Ghana's Environment Minister to Champion Innovation, Sustainability at Mining in Motion 2025
As the head of the ministry leading innovation and sustainability, Hon. Muhammed is spearheading initiatives to align mining operations with national development goals and environmental stewardship. His efforts include forging partnerships with global public and private stakeholders to implement science-based solutions and sustainable practices. In April 2025, the Minister met with Park Kyongsig, Ambassador of the Republic of Korea (apo-opa.co/45r33JW) to Ghana, to explore bilateral cooperation on climate change and environmental protection. Their discussions centered on leveraging Korean expertise to restore water bodies impacted by illegal mining and address the root causes of environmental degradation.
In February 2025, Hon. Muhammed reiterated the government's commitment (apo-opa.co/4dV4wKZ) to leveraging local innovation as a driver of economic growth, particularly within key industries like mining, which continues to play a vital role in Ghana's economy. Gold exports reached $11.6 billion in 2024, accounting for 57% of the country's total export revenue, highlighting the sector's significance in national development. In line with modernization efforts, the government, through the Minerals Commission of Ghana (apo-opa.co/3H8AM0P), is equipping the next generation of workers with skills in emerging technologies such as drones, which are being deployed to support automation and improve sector monitoring.
Under the World Bank-funded Ghana Landscape Restoration and Small-Scale Mining Project (apo-opa.co/4kHR9Qr), the country is actively addressing land degradation and promoting sustainable practices among artisanal and small-scale miners, ensuring mining sector contribution to economic growth and long-term environmental and social sustainability.
At Mining in Motion, Hon. Muhammed will engage with key stakeholders from the mining industry, academia and civil society to exchange insights on policy, innovation and the future of mineral resource governance in Ghana.
The summit, led by the Ashanti Green Initiative under the leadership of Oheneba Kwaku Duah, Prince of the Ashanti Kingdom, is hosted in partnership with the World Bank and the World Gold Council.
Distributed by APO Group on behalf of Energy Capital&Power.
For sponsorship opportunities or delegate participation, contact:
sales@ashantigreeninitiative.org
About Mining in Motion Summit:
Stay informed about the latest advancements, network with industry leaders, and engage in critical discussions on key issues impacting small-scale miners and medium to large scale mining in Ghana. Secure your spot at the Mining in Motion 2025 Summit by visiting www.MininginMotionSummit.com.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles

Zawya
15 hours ago
- Zawya
Open for Business: Gabon Launches Deepwater Exploration Drive
The newly appointed Minister of Oil and Gas of Gabon HE Sosthène NGUEMA is shifting its focus to deepwater oil and gas exploration under efforts to bring new projects online and mitigate Central and West African production decline. With 72% of the country's deepwater acreage unexplored and only 28% developed to date, the country has set plans in motion to revise existing petroleum laws to offer fresh incentives that encourage deepwater exploration and investment. As the voice of the African energy sector, the African Energy Chamber (AEC) commends the aggressive investment strategy being implemented by the Ministry of Petroleum. In recent months, we have seen an assertive Gabonese Government, through its NOC Gabon Oil, play a stronger role in the ownership, and commercialization of legacy assets with takeovers such as that of Carlyle owned Assala. Now, the shift to deepwater exploration offers new investment prospects for foreign operators. The AEC believes that ongoing regulatory reforms, a focus on deepwater investments and greater collaboration with international oil companies (IOC) will transform Gabon's oil and gas industry, supporting greater production and the development of a new hub for refined product distribution in Central Africa. We believe that Gabon has a potential to produce close to 1 million barrels of oil per day. With over two billion barrels of proven oil reserves and significant gas potential, Gabon has set a goal of holding production above 220,000 barrels per day (bpd) for the short to midterm The shift to deepwater exploration stands to play an instrumental part in supporting this goal by unlocking new discoveries across the country's offshore basins mid to long term. Regulatory reform represents a cornerstone of the country's exploration strategy, with potential improvements to petroleum legislation set to strengthen the competitiveness of investing in Gabon's deepwater blocks. In 2019, the country introduced its Hydrocarbons Code. The new government seeks to go even further, recognizing the presence of stiff competition from other offshore destinations globally. The code featured amendments to production sharing contracts (PSC), state profitability and tax, therefore providing a quicker path to profitability for foreign operators. Looking ahead, further revisions of