghana had some brains cells still functional; they should start by creating SOE; buying excavators and shovels; and go digging for their own gold; Otherwise small miners will now accelerate the smuggling of gold as they cant exchange it with falling cedis - and big mines - will reduce their operation to bare minimum required to keep their minning licenses.

You cannot talk about gold you dont own. Your sold out for 400m dollars more than 50 percent of Ashanti gold.

We are not a communist country like Kenya... Our days of doing that ended in the 1992.

It is dumb for any govt to put money into gold mining when private capital is doing the needful.

Small skill miners gold are already bought by licensed gold buyers through PMMC and that is where the Bank of Ghana will be getting the remaining of the gold that it will need to buy.

Big mines are already pumping more money into expanding their mines in order to sell to BOG for cedi...
Anglo Gold Ashanti just spent 400 million dollars to expand the business last year or so.

rvp20182:
You cannot force gold miners to sell their gold in cedis - so you can use it as forex. That is rather obvious. You lost the plot long time ago. Gold companies are not going to exchange something valuable for a useless currency on a free fall. If you try to force them - they will cease operation. Your forex situation will become even more critical - because they are bringing forex (well if they dont repatriate to South Africa and whoever owns the mines).

“Ghana’s government has 10 percent interest in all the mines but beyond the government, there is no Ghanaian who has [even] 2 percent shares in the mines. Ghana’s government has 55%, and they sold their interest from 55% to 25% in 1994.

“So, the Ghana government sold and took 400million dollars out and so Ghana government became 25% and not a 55% shareholder and later on we merged and became AngloGold Ashanti.

“And currently, as we speak, it has zero equity interest in AngloGold Ashanti. The Ghana government had 10 percent in the mines, like Obuasi etc, but as the company that merged, the Ghana government has zero percent of AngloGold Ashanti, which is a shame because we sold,” he said.

Sam Jonah also stated that in South Africa, all the mines are owned by South Africans which meant that profit was not expatriated and that accounted for Johannesburg’s recognition as a gold mining city.

yes we can... It is done all over the world.
Even your personal gold, if it is not kept in a vault with you but held by an institution., Govt can take it over and it is done everywhere in the world.

Those who were not happy to sell gold below the market price are all lining up waiting for orders from BOG.
The Cedi is valuable as much as gold now and that is why they are busy selling for cedis.
Where are they going to seize operation and go to?
If they leave, the Ghanaian companies proving 48% of Ghana gold will just take over the remaining 52%

rvp20182:
The usual madness of throwing random figures.

Cry more ... Madman

Ghana produces 5 million ounces of gold
And ounce of gold is selling for 1,754 dollars per ounce
BOG will buy 1 million ounces yearly at 1,600 dollars per ounce


Which one is random?

rvp20182:
Newmount sold you 3,500 ounces as CSR (they mined 3.3 million ounces out of Ghana) - but asking 20% of their gold - mmmh they will draw the line eventually.

If you're buying gold with cedis that is on a free fall it aint gonna happen.

As for economic prospect - you're likely to go back to low income HIPC this year - with nominal GDP set to half - so you might have gdp per capita of 1000.

You forgot the part where it stated that they engaged the BOG to sell gold to them.
They all have no option than to sell 20% to BOG and collect cedis because doing that will reduce their operating cost.

Let's see them draw they line and go to Kenya They do that and Ghanaian companies will effectively take over the entire industry to increase their share from 48% to and 100%


Cry more .... It's already happening and everyone is happy to sell


It's good that Ghana GDP per Capita is 2,700 dollars... Kenya still have a huge way to go from 1,800 dollars

rvp20182:
That explain why your currency is now JUNK and sovereign credit rating is JUNK and your contribution here JUNK. Ghana is a JUNKYARD.

You're the 1st desperate country to run to gold when they experience forex challenges. It almost the standard respond when countries cannot find USD.

Steve Hanke.
In #Ghana, the #cedi is on its back foot. By my measure, the cedi has depreciated by ~57% against the USD since Jan. 1, 2022. That puts the cedi in the tank as a junk currency.

More weeping from someone from a country whose currency is valueless in the face of the cedi.

Let me list the Central banks that have bought huge sum of gold this year
Bank of England
Deutsche Bundesbank,RBI and every single eastern economy.

This is why central banks buy gold... You're about to watch the BOG carry out huge printing.

rvp20182:
This will end badly - as no sane individual will accept to exchange gold for a currency on a free fall - they will simply go slow on gold minning.

Ghana's government on Friday ordered all large mining companies to sell 20% of the entire stock of refined gold at their refineries to the country's central bank starting January 1, part of its plan to stem dwindling foreign currency reserves.

The Bank of Ghana and the government's marketing arm will buy the gold from companies including Newmont (NYSE:NEM), AngloGold Ashanti (NYSE:AU) and Gold Fields (NYSE:GFI) at the spot price with no discounts.

