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Bloomberg
7 days ago
- Business
- Bloomberg
Sanctioned Magnate Launches Outsider Bid to Lead Oil-Rich Guyana
A wealthy Guyanese businessman who is sanctioned by the US for alleged tax evasion on gold exports has officially entered the race to lead the oil-rich South American nation. Azruddin Mohamed is among seven candidates challenging incumbent President Irfaan Ali, who is seeking a second five-year term in the Sept. 1 vote.
Zawya
01-07-2025
- Business
- Zawya
Ghana's gold exports surge
Ghana is capitalising on its gold exports to drive economic growth, with revenues increasing to $11.6bn in 2024 - a 52.6% increase from the $7.6bn recorded in 2023. Gold exports accounted for 57% of the country's total export revenue, solidifying the industry's role as a key contributor to GDP expansion. Notably, small-scale miners contributed $5bn to this figure. While Ghana has maintained its po- sition as Africa's largest gold producer, it has also emerged as a key supplier to international markets. Asia ranks as the primary importer of Ghanaian gold, followed by Europe and Africa. In 2024, gold accounted for 65.4% of Ghana's total exports to Asia, 60.2% of exports to Europe and 49.4% of exports across Africa. More than half of Ghanaian gold ex- ports to each continent were concentrated in a single country; 53.1% of exports to Asia went to the United Arab Emirates (UAE), 60.2% of exports to Europe were directed to Switzerland and 60.5% of African exports were received by South Africa. Asia strengthened its gold trading with Ghana, with countries such as China and India ranking amongst top export mar- kets for Ghana. In Europe, the Nether- lands, Spain, Italy, Germany, the United Kingdom, Belgium, France, Bulgaria, Por- tugal, Poland, Gibraltar and Estonia ac- counted for a significant share of Ghana's gold exports. In Africa, Burkina Faso, Côte d'Ivoire, Togo and Mali rank as the top importers of Ghanaian gold. Beyond these regions, Canada ac- counted for 58.6% of Ghana's gold exports to North America, while Brazil received 94.1% of the country's gold exports to Latin America. Looking ahead, Ghana's expanding gold production is expected to further strengthen trade with its top export mar- kets, as these nations continue to invest in the country's mining sector. The UAE's Emiral Resources is the largest shareholder in Asante Gold Cor- poration, which is executing a $522m expansion strategy, including the devel- opment of the Bibiani project. Meanwhile, India's Rosy Royal Min- erals holds an 80% stake in the Royal Ghana Gold Refinery, the country's first gold refinery, positioning India as a key player in Ghana's gold value chain. Zubairu succeeds Oramah to lead Africa Club The Alliance of African Multilateral Fi- nancial Institutions (AAMFI), also known as the Africa Club, has announced the appointment of Samaila Zubairu as its new chairperson. Zubairu, President and CEO of the Af- rica Finance Corporation (AFC), succeeds AAMFI's founding Chair, Prof. Benedict Oramah, President and Chairman of the Board of African Export-Import Bank (Afreximbank). His appointment was confirmed at the fifth meeting of the AAMFI Governing Council in February 2025, on the sidelines of the 38th African Union Summit in Addis Ababa. Corneille Karekezi, Group MD and CEO, Africa Re Corporation (Africa Re) and Manuel Moses, CEO of African Trade & Investment Development Insurance (ATIDI), were appointed as the first and second Vice Chairpersons of the AAMFI Governing Council, respectively. Established in 2024, AAMFI brings together Africa's leading multilateral financial institutions to promote sus- tainable economic growth and financial self-reliance for the continent. The Alli- ance plays a critical role in strengthening intra-African collaboration, mobilising capital for development, and advocat- ing for Africa's economic interests on the global stage. Under Prof. Oramah's leadership, AAM- FI made significant strides, including its successful launch by African Heads of State in February 2024, the adoption of its governing Charter, and the admission of three new members: the Fund for Export Development in Africa (FEDA), African Solidarity Fund (ASF), and East African Development Bank (EADB), increasing its membership from seven founding mem- bers to a total of 10 members. Oramah's leadership also saw the en- dorsement and recognition of AAMFI by key African Union organs and stakehold- ers, as well as successful elevation of the profile of the Alliance, highlighting its key role in shaping discussions around African multilateral and development finance. 