₦airaland Forum

Another progress in Africa Aviation and Free Trade. - The Single African Air Transport Market(SAATM)

Finally! 15 African countries will pilot (pardon the pun) airlines' Open Sky policy essential to lower cost of flying in Africa. Kenya, Ethiopia, Côte d’Ivoire, Cameroon, Ghana, Moz, Namibia, Nigeria, Rwanda, SA, Senegal, Zambia and others to allow flies to each others' countries.

I think KQ will now be able to fly Accra to Dakar.

Previously all the flights need to go through country airport - before any re-connection. Now airlines can fly to any of 15 countries like they were local destination - remove unnecessary taxes and restrictions - that makes inter-africa flights very expensive.

AFDB Industrialization Index. South Africa leads

rvp20182:
I am sure after next game - you'll have nothing to say about soccer. What is complicated about soccer. It's popular because it possibly the most easiest team sport.

your are always found of barbarous statement , statement from uncivilized kenya . Soccer is the most popular sport in the world because it attract the biggest investment . The advertisement side of it tell it all. Logical people put their money where there is value and not on unskillful game like running. Running is not even an exciting sport . Who cares about the kilometers you run . but in soccer, your adrenaline must pumped up (irrespective of being a player or a spectator). I wonder how running entertains you.

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

rvp20182:
That is why your ministry of finance cannot use gold - but must go to the market - and buy it.
If I was MoF in Ghana - I would want to sit on that board - be part of operation.
There is a lot of crap that goes on there - you need to be part of the operation.
And you need to make decisions as part of company operation

Your gov priority should be to start gold and oil extraction company. You should learn from Nigeria - though NPP is raking losses - but at least they now own like 50% of their oil/gas sector - and are not completely under whims of Shell.

I think Angola owns lot more - and definitely Algeria is SOE run - State-owned national oil company Sonatrach, the largest company in Africa, owns roughly 80 percent of total hydrocarbon production in Algeria

As of now - you just wait at end of the line for royalties and taxes.

You are just an idiot , always typing hogwash, once you don't know, humbly ask. I always told you, this is not a republic of tea and flower . Govt owns nothing but control everything ( that is govt interest) no govt owns cocoa land too in Ghana, the govt rather buy from farmers and sell it on their behalf .

Ghana has a gold deposit even if at all it is not willing to go to market for it .

They are lot of government reserved area here that has not yet been sold out for private development and even the current largest gold mines ( tarkwa mines), govt owns more than 10 percent shares . And Ghana is now building her gold reserved. Gold miners must sell 20 percent of their gold refined to Ghana govt and cedis will be used to pay . It is a law in Ghana now. Every 20 percent of gold mines in Ghana belong to Ghana government. Govt buy them by law with cedis .

Paying royalties and export tax alone tells you , you indirectly govt owns it while those private company managed it for you. It is win -win situation. Bring your money , find the deposit( oil or gold ) Yourself with your resources ( you might be lucky or not ) if lucky pay royalty on it and get govt interest on it , by automatically awarding shares to govt . Gives job directly to people and indirectly. It therefore decreased govt unnecessary spending. That is logical .

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

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

vankelvin:
Loser feel free and support whichever team you want to support, nobody cares.
Anytime I'm interested in Black Stars match I come to nairaland to make my predictions but I forsaw this coming hence my silence before the match.
One thing you don't know is whenever our President comments or visits Black Stars in camp we lose so the moment I heard he's gone to Qatar I knew we would loss the match.

You on the other hand know very well South Africa would never have qualified ahead of Nigeria to World cup but here you are talking trash as if South Africa would have played any better

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.

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.

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??

