The report that Gold-producing companies in the country have started selling gold to the Bank of Ghana (BoG) under the Domestic Gold Purchase Programme is one of the leading stories in the Ghanaian press on Wednesday.
The Graphic reports that Gold-producing companies in the country have started selling gold to the Bank of Ghana (BoG) under the Domestic Gold Purchase Programme.
The companies, which are members of the Ghana Chamber of Mines will, between now and December this year, sell about 125,000 ounces of gold to the BoG.
Last year, the central bank announced that it would begin to hold part of its reserves in gold as it sought to shore up its foreign reserves.
The sale is expected to strengthen the cedi and halt the rising inflation.
This was the outcome of a meeting between the Vice President, Dr Mahamudu Bawumia, other members of the Economic Management Team, the Bank of Ghana, the Ministry of Lands and Natural Resources, the Minerals Commission and the Precious Minerals Marketing Company (PMMC) on one hand and the leadership of the Ghana Chamber of Mines on the other.
“It was agreed that to help shore up the foreign exchange reserves of the Bank of Ghana, starting September 1, the Bank of Ghana will purchase a portion of the output of the gold mining companies on a continuous basis at world market prices but payment will be made in Ghana cedis,” Dr Bawumia said after the meeting.
In all, there are 10 mining companies that will sell gold to the BoG under the deal.
The central bank will buy the gold in cedis at $1,600 per ounce at the Bloomberg exchange rate of GH¢10.3 to the dollar.
The newspaper says that four envoys yesterday[September 27, 2022] presented their letters of credence to the President, Nana Addo Dankwa Akufo-Addo, at the Jubilee House in Accra.
They were the ambassador of the Democratic Republic of Congo (DRC), Jeannette Njuma Nyakeru; the Australian High Commissioner, Berenice Owen-Jones; the Swiss ambassador designate, Simone Giger, and the Iranian ambassador designate, Bijan Gerami Nazoksara.
President Nana Addo Dankwa Akufo-Addo said the nation would use its position as a member of the UN Security Council to promote peace and stability, especially in Africa, adding that peace was necessary to fast-track the continent’s development agenda.
The President was reacting to a plea from the ambassador of the DRC designate for Ghana to use its position at the UN Security Council to ensure there were no alleged attacks on DRC by Rwanda.
President Akufo-Addo called for the amicable resolution of the conflict between the two sister countries, and expressed Ghana’s commitment to help resolve the matter.
He referred to an earlier discussion he held with the President of DRC, Felix Tshisekedi, recently and said Ghana would graciously contribute to the resolution of the disagreement.
President Akufo-Addo said Ghana cherished its relations with all countries, and expressed the hope that the new envoys would help to elevate the existing ties between their respective countries and Ghana.
He mentioned trade and cooperation as some of the areas they could build upon.
The Swiss Ambassador commended President Akufo-Addo for playing a key role in the excellent relations between the two countries.
Ms Giger said Switzerland had adopted a new strategy towards Africa which exemplified her country’s willingness to engage more, adding that Switzerland would intensify its economic relations with Ghana.
Mr Nazoksara described Iran’s relations with Ghana as “good, friendly and constructive since 1995” with exchanges of delegations, as well as Iran’s investments in Ghana’s education and health sectors.
The Ghanaian Times reports that Ghana earned $731.94 million in petroleum receipts in the first half of this year, representing 108.9 per cent increase over the 2021 half year receipt of $350. 31 million.
The figure is also $51.39 million shy of the $783.33 million bagged in the entire 2021, and brings to $8.09 billion the revenue the country had received since 2011 when it started producing oil in commercial quantities.
The increase in the receipts, according to the Public Interest and Accountability Committee (PIAC), was largely attributable to revenues in respect of corporate taxes, surface rentals and crude oil lifting.
This was contained in the semi-annual report on the management and use of petroleum revenues for January –June 2022 released by the Committee at a press briefing in Accra yesterday.
Of the total receipts, Carried and Participating Interest (CAPI) yielded the highest of $354.17 million (48.39 per cent); Royalties, $190.43 million (26.02 per cent ) ; Corporate Income Tax, $186.33 million (25.46 per cent); Surface Rentals , $687,759 and Overnight Interest on Petroleum Holding Fund (PHF) , $304,613.
On the distribution, the report said the Ghana National Petroleum Corporation (GNPC) received $173.84 million and the Annual Budget Funding Amount (ABFA) $183.02 million.
The Ghana Petroleum Funds (GPFs) consisting of the Ghana Stabilisation Fund (GSF) and the Ghana Heritage Fund (GHF), $390.02 million with GSF$273.02 million and GHF $117 million.
According to the report, Ghana produced a total of 25,861,810.42 barrels (bbls) of crude oil in the first half of 2022 from its three offshore producing fields.
The Chairman of PIAC, Professor Kwame Adom-Frimpong who gave highlight of the report said the retention of the current cap of $100 million on the GSF for the year 2022 was not in accordance with the formula stipulated in Legislative Instrument (LI) 2381.
“A proper application of the formula would have returned a cap of US$460.63 million. The Minister for Finance, in determining the cap on the GSF, should comply with the relevant provisions of L.I 2381,” he said.
The newspaper says that the Ministry of Environment, Science, Technology and Innovation (MESTI) says the global snail value chain business has risen to $2 billion and Ghana needs to capitalise on the vast market.
While “snail meat” is regarded as a delicacy with great nutritional, medicinal, and cosmetic value in certain locations such as the Mediterranean region, Africa, or Southeast Asia, it is considered a taboo food in other cultures and religions.
Mr Oliver Boakye, Special Advisor to the Minister, MESTI, highlighted the economic importance of growing the snail industry in Ghana during the inaugural edition of the Snail Festival organised by the Council for Scientific and Industrial Research-Forestry Research Institute of Ghana (CSIR-FORMIG).
The festival’s theme was “Farm Snails, Eat Snails, and Market Snails,” with the goal of creating avenues for snail lovers to learn more about snail farming while networking.
As a result, a variety of snail foods were displayed, including jollof rice with snails, yam chips with snails, snail meat pies, fufu with green soup, banku with snail stew, snail meat kebabs, and live snails.
Coupons ranging from GH¢5.00 and up were distributed to all participants, including basic and senior high school students, to be used to purchase any of the snail cuisines displayed.
Mr Boakye, speaking on behalf of the sector minister, stated that irresponsible human activities such as deforestation, bush burning, improper pesticide application, and others posed a danger to the sustainability of the snail population.
He cautioned that if the tendency continued, and there were no adequate measures in place to safeguard and sustain the snail population, Ghana would soon lose its traditional delicacy of snail flesh.
“Adequate environmental protection is the bedrock of sustainable development. We have no option than to take a good look at the years of collecting snails,” he said.
GIK/APA