this code stand to support new investment, encouraging deepwater exploration and new forays by global operators. Major players are already active in Gabon, with ongoing developments underscoring the potential available across Gabon's offshore blocks. Exploration and production company BW Energy, for example, signed PSCs for exploration blocks Niosi Marin and Guduma Marin in 2024, covering an eight-year exploration period with a two-year extension option. BW Energy and its partner on the block VAALCO Energy have committed to drilling one well as well as carrying out a 3D seismic acquisition campaign. BW Energy also has stakes in the Dussafu license, which features 14 producing wells tied back to a FPSO through a 20km pipeline. Partners on the license include the state-owned Gabon Oil Company (GOC) and Panoro Energy. Independent oil and gas company Perenco spud the Hylia South West discovery in Gabon in early 2024, revealing substantial oil-bearing columns in the Ntchengue Ocean reservoir. Chinese oil firm CNOOC launched wildcat drilling on Blocks BC-9 and BCD-10 in early-2023 on the back of 1.4 billion barrels of recoverable resource potential, with future discoveries set to double Gabonese oil production while de-risking deepwater exploration. Despite these developments, much of Gabon's deepwater potential remains underexplored, highlighting a strategic opportunity for both active and potential players. Increased hydrocarbon production in tandem with future deepwater discoveries are expected to support Gabon's broader goals of creating a regional petroleum hub in Gabon. Strategically positioned on the West coast of Central Africa, Gabon is making strides towards enhancing oil and gas refining, storage and distribution capacity. Major infrastructure projects signal the country's intention to become a petroleum hub. Notably, Perenco is advancing the development of the Cap Lopez LNG terminal in Gabon, targeting first production by 2026. Situated at the existing Cap Lopez oil terminal, the $2 billion project will introduce a FLNG vessel designed to monetize offshore gas reserves and reduce flaring. The FLNG vessel will feature a production capacity of 700,000 tons of LNG and 25,000 tons of LPG, supported by a storage capacity of 137,000 cubic meters. The project complements the Batanga LPG facility, which came online in December 2023 with a target production capacity of 15,000 tons of LPG annually. Beyond LNG and LPG, Gabon is working towards enhancing refining capacity with plans to expand its sole operating refinery - SOGARA – from 1.2 million tons to 1.5 million tons of crude. This expansion would enable the country to achieve self-sufficiency in refined petroleum products by 2030. The minister and his team have also prioritized the increase of storage capacity for refined products in the country from currently 60 days to 90 days of consumption in an effort to strengthen energy security and make shortages an element of the past. 'Deepwater exploration and production stands to transform Gabon's economy, with potential discoveries supporting the development of a new petroleum hub in Central Africa. Through its aggressive investment campaign, commitment to regulatory reform and engagement with IOCs, the Ministry of Petroleum is strengthening the competitiveness of doing business in Gabon,' states Verner Ayukegba, Senior Vice President at the AEC. Distributed by APO Group on behalf of African Energy Chamber.

Zawya
16 hours ago
- Zawya
International Monetary Fund (IMF) Staff Completes 2025 Article IV Mission with Nigeria
The Executive Board of the International Monetary Fund (IMF) concluded the Article IV Consultation with Nigeria.(1) The Nigerian authorities have implemented major reforms over the past two years which have improved macroeconomic stability and enhanced resilience. The authorities have removed costly fuel subsidies, stopped monetary financing of the fiscal deficit and improved the functioning of the foreign exchange market. Investor confidence has strengthened, helping Nigeria successfully tap the Eurobond market and leading to a resumption of portfolio inflows. At the same time, poverty and food insecurity have risen, and the government is now focused on raising growth. Growth accelerated to 3.4 percent in 2024, driven mainly by increased hydrocarbon output and vibrant services sector. Agriculture remained subdued, owing to security challenges and sliding productivity. Real GDP is expected to expand by 3.4 percent in 2025, supported by the new domestic refinery, higher oil production and robust services. Against a complex and uncertain external environment, medium-term growth is projected to hover around 3½ percent, supported by domestic reform gains. Gross and net international reserves increased in 2024, with a strong current account surplus and improved portfolio inflows. Reforms to the fx market and foreign exchange interventions have brought stability to the naira. Naira stabilization and improvements in food production brought inflation to 23.7 percent year-on-year in April 2025 from 31 percent annual average in 2024 in the backcasted rebased CPI index released by the Nigerian Bureau of Statistics. Inflation should decline further in