'Looking back at what we have achieved, I am reminded of the immense potential and responsibility that lies ahead. AAMFI has laid a strong foundation for Africa's financial sovereignty, but there is still much more to be done,' said Prof. Oramah, in his statement during the handover ceremony. As Chair, Zubairu will drive collabora tive growth by strengthening partnerships among member institutions, African gov ernments, and global agencies to build a robust financial architecture. Scotland and Côte d'Ivoire explore mutual interests Both Côte d'Ivoire and Scotland share concerns around sustainable agriculture, green energy transition and technological innovation. These issues were discussed during a Scottish Africa Business Asso ciation (SABA) webinar designed to build bridges between universities, research institutes and innovation-driven organi- sations across Côte d'Ivoire and Scotland. The discussion explored how col- laborative partnerships can address pressing challenges and unlock mutual opportunities – particularly in agriculture, renewable energy, infrastructure and education. The SABA webinar helped identify where priorities overlap – and how col- laboration can amplify impact. From tackling food security through climate- smart agriculture to boosting capacity in clean energy research, the potential for partnership is tangible and exciting. Another pressing issue that emerged was the skills shortage faced by both countries, particularly in sectors that are growing fast but require specialist knowledge. Participants discussed the importance of developing joint train-ing programmes, knowledge exchange initiatives and twinning models between universities to help bridge this gap. Perhaps most encouraging was the mo- mentum generated during and after the session. Conversations between Scottish and Ivorian organisations have already begun. Meaningful steps are being taken towards developing formal partnerships, co-designed research projects and even potential staff and student exchange pro- grammes. AFC revenues break the $1bn ceiling Africa Finance Corporation (AFC) has announced its strongest financial per- formance to date, with total revenue for the year ended 31 December 2024 sur- passing $1bn for the first time in the Corporation's history. This record performance marks a sig- nificant milestone in AFC's mission to close Africa's infrastructure gap through scalable, de-risked investments that at- tract global capital and deliver tangible development outcomes. The Corporation posted a 22.8% increase in total revenue to $1.1bn and a 22.3% rise in totalcom- prehensive income to $400m, up from $327m in 2023. AFC's earnings growth was driven by improved asset yields, prudent cost-of- funds management and sustained traction in advisory mandates. Further significant financial highlights include net interest income rising 42.5% to $613.6m; fee and commission income increasing to $109m, the highest in over fifive years; and operating income climbing 42.7% to $709.7m. Total assets reached a record $14.4bn, a 16.7% year-on-year increase, while the liquidity coverage ratio strengthened to 1 19 94 4% % providing over 34 months of cover Throughout 2024, AFC continued to scale its impact by mobilising capital for landmark projects across energy, trans- port, and natural resources. These includ- ed the Lobito Corridor – a cross-border railway development spanning Angola, the Democratic Republic of Congo (DRC),and Zambia AFC led the initiative to secure a con- cession agreement within one year of the initial Memorandum of Understanding (MoU), an unprecedented achievement for a project of its scale. In the DRC, AFC also invested $150m in the Kamoa-Kakula Copper Complex, Africa's largest copper producer and one of the most sustainable globally, thanks to its high-grade ore and renewable- powered smelter. Other milestone transactions included financing support for the commission- ing of the Dangote Refinery, the larg- est in Africa, and continued progress on the AFC-backed Infinity Power Holding's 10GW clean energy ambition, with power purchase agreements secured in Egypt and South Africa. AFC also invested in the 15GW Xlinks Morocco-UK Power Project, providing $14.1m to support early-stage develop- ment of a transcontinental renewable energy pipeline between North Africa and Europe. 