Gold

Unlocking the Potential of Ghana's Gold Industry Ghana stands on the brink of a remarkable opportunity. According to Sammy Gyamfi, the CEO of the Ghana Gold Board, the nation could generate a staggering $12 billion annually from small-scale gold production if it successfully doubles its output as planned. This ambitious goal isn’t just a number; it’s a potential game-changer for the country’s economy, and it underscores the vital role that gold plays in Ghanaian society. The surge in gold exports reflects not…

Gold Fields Expands Its Footprint: A Bold Move to Acquire Gold Road Resources In a significant development within the mining sector, South Africa's Gold Fields, through its subsidiary Gruyere Holdings, has unveiled plans to acquire Gold Road Resources in a deal valued at a staggering A$3.7 billion (approximately US$2.39 billion). The announcement, which emerged on a bustling Monday morning, is more than just a mere transaction; it represents a strategic pivot in the intricate landscape of the gold mining industry,…

Market Analysis: The Dynamic of Gold and Precious Metals The US dollar index experienced a modest increase of 0.1% against a basket of major currencies. For investors holding foreign currencies, this shift translates into an uptick in gold prices, making it relatively more expensive. Consequently, this movement imposes significant downward pressure on bullion prices, stirring conversations among market analysts and traders alike. “There was a minor recovery in broad dollar strength, which led to a little bit…

Zimbabwe's Central Bank Resumes Gold Coin Issuance In a noteworthy development, Zimbabwe's central bank has made the decision to reinstate the issuance of gold coins, a program that had been temporarily halted for a period of ten months. This revival is not just a procedural footnote; it’s a strategic maneuver aimed at stabilizing the local currency, the Zimbabwean Gold (ZiG), which is currently grappling with significant challenges stemming from policy missteps. The financial landscape in Zimbabwe is particularly…

Burkina Faso's military-led government has recently moved to secure its economic future by granting an industrial mining license to Nordgold, a Russian company. This new gold project is a strategic step for the West African nation, which seeks to leverage soaring gold prices to bolster an economy still reeling from continued insecurity. The decision comes at a crucial time. Amid a backdrop of turmoil and unrest, Burkina Faso looks toward gold, not just as a precious metal but as a lifeline. According to a report by Reuters,…

On Wednesday, the Ashanti Green Initiative (AGI) hosted a high-profile virtual briefing that provided an engaging preview for the Mining in Motion Summit, which is scheduled to unfold from June 2 to 4, 2025, in the vibrant city of Accra, Ghana. This significant event is not just a milestone on the calendar; it embodies a pivotal moment for the mining sector in Ghana, particularly in regards to the artisanal and small-scale mining (ASM) sector. Leading the webinar was Charles Kwarteng Antwi, a renowned expert in mining…

The recent U.S. Senate hearing, where a representative from the U.S. Africa Command (AFRICOM) leveled serious allegations against Captain Ibrahim Traoré, has sparked significant controversy. This hearing accused Traoré of misappropriating Burkina Faso’s gold reserves for his personal security rather than utilizing these resources for the betterment of his nation. In the wake of these claims, the Economic Freedom Fighters (EFF) has vehemently denied the accusations, asserting that they are unfounded. The EFF…

In recent years, African economies have encountered an array of global challenges that can only be described as a perfect storm. The lingering effects of the COVID-19 pandemic still ripple through these nations, leaving them grappling with slowed economic growth, mounting debt, and strained fiscal positions. It's akin to a ship trying to navigate through heavy fog, where visibility is limited, yet the journey must continue. Have we collectively learned enough from this turmoil to chart a safer course? Compounding…

Ghana Directs Foreign Nationals to Exit Local Gold Market by April 30, 2025 It was barely a year ago when a conversation over coffee in Accra turned to the booming gold trade and the significant presence of foreign entities involved. My companion, a dedicated small-scale miner by profession, voiced a wary hope, "One day, perhaps, Ghana will have better control of its own precious resources." It seems now, that day has come. On April 14, Ghana officially announced a sweeping directive urging all foreign nationals…

The yearning for certainty in a turbulent market is palpable, especially when political decisions add layers of unpredictability. This is a sentiment echoed by many investors amidst the upheavals caused by policy shifts, notably those under Trump's administration. In the world of finance, where assurance is as rare as a unicorn, gold has emerged as a beacon. From a price of just over $2,000, it's climbed above $3,000, marking one of the most significant surges for…