₦airaland Forum

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.

Just40:
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:
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:
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.

You are an asshole, nobody privatize anything, you are only renting the surface area as an investor and your license can be expired and renew. Once you have a million dollar and shows other legal documents to mine , you will be given a rented area to mine , you mine , you pay back to govt in form of royalties and others . I don't know botswana package for private investor but I doubt bostwana can have a better juicy package than this. Instead of owing the license , we sell out the license and other form of royalties. That is more than fifty percent stakes when you add everything there in up . We have a good management team hear. We aren't short of ideas. We sell license instead of doing the capital intensive work.

The gold ambitions is already in place , Ghana refined gold deposit as increased since January when the law was passed.

Kenya has nothing to compare , even the little resources you have , you badly managed it . Checked the oil deposits in turkana , tullow oil was forced out of the deal since it lacks value. No energy company is interested in your backwater country

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.

Just40:
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'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.

they are both securities dumb kid . You used what you have to gain what you don't have .instead of using the scarce dollar for the procurement of oil, we used what we can access for it ( gold ) instead of entering into expenditure mismanagement like kenya trainline deal that ends up as burden in your country , we rather furnished china with refined bauxite and got back our infrastructure in likely terms . So it is about having an advantage. You can't trade tea and flower for such a juicy package.

Do you know Despite your country known human right activist forcing kenya by getting court injunction to disclose the china -kenya loan agreement package to everyone, your country has failed to open up til date.

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

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

vaxx:
You are an asshole, nobody privatize anything, you are only renting the surface area as an investor and your license can be expired and renew. Once you have a million dollar and shows other legal documents to mine , you will be given a rented area to mine , you mine , you pay back to govt in form of royalties and other . I don't know botswana package for private investor but I doubt bostwana can have a better juicy package than this. Instead of owing the license , we sell out the license and other form of royalties. That is more than fifty percent stakes . We have a good management team hear. We aren't short of ideas. We sell license instead of doing the capital intensive work.

The gold ambitions is already in place , Ghana refined gold deposit as increased since January when the law was passed.

Kenya has nothing to compare , even the little resources you have , you badly managed it . Checked the oil deposits in turkana , tullow oil was forced out of the deal since it lacks value. No energy company is interested in your backwater country

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....

One is security for loan - the other you want to use as currency to buy oil. They are not the same. You want to use gold now that cedis is useless.

Problemo - you dont have any gold - it's been concessioned to private sector. You want to force them to sell gold for cedis that is useless so you go around it's uselessness

vaxx:
they are both securities dumb kid . You used what you have to gain what you don't have .instead of using the scarce dollar for the procurement of oil, we used what we can access for it ( gold ) instead of entering into expenditure mismanagement like kenya trainline deal that ends up as burden in your country , we rather furnished china with refined bauxite and got back our infrastructure in likely terms . So it is about having an advantage. You can't trade tea and flower for such a juicy package.

Do you know Despite your country known human right activist forcing kenya by getting court injunction to disclose the china -kenya loan agreement package to everyone, your country has failed to open up til date.

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.

Just40:
it's actually strategic... Ghana import bill is about to decline even further to 8 billion dollars from 2023 ending onwards....

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

Just40:
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:
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

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.

Just40:
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:
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

you can't be making dumb comment and don't be expected to be insulted, I won't spare you. Unless I see there exist some decorum in your writing. At least make sense a little , maybe do a little research before you reply that may limit the insult . For now , enjoy it like your normal good morning tea.

Stop repeating what I know. Not every country goes with mineral concession . It depends on the amount the country is willing to spend itself . Aramco is fully pure Saudi Arabia property and they operate on nearly oil field in saudi arabia , they are so rich that they can both do the operation and the processing all alone. Ghana that enters into it has no financial power like Saudi Arabia . If there is adequate technology and enough financial muscle , there is no need of entering into concession if it happens you suspect a deposit of any kind of minerals .

Just like said, it is not sold but rent , you can't completely by gold mining area , nobody does it. What they do is renting , so you rent a surface area , you mine for a particular period of time within stipulated time in your agreement and if there is need to continue , you renew the renting again, it is call d mining lease.

For the fact that we aren't poor like the people of turkana, that alone makes us stand out . We have used gold money to increased the welfare of people.