Ghana, which is Africa's second largest gold producer, is struggling to stem a slide in the cedi, the world's worst performing currency this year, dropping 57%.

Newmont is a sane company and so is Anglo Gold...
They are already increasing their mining activities

Cry more
In 5 to 10 years time when Ghana become an upper middle income economy with a currency that is largely reserve backed at 80% like the swiss have done... You'll be here crying more.

rvp20182:
You're mixing two unrelated things. Gold backed cedis - and bauxite used as loan security. The former is desperation in bid to secure forex & has made things worse for cedis - the latter is okay. It's better than using farmers cocoa beans as collateral like you have done before.

Dumb submission as usual... So every central bank is desperate to secure forex because they are buying gold er?

This policy decision was moved 3 years ago and it started taking shape almost 2 years ago.

rvp20182:
Anglo-Ashanti can only sell Gold to Ghana gov in USD - never useless cedis. Your gov has been struggling to buy from illegal miners. That is why Cedis is has now depreciated more than 150% percent.

You cannot talk about gold when you own no mine - that gold was CONCESSIONED to private sector - and you wait to buy - just like Kenya buys gold.

Newmont has already sold for cedis ... Anglo gold Ashanti is waiting for orders from the Bank of Ghana and so are others... They have no need for dollars because all their gold returns were already being converted to cedis and used in Ghana anyway.

Basically.. cedi is king

Keep crying..... Central Banks have been the largest purchasers of gold this year and it is the first time since 1967..
Everyone knows where the wind is blowing towards..

POKUASI2:
listen to that annoying "I'm better than the rest" argument they always push forward.
What makes you think south Africa can not beat Nigeria to qualify?
So are you in anyway saying south Africans are deserving of world cup participation?
You cheated south Africa to get to where you are and kamar visited you, paid you in your own coin and you're all over the cyberspace crying blood about how ronaldo "dived" yet Daniel amartey was a pillar of salt touched a south African water that had him collapsed without a touch from the south African.
Let's see what excuse you're gonna give again after Korea finishes you on Monday.

No one is crying blood kiddo.... We are saying FIFA Did not invest billions into VAR for it to just sit in a room when VAR was particularly meant for moment like this on the big stage.

Infact Ghanaians for the first time in 8 years saw the Black Stars play like how we know them so we came out of that game happy knowing we have a team for the next 15 years.

You're the one on here crying because you saw the most exciting game of this WC and pained that we didn't lose badly.

rvp2018:
I actually checked - Ghana gov own 0.01 % of Anglo_ashanti
Something is wrong in that NATION.
How did this happen??

Now they are chasing galamsy for gold to prop the cedis?

Kenya gov will never allow such strategic assets to be completely privatized.
https://www.anglogoldashanti.com/investors/shareholders/shareholder-analysis/

why would we want to own anglo gold when we take 35% to 40% windfall tax on all recoverables from them for our mineral investment fund ?

That's because Kenya is a Soviet country hence your govt will want to have a stake to run a business... Learn because we don't do that here... Gold mining is a drain and leaving it for the private sector is the best decision.

Oil and gas is a better strategic asset to form privately run companies to take enough shares in.
Saying this, how is the turkana oil shit going ?
Who is mining Kenyan gold?

Now I understand why zinc housing is so huge in your country housing data

https://www.youtube.com/watch?v=A86bdsG7jSk

https://www.youtube.com/watch?v=ozTbR691r7A

rvp2018:
Ghana doesnt own the gold nor the crude oil.
How will they force Anglo Ashanti to have their gold exchanged for Tullow Oil.
That Ghana gov that has run out of it's thinking capacity.
If this was Saudi Arabia or even Nigeria with NPP or Algeria with PUBLIC sector or SOE oil or gold company - they could talk.
The first thing they need is to nationalize it's oil and gold sector - then they can do as they wish.
Ghana extractive sector is privatized - gold is owned by SouthAfrica-US congolemerate - and the Oil by Tullow & others.
Russia can sell in rubbles because there is no Shell in Russia - SOES owns and sell their natural resources.Therefore Russia minister of finance can decide...to prop their rubble with their oil or gas.

Monkey see. Monkey do.

Ghana should concentrate on getting into IMF program.

All they get from oil and gold is mineral royalties - and corporate taxes - they dont own oil or gas per see.

You just get up and post nonsense that you don't know about.
Anglo gold is already selling gold to the Bank Of Ghana and receive Cedis as payment and govt also allowed Ghanaian gold miners to infringe on their reserves.
This made most of the mining firms and their bankers angry, so they retaliated by getting the the likes of Fitch and Moody's to downgrade Ghana using ESQ as their reason(which simply means that Ghana is not adhering to Environmental practices and their policy advise)
It doesnt look like Ghana is backing down.. I mentioned the last time that Ghana had 3 options and one of them was to consider joining BRICs.

