Mining Investment: Ghana Under Spotlight

Image
People gather around machines as they work at a jade mine in Pharkant township in Myanmar’s Kachin state January 11, 2010. Being abundantly rich in mineral resources, Myanmar produced over 30 million kilos of jade during 2008-09 (April/March) fiscal, compared with over 20.23 million kilos a year ago, according to official data. REUTERS/Soe Zeya Tun (MYANMAR – Tags: SOCIETY ENVIRONMENT) – RTR28R9U

By Dipo Olowookere

Mining Indaba delegates were offered a sneak preview of some ground-breaking work in Ghana, designed to unpack new approaches to linkages, investment and diversification in the country’s minerals sector during the Linkages Panel Session on 8 February 2017.

The Mining Indaba Special Information Session on 8 February 2016 shared findings from a new economic assessment on linkages and domestic procurement in Ghana, conducted jointly by the African Minerals Development Centre (AMDC) and the German Federal Institute for Geosciences and Natural Resources (BGR).

Ghana invited the study following its recognition of the need for upstream domestic supply linkages, diversification of the country’s economic structure, stronger involvement of the local business sector, and enhancement of its human resource and technological capabilities to create sustainable value from its mineral resources.

Kojo Busia, moderator of the panel session and Acting Coordinator of AMDC, explained that this work with Ghana will help in onboarding the Africa Mining Vision (AMV) through a country-specific mining vision, saying “The Country Mining Vision is where the ‘rubber meets the road’ in implementing the AMV.

“Ghana is a relatively mature mining country and there is an opportunity for the country to optimize and add value. And this transformation requires examining this from a regional dimension.”

One of the possible outcomes from the Ghana study is the potential for a national suppliers’ development programme, in partnership with the mining industry, local suppliers, and government.

Using Ghana’s experience as a springboard, the AMDC-hosted session also brought together key experts to examine the African mineral sector’s potential for deepening linkages, promote investment and pursue diversification to contribute to broader economic transformation.

The session, which is in partnership with BGR, focused on concrete opportunities in value creation within upstream linkages in the mining sector in Africa.

Johannes Danz, program officer of extractives and development at BGR, noted that the concept of producing locally needs to go beyond locally registered firms, and should involve local production and value addition. Big-ticket items should be the focus of local procurement.

Edward K. Brown, director of policy advisory service of African Center for Economic Transformation (ACET) shared the Center’s assessment of local content value addition in 8 African countries. Findings indicate that as many countries have very small markets, establishing domestic manufacturers may suffer from limited demand. Thus we need to look regionally throughout ECOWAS.

As well as Johannes Danz of BGR and Edward Brown of ACET, speakers included: Tony Aubynn, Chief Executive Officer, Minerals Commission, Ghana; Abraham Workwui, Newmont, Ghana; David Noko, Vice President, Sustainable Development, AngloGold Ashanti; and Suleman Koney, CEO of Ghana Chamber of Mines.

Share
Related Stories
Image
27-February-2024

BREAKING: CBN Raises Interest Rate by 400bps to 22.75%

By Aduragbemi Omiyale The Central Bank of Nigeria (CBN) has announced a 400 basis points or 4.00 per cent hike in the Monetary Policy Rate (MPR). The Governor of the CBN, Mr Yemi Cardoso, while addressing journalists at the end of the two-day Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, said the team agreed to push the benchmark interest rate to 22.75 per cent from the 18.75 per cent it was increased to in July 2023, when the MPC was last held. Business Post reports that the Cash Reserve Ratio (CRR) was raised by 12.5 per cent to

Image
27-February-2024

PHOTOS: Nigerians Join NLC for End Hunger Protest

By Modupe Gbadeyanka Some Nigerians across the country have joined the Nigeria Labour Congress (NLC) to protest against economic hardship under the administration of President Bola Tinubu. The NLC had called for a two-day nationwide protest over the widespread hunger in the country as a result of the removal of fuel subsidies and the unification of the exchange rates. In Lagos, business activities are slow because of the demonstrations across the city, while it is not different in Abuja, Kaduna, Enugu, Anambra, Oyo State and others. The demonstration has been tagged #EndHungerProtest for social media followers to track and here