For kenya , it is a dead case, the gap of poor and rich keep increasing at alarming rate , it isn't the same here

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%.

Just40:
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.

Just40:
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

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

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.

You had close to 50% of Ashanti Gold ownership; then you sold out for 400M dollars; and now you're totally dependent on privately owned miners.
The oil sector - the same drill.
The bauxite is even worst - you gave it to Chinese for a loan.
Cocoa beans - you also gave it away to china - all monies are escrowed there first.
In short you dont own the most strategic assets - because it either in long term leases or concessions or held as security in china.

You're big joke as country.

vaxx:
you can't be making dumb comment and don't be expected to be insulted, I won't spare you. Unless I see there exist some decorum in your writing. At least make sense a little , maybe do a little research before you reply that may limit the insult . For now , enjoy it like your normal good morning tea.

Stop repeating what I know. Not every country goes with mineral concession . It depends on the amount the country is willing to spend itself . Aramco is fully pure Saudi Arabia property and they operate on nearly oil field in saudi arabia , they are so rich that they can both do the operation and the processing all alone. Ghana that enters into it has no financial power like Saudi Arabia . If there is adequate technology and enough financial muscle , there is no need of entering into concession if it happens you suspect a deposit of any kind of minerals .

Just like said, it is not sold but rent , you can't completely by gold mining area , nobody does it. What they do is renting , so you rent a surfalàllllce area , you mine for a particular period of time within stipulated time in your agreement and if there is need to continue , you renew the renting again, it is call d mining lease.

For the fact that we aren't poor like the people of turkana, that alone makes us stand out . We have used gold money to increased the welfare of people.

For kenya , it is a dead case, the gap of poor and rich keep increasing at alarming rate , it isn't the same here

The usual prevarication we are used to from Ghanians.

Just40:
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:
One is security for loan - the other you want to use as currency to buy oil. They are not the same. You want to use gold now that cedis is useless.

Problemo - you dont have any gold - it's been concessioned to private sector. You want to force them to sell gold for cedis that is useless so you go around it's uselessness

You are not making sense here and you expect me not to insult you.

You stupidly said a country that recently overtake south africa as the largest gold producer has nothing. Now tell me if I made mistake calling you a mad man.

Security - is a future charge - that will only be realized if your default. That is your bauxite and cocoa beans. They are being held by chinese until you finishing paying for loan.

Gold - you already sold the gold to private investors as concession/licenses - and now if you want it back - you have to buy it. If they refuse to sell in cedis - what you gonna do? Grab their gold? They stop minning.

South Africa majority owns AngloAshanti - therefore own AngloAshanti - the profit is shared by shareholds after they have paid O/M, royalties and taxes. They repatriate the profit to Joburg.

If you want to own gold - carve out new gold areas - and start minning. The areas under concession now you gov already ate the money.

vaxx:
You are not making sense here and you expect me not to insult you.

You stupidly said a country that recently overtake south africa as the largest gold producer has nothing. Now tell me if I made mistake calling you a mad man.

rvp20182:
You had close to 50% of Ashanti Gold ownership; then you sold out for 400M dollars; and now you're totally dependent on privately owned miners.
The oil sector - the same drill.
The bauxite is even worst - you gave it to Chinese for a loan.
Cocoa beans - you also gave it away to china - all monies are escrowed there first.
In short you dont own the most strategic assets - because it either in long term leases or concessions or held as security in china.

You're big joke as country.

I am loosing interest in your not making sense comeback, when I see one , I shall reply .

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.

Angola has strong SOE - sonangol - now part of ANGP - that explore and extract hydrocarbons
Nigeria has NPP - that takes away the shame of Shell Nigeria.
Algeria has Sonatrech - largest company in africa - that explore and extract hydrocarbons.
Kenya has National Oil/Kenya Pipeline/etc
Botswana gov owns 15-25 percent of De Beers - the diamond giant.
Ghana gov owns 0.01% - zero - of AngloAshanti - the gold giant.

I havent researched on the oil industry - I bet Tullow run the show

vaxx:
I am loosing interest in your not making sense comeback, when I see one , I shall reply .

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

Just40:
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.

Le'mac

...

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.

....

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

as it has always been

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

Rant on