Ghana has been lifting oil from all it oil fields since drilling started .. we don't have to own the fields to have 35 to 40% stake in various fields.
We don't need to own a gold company to take wind fall tax of 35 to 40% on all recoverables

GeneralDae2:
I read somewhere Ghana wants to exchange gold for petrol rather than dollars due to the low dollars in reserves.

I think this is a good policy and Africans should wake up and try to find substitutes for the U.S dollars.

What do you think? @vaxx, Just40??

What this means is that, Ghana has decided to join the gold backed futures contract in Shanghai... This is a yuan based benchmark and it is just one step away from having a BRICs membership discuss like Saudi Arabia is currently having.
This is the Chinese plan to detrone the US dollar and introduce a Petro yuan system, using the Shanghai gold exchange. It also means that Ghana will be selling it oil in their gold backed securities. #For gold

rvp2018:
Mad cow.

95% of Accra is slum. 5% is East Legon/Airport

Nairobi 95% of Nairobi land mass is great. 5% of land mass are occuppied by slums - majority illegally built in public land - river basins and forest edges - with people parked like crazy.

All the slum dwellers are victim of rural-urban migration - who arrive to find no formal jobs - that can sustain urban living - and should ideally be in rural areas farming if farming was profitable, good schools available, security and etc . It cheaper for gov to fix agricluture - and keep these people in their farms.

As for Nairobi versus any West Africa city - no contest

You can never really have a Nairobi versus Ghana picture or video contest.

It just not possible - unless you're a mad Ghanian

Rants of a madman

Every part of Accra look like that, superb residential communities baring the 4 slums.

You don't need to rant madly, let's stick to facts.
We all know what 80% of nairobians live in, what you already know to be slum scrappers... Only a few people live in organized and nice communities which are just a few estates.

There's a reason why Nairobi doesn't come close to most West African cities in development even the power consumption alone is enough to tell you why.

If you're bold enough, you wouldn't have wasted 7 years here posting only parkland, Westland, upper hill, *Karen and *runda
A tiny 4% of Nairobi

rvp2018:
The rate of urbanization or optimal urbanization has nothing to do with Kenya. Look at China - it just got to 50 percent. Look at other countries.

Ghana, Nigeria, DRC and many Africa countries have a pre-mature urbanization that created sprawling slums.

Most of Ghana cities - including Accra and Kumasi - quick picture test - SLUMS - entire city is almost a slum to me.

Rants of a madman

Does this look like a sprawling slum to your glaucoma filled eye or it look like a well built community? That is what 80% of Accra and Kumasi communities look like. SUBURBAN Proper living.

https://www.youtube.com/watch?v=gdPrhsQvorg

Isn't that a reason why you can't post 90% of Nairobi? The shame of how slummy most part are is the reason why you can't post.

If you want, we can go community by community with videos , I have video of every community in Accra.


There is a reason why Your country comes out as the country with the largest slum population in Africa and there's also a reason why it is largely a village.

We have the infrastructure to move them quickly and that is why it is possible for them to live in their suburban dreams and be able to relax..

Obviously they are better off in cities and the outcomes of their lives is obvious enough... Good living, more cars ownership than Kenyans, more beautiful properties than Kenyans can afford.

rvp2018:
Ghana is not urbanizing faster than Kenya. It urbanized long time ago. It prematurely urbanized creating slumpolis. Houses for rent, AirBnb, and any decent housing is expensive because there is no supply of decent housing. Almost everyone in Ghana just buys or get a plot - and build their own ramshackle without water or sewage - or even metered power. The main rentals available are normally corner or extension of the main houses.

Problems
1) Premature Urbanization - 50% plus urbanization at your stage of under-development is not good - half of those people should be in their villages digging or tending to goats.

2) Informal housing created sprawling slumpolis without decent formal housing sector.

The fact that Ghana is more developed than Kenya in every sector should give you an idea why we are more urbanized with commercialization in every community.
Ghana has 86% access to water... If you had said streets paving delaying, I would have agreed with you but not water and sewage, those things even get done before lands are sold and before houses are completed and so does drainages.


Your point 2 rant is just another rant all because Ghana managed to create beautiful communities with proper housing in it suburban towns where majority of the people choose to live because they are well to do.

Packing people in tin cans in Nairobi is abnormal, atleast there should be some kind of standard and not those nasty Soviet blocks.

Shma2022:
Dwarf step indeed.
A mere single block of 11fls with a useless render.
Look at this single structure again. It can form a new Accra.

The same useless render you posted in your first pic..

Just one apartment but in this single area, there are 50

rvp20182:
This must be 2nd apartment in entire of Ghana. Where do you surely put all the mineral money

from the the housing data, Ghana has more more housing than you country... That's were we put our money.

That should as well tell you that there are more apartment here that your country.. you'll find them in every region where but they are not the dominant form of housing

Build on this skill and then we can talk , if you know what almost 500 sq km of Beautiful neighborhoods look like and not those slum scrappers you guys live in and call estates. Suburban


https://www.youtube.com/watch?v=gdPrhsQvorg