Gold has won where oil has failed. We are joining the forces of ending dollarization soon. We first forcefully start buying gold from our major miners in cedis instead of dollar ( the international Company got pissed off but they can only bark, they can't bite )Ghana is the largest gold producing country in africa , they are aware of it. The gold getting from here doesn't consume so much resources like that of any country ( particularly south africa) where you have to dig deeper than necessary making them loosing money and resources . So they have no other option than to succumbed.
The logic is , gold would prevent the exchange rate from directly impacting fuel or utility prices as domestic sellers would no longer need foreign exchange to import oil products. We did something of similar by signing synohdro deal with china , we exchange bauxite with infrastructure deals. They are developing high way roads , constructing bridges and about building the largest dam in the northern region ( Worth about 900 million dollars ) we are exchanging refined bauxite for this deal instead of borrowing cash.

This verbiage dont make sense.
You cannot privatize strategic assets completely.
Botswana that has done good job in minerals owns at least 15 percent of De Beers.
You cannot own what you dont mine.
You have to wait for gold miners to sell you the gold - because you cannot mine your own gold.
So all these gold ambitions are empty talk - and that is why Cedis has gone haywire.

Dont even try to compare yourself to kenya - Kenya SOES are all over the map in both strategic and non-strategic assets.

vaxx:
You are just an idiot , always typing hogwash, once you don't know, humbly ask. I always told you, this is not a republic of tea and flower . Govt owns nothing but control everything ( that is govt interest) no govt owns cocoa land too in Ghana, the govt rather buy from farmers and sell it on their behalf .

Ghana has a gold deposit even if at all it is not willing to go to market for it .

They are lot of government reserved area here that has not yet been sold out for private development and even the current largest gold mines ( tarkwa mines), govt owns more than 10 percent shares . And Ghana is now building her gold reserved. Gold miners must sell 20 percent of their gold refined to Ghana govt and cedis will be used to pay . It is a law in Ghana now. Every 20 percent of gold mines in Ghana belong to Ghana government. Govt buy them by law with cedis .

Paying royalties and export tax alone tells you , you indirectly govt owns it while those private company managed it for you. It is win -win situation. Bring your money , find the deposit( oil or gold ) Yourself with your resources ( you might be lucky or not ) if lucky pay royalty on it and get govt interest on it , by automatically awarding shares to govt . Gives job directly to people and indirectly. It therefore decreased govt unnecessary spending. That is logical .

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.

Just40:
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

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.

vaxx:
Gold has won where oil has failed. We are joining the forces of ending dollarization soon. We first forcefully start buying gold from our major miners in cedis instead of dollar ( the international Company got pissed off but they can only bark, they can't bite )Ghana is the largest gold producing country in africa , they are aware of it. The gold getting from here doesn't consume so much resources like that of any country ( particularly south africa) where you have to dig deeper than necessary making them loosing money and resources . So they have no other option than to succumbed.
The logic is , gold would prevent the exchange rate from directly impacting fuel or utility prices as domestic sellers would no longer need foreign exchange to import oil products. We did something of similar by signing synohdro deal with china , we exchange bauxite with infrastructure deals. They are developing high way roads , constructing bridges and about building the largest dam in the northern region ( Worth about 900 million dollars ) we are exchanging refined bauxite for this deal instead of borrowing cash.

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..

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. What happen next - your forex situation becomes even more acute.

Next your gov might have to buy shovels and cans of mercury - and start their own galamsy

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%.

Just40:
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..

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.

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. The problem you dont even have any gold minning abilities.....and now restorted to "stealing" gold by ordering them to sell gold for useless CEDIS - who will do that? So you can use the same gold as dollars

Why would gold minning company sell their precious stone for cedis ?//

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.

Just40:
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:
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.

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.

Just40:
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:
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:
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

The usual madness of throwing random figures.

Just40:
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:
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?

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.

Just40:
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?

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.

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%

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.

Just40:
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:
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.

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. The rationale for gov owning infant industries is derisk the sector...but once it's profitable..it exit.

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.

The first priority should be to create 1) Ghana National Gold company - even if it wont be efficient it will mine the gold you need for that forex reserve program 2) National Oil company -

Just40:
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:
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

Yet the cedis continues to fall.

Just40:
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:
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.