'These results send a clear message that strategic investment in African in- frastructure creates lasting value for both beneficiaries and investors,' said Samaila Zubairu, President and CEO of AFC. AfDB, Bank of Africa Tanzania sign $7.5m deal The African Development Bank and the Bank of Africa Tanzania (BOAT) have signed a $7.5m trade finance transac- tion guarantee facility to boost the trade finance activities of the Bank of Africa in Tanzania. Under this facility, the AFDB will pro- vide a guarantee of up to 100% to con- firming banks against non-payment risks arising from letters of credit and similar trade finance instruments issued by the Bank of Africa Tanzania. The facility will support small and medium-sized enterprises and local cor- porates engaged in the import sector. The facility aligns with efforts to bolster intra- African trade, contributing directly to the objectives of the African Continental Free Trade Area (AfCFTA). Patricia Laverley, AfDB's Country Manager for Tanzania, said 'this facility will support trade by enabling BOAT to play a more strategic role in the regional and international market.' Representing BOAT's management, Deputy MD Hamza Cherkaoui said: 'This partnership strengthens our ability to support businesses across various sec tors by providing seamless trade fi nance solutions, expanding our confi rmation network, and enabling access to top-tier confi rming banks.' Minister for Finance, that all public of- ficials must uphold the highest standards of integrity and patriotism in the man- agement of public funds. This, he said, would enforce fiscal dis- cipline and eliminate financial reckless- ness in public administration. He directed that no government con- tract will be approved without prior com- mencement authorisation from the Min- istry of Finance, effective 3 April 2025. The directive was delivered at a meet- ing with chief directors and senior of- ficials from various Ministries, Depart- ments, and Agencies (MDAs), where he made it clear that the days of unchecked contract approvals are over. 'You cannot award contracts without the express approval of the Ministry of Finance. No commencement certificate, no procurement,' he directed. The minister warned that any breach of the new directive will attract serious consequences. 'We are among the privi- leged few. We cannot continue to subject our people to hardship through poor gov- ernance and financial mismanagement,' Forson explained. In another development, entailing a historic and sweeping policy overhaul, Parliament approved a series of trans- formative tax amendment bills aimed at enhancing revenue efficiency, eas- ing financial burdens, and realigning key government funds to drive national development. The passage of these bills marks a major victory for economic reform and a significant step towards fulfilling the government's agenda. Africa Energy Bank on brink of take-off In a significant development for Africa's energy sector, Nigeria, Angola and Ghana have fulfilled their capital commitments toward establishing the Africa Energy Bank (AEB). This milestone represents over 40% of the minimum required funding needed from members of the African Petroleum Producers Organis- ation (APPO) to initiate the bank's op- erations. Omar Ibrahim, Secretary General of APPO, said the AEB aims to finance oil and gas projects across the continent, addressing funding challenges posed by traditional Western financial institutions' reluctance to support fossil fuel initia- tives due to environmental concerns. APPO had requested that each of its 18 member states contribute $83m. It is targeting a total initial capitalisation of $5bn. Beyond Nigeria, Angola and Ghana, five additional member states – Algeria, Benin, the Republic of Congo, Equatorial Guinea and Côte d'Ivoire – have pledged to make their payments, aligning with the bank's goal to commence operations in the first half of 2025. Nigeria remains sub-Saharan Africa's largest oil producer, offering significant opportunities in the oil and gas sector, including a 2025 bid round. The imple- mentation of the Petroleum Industry Act has introduced regulatory reforms to enhance transparency and attract invest- ment, driving major projects forward. Angola, meanwhile, is actively diver- sifying its energy portfolio while ad- vancing major deepwater developments. Its focus includes TotalEnergies' $6bn Its focus includes TotalEnergies' $6bn Kaminho Deepwater Project, Eni's Agogo Integrated West Hub and a limited public tender, with a long-term goal of increas ing production to 2m barrels per day. Ghana is strengthening its position as a leading oil and gas player with new commitments from Eni and Tullow Oil. In March, Eni and the Ghana National Petroleum Corporation signed an agree ment to enhance off shore exploration, optimise existing assets and advance untapped reserves. Amid these developments, the es- tablishment of the AEB is a strategic response to Africa's need for