the medium-term with continued tight macroeconomic policies and a projected easing of retail fuel prices. Fiscal performance improved in 2024. Revenues benefited from naira depreciation, enhanced revenue administration and higher grants, which more-than-offset rising interest and overheads spending. Downside risks have increased with heightened global uncertainty. A further decline in oil prices or increase in financing costs would adversely affect growth, fiscal and external positions, undermine financial stability and exacerbate exchange rate pressures. A deterioration of security could impact growth and food insecurity. Executive Board Assessment (2) Executive Directors agreed with the thrust of the staff appraisal. They commended the authorities on the successful implementation of significant reforms during the past two years and welcomed the associated gains in macroeconomic stability and resilience. As these gains have yet to benefit all Nigerians, and with heightened economic uncertainty and significant downside risks, Directors emphasized the importance of agile policy making to safeguard and enhance macroeconomic stability, creating enabling conditions to boost growth, and reducing poverty. Directors agreed that the Central Bank of Nigeria is appropriately maintaining a tight monetary policy stance, which should continue until disinflation becomes entrenched. They welcomed the discontinuation of deficit monetization and ongoing efforts to strengthen central bank governance to set the institutional foundation for inflation targeting. Directors also welcomed steps taken by the authorities to build reserves and support market confidence and praised reforms to the foreign exchange market that supported price discovery and liquidity. They called for implementation of a robust foreign exchange intervention framework focused on containing excess volatility, stressing that the exchange rate is an important shock absorber. Directors also agreed with staff's call to phase out existing capital flow management measures in a properly timed and sequenced manner. Directors called for a neutral fiscal stance to safeguard macroeconomic stabilization with priority given to investments that enhance growth. Directors also called for accelerating the delivery of cash transfers to assist the poor. They commended the authorities on advancing the tax reform bill, an important step towards enhancing revenue mobilization and creating fiscal space for development spending, while preserving debt sustainability. Directors recognized actions to strengthen the banking system, including the ongoing process of increasing banks' minimum capital. They welcomed the authorities' efforts to boost financial inclusion and promote capital market development, while emphasizing the importance of moving to a robust risk‑based supervision for mortgage and consumer lending schemes as well as the fintech and crypto sectors. Directors welcomed progress made in strengthening the AML/CFT framework and stressed the importance of resolving remaining weaknesses to exit the FATF grey list. To lift Nigeria's growth outlook, improve food security, and reduce fragility, Directors highlighted the importance of tackling security, red tape, agricultural productivity, infrastructure gaps, including boosting electricity supply, as well as improved health and education spending, and making the economy more resilient to climate events. They noted that addressing structural impediments to private credit extension is also needed to support growth. Directors welcomed the IMF's capacity development to support authorities' reform efforts and agreed that enhancing data quality is critical for sound, data‑driven policymaking. Table 1. Nigeria: Selected Economic and Financial Indicators, 2023–26 2023 2024 2025 2026 5/8/2025 13:03 Act. Est. Proj. Proj. National income and prices Annual percentage change (unless otherwise specified) Real GDP (at 2010 market prices) 2.9 3.4 3.4 3.2 Oil GDP -2.2 5.5 4.9 2.3 Non-oil GDP 3.2 3.3 3.3 3.3 Non-oil non-agriculture GDP 3.9 4.1 3.7 3.7 Production of crude oil (million barrels per day) 1.5 1.5 1.7 1.7 Nominal GDP at market prices (trillions of naira) 234 277 320 367 Nominal non-oil GDP (trillions of naira) 221 260 303 351 Nominal GDP per capita (US$) 1,597 806 836 887 GDP deflator 12.6 14.5 11.4 11.4 Consumer price index (annual average) 24.7 31.4 24.0 23.0 Consumer price index (end of period) 28.9 15.4 23.0 18.0 Investment and savings Percent of GDP Gross national savings 31.8 39.6 37.5 37.7 Public -0.1 3.9 2.2 1.7 Private 31.9 35.7 35.3 36.1 Investment 30.0 30.4 30.5 33.1 Public 3.2 4.8 5.4 5.5 Private 26.8 25.6 25.1 27.6 Consolidated government operations Percent of GDP Total revenues and grants 9.8 14.4 14.2 13.8 Of which: oil and gas revenue 3.3 4.1 5.1 4.9 Of which: non-oil revenue 5.8 9.2 8.8 8.8 Total expenditure and net lending 13.9 17.1 18.9 18.7 Overall balance -4.2 -2.6 -4.7 -4.9 Non-oil primary balance -4.9 -4.9 -7.2 -6.9 Public gross debt1 48.7 52.9 52.0 50.8 Of which: FX denominated debt 18.1 25.5 25.8 24.8 FGN interest payments (percent of FGN revenue) 83.8 41.1 47.3 49.2 Money and credit Contribution to broad money growth (unless otherwise specified) Broad money (percent change; end of period) 51.9 42.7 17.9 22.3 Net foreign assets 10.5 30.4 2.1 7.2 Net domestic assets 41.3 12.3 15.8 15.1 Of which: Claims on consolidated government 20.1 -11.9 6.2 4.1 Credit to the private sector (y/y, percent) 53.6 30.1 17.9 18.2 Velocity of broad money (ratio; end of period) 2.7 3.3 2.2 2.1 External sector Annual percentage change (unless otherwise specified) Current account balance (percent of GDP) 1.8 9.2 7.0 4.6 Exports of goods and services -12.8 -4.5 -6.0 1.3 Imports of goods and services -4.4 -0.8 -6.8 8.4 Terms of trade -6.1 -0.6 -7.4 -3.3 Price of Nigerian oil (US$ per barrel) 82.3 79.9 67.7 63.3 External debt outstanding (US$ billions)2 102.9 102.2 105.9 110.2 Gross international reserves (US$ billions, CBN definition)3 33.2 40.2 36.4 39.1 Equivalent months of prospective imports of G&S 5.4 5.7 7.5 7.7 Memorandum items: Implicit fuel subsidy (percent of GDP) 0.8 2.1 0.0 0.0 Sources: Nigerian authorities; and IMF staff estimates and projections. 1 Gross debt figures for the Federal Government and the public sector include overdrafts from the Central Bank of Nigeria (CBN). 2 Includes both public and private sector. 3 Based on the IMF definition, the gross international reserves were US$8 billion lower in December 2024. (1) Under Article IV of the IMF's Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. Staff hold separate annual discussions with the regional institutions responsible for common policies in four currency unions—the Euro Area, the Eastern Caribbean Currency Union, the Central African Economic and Monetary Union, and the West African Economic and Monetary Union. For each of the currency unions, staff teams visit the regional institutions responsible for common policies in the currency union, collects economic and financial information, and discusses with officials the currency union's economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis of discussion by the Executive Board. Both staff's discussions with the regional institutions and the Board discussion of the annual staff report will be considered an integral part of the Article IV consultation with each member. (2) At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country's authorities. An explanation of any qualifiers used in summings up can be found here: The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions. Distributed by APO Group on behalf of International Monetary Fund (IMF).


Zawya
20 hours ago
- Zawya
Moody's downgrades Afrexim on weak asset performance, shrinking funding sources
LONDON - Ratings agency Moody's has slashed its rating on Afreximbank, the embattled African lender's second downgrade in four weeks, citing weaker-than-expected asset performance and warning that its access to funding sources was shrinking. Moody's lowered the rating from Baa1 to Baa2 - two notches above a sub-investment grade or "junk" rating - and changed its outlook from negative to stable, according to a statement published late on Tuesday. "The bank's recent shift to unsecured lending to sovereigns under stress has introduced significant risks, diverging from its typical focus on trade finance, and heightened its sensitivity to its difficult operating environment," Moody's said. A lower credit rating can raise borrowing costs and in turn impact lending rates. Moody's one-notch downgrade comes as the African lender battles to protect its loans from restructuring in Ghana, Zambia and Malawi, claiming that as a multilateral lender it has preferred creditor status. "Sovereign lending to Ghana and Zambia poses capital risks, as the Common Framework mandates restructuring comparable to private-sector creditor losses," Moody's said. The downgrade also reflected a less extensive range of funding sources, which was "a trend unlikely to fully reverse", Moody's said. Afrexim historically benefitted from diversified, low-cost funding through bilateral and syndicated loans rather than market-based sources, it said. A $520 million Samurai bond sold in late 2024 and a $303 million Panda bond in early 2025 were "modest" relative to total funding needs. Moody's noted that amid the recent worsening in market conditions, Afrexim more than doubled its liquidity from end-2024 to $9.5 billion recently. "Maintaining such high levels of cash is costly and therefore unlikely," Moody's said. Moody's pointed to some mitigating factors such as strong profitability, and added that at the end of 2024, 41% of the Zambian and Ghanaian sovereign exposures had already been provisioned. "In addition to consistently strong organic earnings and capital generation, the bank has received consistent support from member shareholders, with both capital raising exercises and retained profit contributing significantly to grow equity." Fitch downgraded Afreximbank's credit rating to one notch above junk on June 4, with a negative outlook - effectively another downgrade warning. While the Fitch downgrade sent Afrexim's bonds on a slide that saw them hit around a year low in mid-June, they have since recovered. On Wednesday, the 2029 maturity was bid at 91.4 cents on the dollar, while the 2031 bond stood at 86.14 cents, according to Tradeweb data - both broadly unchanged on the day.