Image
28-February-2024

Untraceable People Traded $26bn Via Binance Nigeria in One Year—Cardoso

By Adedapo Adesanya The Governor of the Central Bank of Nigeria (CB), Mr Olayemi Cardoso, has stated that about $26 billion has passed through the popular crypto exchange, Binance, from sources that cannot be adequately identified, echoing sentiments shared by his predecessor, Mr Godwin Emefiele. He said this as he responded to the activities of cryptocurrency platforms like Binance while addressing the press after the Monetary Policy Committee (MPC) meeting on Tuesday. The MPC raised its benchmark interest rate, known as the Monetary Policy Rate (MPR) to 22.75 per cent, for the first time in eight months. The Cash Reserve

Image
28-February-2024

Nigeria’s Stock Market Stands Still to Honour Ogunbanjo’s Legacy

By Aduragbemi Omiyale The stock market in Nigeria stood still for the late former chairman of the Nigerian Exchange (NGX) Group Plc, Mr Abimbola Ogunbanjo, on Tuesday, February 27, 2024. The day was set aside to pay homage to the enduring legacy of the esteemed luminary, who died in a helicopter crash in the United States a few weeks ago along with the group chief executive of Access Holdings, Mr Herbert Wigwe, his wife and son. The NGX Group held an Afternoon of Tributes and Closing Gong Ceremony yesterday for him in collaboration with the Coronation Group. In a poignant

More Stories
Image
29-November-2016

Liberia, UNICEF Seek More Investments In Health, Education

By Modupe Gbadeyanka The need for increased investments to improve quality education services, health care, and prevent violence against children has been emphasised by Liberia and UNICEF. The call for action came after a joint annual review of progress in 2016, and agreement on priorities for focus in 2017. “Liberia has made significant progress since the end of the Ebola outbreak, with health facilities functional, and many children back in school. It is essential that we increase investments in these critical areas, to ensure that Liberia builds on the progress made, and also address other critical areas to promote child

Image
09-April-2020

Treasury Bills Yields Drop 0.05% to 2.87%

By Dipo Olowookere The average yields of treasury bills at the secondary market went down on Wednesday by 0.05 percent to settle at 2.87 percent on the back of buying pressure witnessed at the session. It was observed that yields declined across most of the tenors monitored during the midweek trading day. An analysis of the day’s transactions showed that only the one-month maturity recorded a rise in yield. The bucket appreciated by 0.20 percent to 2.27 percent from 2.07 percent it closed on Tuesday. Yield on the three-month maturity fell by 0.25 percent to 2.15 percent to 2.40 percent,

Image
16-March-2022

Equity Trading in Nigeria Closes 0.19% Lower

By Dipo Olowookere Sustained profit-taking further weakened the Nigerian Exchange (NGX) Limited on Tuesday by 0.19 per cent as investors awaited the inflation figures from the National Bureau of Statistics (NBS). The stats office, which later released the numbers after the equity trading closed for the day, said inflation accelerated by 15.70 per cent in February 2022 on a year-on-year basis. Back to the stock market, the All-Share Index (ASI) depreciated by 87.81 points to 47,340.86 points from the preceding day’s 47,428.67 points, while the market capitalisation went down by N48 billion to N25.514 trillion from N25.562 trillion. During the

Image
25-April-2022

Twitter to Finally Accept Elon Musk’s Offer of $43bn

By Adedapo Adesanya Twitter is set to cave in and sell the social network platform to the world’s richest man, Mr Elon Musk, for around $43 billion in cash, Reuters is reporting. Citing people familiar with the matter, it was reported that the price the chief executive of Tesla Inc has called was his “best and final” offer for the social media company. The news service said that Twitter may announce the $54.20 per-share deal later on Monday once its board has met to recommend the transaction to Twitter shareholders. It is always possible that the deal collapses at the

Image
26-November-2019

Onyema Indictment: Expert Advises Caution, Warns EFCC Against Manipulation

An international forensic expert has waded into the widespread debate that the recent United States allegations against Mr Allen Onyema has generated. In a published article titled Allen Onyema and Air Peace V. US Department of Justice, Professor Emmanuel Emenyonu, a professor of Fraud and Forensic Accounting at the Southern Connecticut State University, USA, dismissed public commentary that the case is related to the recent indictment of Nigerians engaged in cybercrimes stating that “nothing could be furthest from the truth as there are hardly any facts in the November 19, 209 Grand Jury indictment.” He made it clear that the

Image
02-January-2018

Dangote Sugar Grows 227% to Emerge 2017 Best Performing Stock

By Dipo Olowookere In the outgone year 2017, the best performing stock on the Nigerian Stock Exchange (NSE) was Dangote Sugar Refinery Plc, appreciating year-on-year by 227.33 percent, to close at N20, Punch is reporting. Last year was a very good one for the local bourse and a number of equities performed relatively well at the market. For the first time in three years, the Nigerian market closed the year in the positive territory, as the NSE All-Share Index (ASI) returned 42.30 percent year-on-year. Consequently, market capitalisation advanced significantly to close at N13.61 trillion in contrast to N9.25 trillion as

Image
18-June-2019

T-Bills Yields Jump 0.11% on Sell Pressure

By Dipo Olowookere The secondary market for treasury bills finished bearish yesterday, with yields across maturities tracked during the trading session facing north. Business Post observed that activities at the market on Monday were characterised by sell-off across the tenors, which pushed the average yields higher by 0.11 percent to 12.12 percent. An analysis of the yesterday’s trading session showed that at the close of business, the one-month bill recorded a 0.02 percent rise in its yields to settle at 10.97 percent. Yields on the three-month instrument went up by 0.30 percent to close at 11.31 percent, while yields on

Image
10-August-2022

Qatar 2022 FIFA World Cup Opening Game To Be Moved Ahead

By Adedapo Adesanya The first match of the 2022 FIFA World Cup taking place in Qatar may be moved backward by the organisers, new reports suggest. The reason is to allow the host nation to be involved in the first match and will mean that the tournament will now be staged from November 20 to December. The tournament had originally been scheduled to get underway on Monday, November 21 with African champions, Senegal, taking on the Netherlands in Group A. However, multiple reports confirm that FIFA now plans to move host nation Qatar’s opening clash against Ecuador, also in Group

Ad
Ad
Recent Stories
Image
28-February-2024

Dangote Cement Wins Environmental Sustainability Award

By Aduragbemi Omiyale NatureNews has announced Dangote Cement Plc as the winner of the 2023 NatureNews Environmental Sustainability Award at its 3rd anniversary themed Climate Change and Energy Transition in Nigeria. At the Anniversary Lecture and Presentation of the Hero of Environmental Actions for Development (HEAD) held on Tuesday at the Shehu Musa Yar’Adua Centre, Abuja, the news platform said Dangote Cement was nominated for the category following a thorough screening by eminent professionals. The Publisher and Editor-in-Chief of NatureNews, Mr Aliyu Akoshile, disclosed that during the screening, it was discovered that the cement maker had deployed cutting-edge technology to

Image
28-February-2024

Nigeria’s Stock Market Stands Still to Honour Ogunbanjo’s Legacy

By Aduragbemi Omiyale The stock market in Nigeria stood still for the late former chairman of the Nigerian Exchange (NGX) Group Plc, Mr Abimbola Ogunbanjo, on Tuesday, February 27, 2024. The day was set aside to pay homage to the enduring legacy of the esteemed luminary, who died in a helicopter crash in the United States a few weeks ago along with the group chief executive of Access Holdings, Mr Herbert Wigwe, his wife and son. The NGX Group held an Afternoon of Tributes and Closing Gong Ceremony yesterday for him in collaboration with the Coronation Group. In a poignant

Image
28-February-2024

Fans Anticipate ‘Return of Maleeka (Atupa)’ by Mobolaji Samuel

By Modupe Gbadeyanka Some movie lovers are already calling on a movie producer in Nigeria, Ms Mobolaji Samuel, to release the sequel to her captivating film, Maleeka, Return of Meleeka (Atupa). The quest to see the second part of the flick is due to the exploits of the Nollywood filmmaker in the first part. However, she has called for calm, assuring her fans that the release date of her latest work of art would be announced very soon. Speaking recently on the Return of Maleeka (Atupa), the charming movie maker described the film as a story of faith and resilience,

Image
28-February-2024

FG Selects Learning Community Managers for 3MTT Initiative

By Modupe Gbadeyanka The federal government has selected Learning Community Managers for the 3MTT Initiative for all 36 states of the federation and the Federal Capital Territory (FCT). The managers were picked for the programme by the Federal Ministry of Communications, Innovation & Digital Economy, which is handling the initiative. Recall that the government secured N1 billion in partnership with IHS Nigeria to support the 3MTT Learning Community. The selection of Learning Community Managers marks a significant milestone in the government’s efforts to empower Nigeria’s tech talents. These individuals will play a crucial role in managing and assisting participants in

Image
28-February-2024

Renowned Embryologist Dr Marta Jansa Perez Visits Bridge Clinic Nigeria

By Modupe Gbadeyanka A renowned embryologist, Dr Marta Jansa Perez, has visited the Bridge Clinic Nigeria in Lagos, reinforcing its commitment to excellence in reproductive healthcare. Ms Perez is the Director of Embryology at Bridge Clinic London. Her visit to the Nigerian affiliate of the foremost healthcare organisation is a testament to the partnership between the two clinics, opening new avenues for the exchange of expertise and resources. The health practitioner arrived at Bridge Clinic Nigeria on Monday, February 19, 2024. Her week-long visit was meticulously structured around training, process and quality improvement, research and development, and guidance on best

Image
28-February-2024

Zero Routine Gas Flares and Delta Communities

By Jerome-Mario Utomi It is common knowledge that in pursuit of meeting the targets of 20 per cent (unconditional) and 47 per cent (conditional) greenhouse gas emission reduction as contained in the Nationally Determined Contribution under the Paris Accord reportedly signed by the President Bola Tinubu administration, the Nigerian National Petroleum Company Limited/TotalEnergies joint venture recently achieved zero routine gas flare in all its assets. While it is obvious that “the significance of this achievement is that the last routine flare volume of about 12MMscf/d (12 million standard cubic feet per day) of gas has now been eliminated giving rise

Image
28-February-2024

70 Active Stanbic IBTC Bank Customers Grab N7m in January Draws

By Aduragbemi Omiyale The sum of N7 million has been won by 70 active customers of Stanbic IBTC Bank in its ongoing Reward4Saving Promo. The money was won in the January 2024 draw, bringing the total number of beneficiaries since the inception of the promo in 2021 to 1,424 valued at N234 million, a statement from the company said. The Reward4Saving Promo was created to foster disciplined saving habits among Nigerians, offering them rewards for achieving specified savings targets. In the January draw, 10 winners were selected from each of the seven business regions operated by the bank in Nigeria,

Image
28-February-2024

Firms in Nigeria to Pay Annual Levy for Hiring Foreigners

By Aduragbemi Omiyale A new tax known as Expatriate Employment Levy (EEL) has been introduced by the federal government and it is to be paid by companies, which hire foreigners to work in Nigeria. The scheme was launched on Tuesday in Abuja by President Bola Tinubu and it is to close wage gaps between expatriates and Nigerian workers. The government explained that the policy aims to find a balance between leveraging foreign expertise and fostering local talent in Nigeria’s job market through the EEL, emphasising that it is not to discourage foreign investments. It was stressed that the level would

Image
28-February-2024

Senate Advocates Introduction of Food Stamps in Nigeria

By Adedapo Adesanya The Senate has urged the federal government to introduce the Nigerian version of the “food stamps programme” as an interim intervention to cushion the effects of food shortages in the country. This followed the adoption of a motion on the Introduction of Food Stamps in Nigeria as an Interim Measure to Address Imminent Food Insecurity in the country, by Mr Ali Ndume, the Senate Chief Whip at plenary on Tuesday. Presenting the motion, Mr Ndume said that in other countries, like the United States, food stamps were government-issued coupons that had been in use since 1939. “This is

Image
28-February-2024

Trucks Transit Parks Reflects Industry Impact, Future Opportunities

By Modupe Gbadeyanka A leading technology company specializing in mobility solutions, Trucks Transit Parks (TTP) Limited, is marking its third year of operations. As part of this, the firm is reflecting on the significant impact it has made in the maritime and logistics industry. TTP, since its inception to revolutionize the maritime and logistics sector in Nigeria through truck mobility solutions powered by technology, has emerged as a key player in driving port terminal efficiency, reducing traffic congestion, and creating new business opportunities within the Apapa port economic zone. “Our third anniversary of operations provides us an opportunity to reflect