dedicated fifinancial institutions that understand the continent's unique energy land-scape. By providing tailored fifinancing solutions, the Bank is poised to ac celerate energy project development, enhance energy security and drive economic growth. OPEC Fund commits $600m for development The OPEC Fund for International Devel- opment (OPEC Fund) has approved over $600m in new development financing to support sustainable infrastructure, private sector development, food security and human capital in partner countries across Africa, Asia, Latin America and the Caribbean. OPEC Fund President, Abdulhamid Alkhalifa said: 'These engagements are a significant demonstration of our commit- ment to building resilience and enabling inclusive development. From transport corridors to vocational training and fi- nancing small businesses, the OPEC Fund is supporting practical solutions that align with our partners' priorities and deliver tangible results. We remain focused on driving sustainable development across regions and sectors.' The latest approved projects include a €180m loan for Costa Rica to co-finance the 'Expansion and Improvement of the San Jose – San Ramon Road Corridor Pro- ject' with the Central American Bank for Economic Integration (CABEI). The project will improve traffic flow and road safety along Route 1 of the Inter-American High- way, supporting trade, connectivity and inclusive economic growth. Rwanda got a $27.95m loan to co- finance the 'Center of Excellence in Aviation Skills Project' with the African Below: Tanzania received a $75m loan - as the first tranche of a $150m facility – to support the Regional Standard Gauge Railway Project Development Bank (AfDB). The initia- tive will raise Rwanda's national aviation training capacity to international stand- ards, contribute to human capital develop- ment and support the country's ambition to become a regional aviation hub. Senegal received a €25m loan to help finance the 'Water Valorisation for Value Chains Development Project - Phase 2 (PROVALE–CV2)', to promote the sustain- able increase of agricultural production, jobs and incomes. The project is also helping to combat the impact of climate change on agricultural and livestock pro- duction. It will directly benefit 57,000 households. Tanzania was granted a $75m loan - as the first tranche of a $150m facility – to support the Regional Standard Gauge Railway Project (Uvinza–Malagarasi Sec- tion), co-financed with the AfDB and other partners. The project will enhance regional con- nectivity and stimulate trade between Tanzania, Burundi and the DRC. Côte d'Ivoire received a €30m loan to expand access to finance for small and medium-sized enterprises, helping to strengthen entrepreneurship, promote job creation and stimulate economic growth. The DRC got a $20m loan, as part of a larger financing package with develop- ment partners, to support on-lending to critical sectors of the economy.
Yahoo
24-05-2025
- Business
- Yahoo
Ghana to double small-scale gold mining output, expects $12bn annual revenue
The Government of Ghana anticipates annual revenues of $12bn (139.41bn cedis) from small-scale gold mining, if the output from its small-mine and artisanal mining operations is doubled as planned, according to a Bloomberg report. The recent surge in gold exports, driven by soaring international prices, has been largely attributed to the contributions of small-mine and artisanal production. To streamline operations and combat illicit trade, the Ghana Gold Board was established this year to oversee all gold transactions, aiming to enhance foreign-currency reserves. Ghana Gold Board CEO Sammy Gyamfi was quoted as saying: 'Our goal is to move above three tonnes [t] a week in purchases, up from about 1.5t a week in January.' 'We expect to be able to bring in about $6bn by the end of this year, but we are confident that we will reach the $12bn in annual inflows from next year.' Following a debt default in 2022, Ghana has been excluded from international capital markets. Nevertheless, the country is capitalising on its primary foreign exchange earner amidst rising gold prices, which are currently trading near $3,300/oz, the report said. Last year, Ghana's gold exports experienced a surge of more than 50%, amounting to $11.6bn, solidifying its position as Africa's leading gold producer. Despite representing roughly one-third of the nation's gold output, small-scale mining has contributed to an uptick in black market trading. To address this, the Ghana Gold Board has intensified its gold acquisitions from artisanal miners, as Gyamfi highlighted in an interview in the capital of Accra. He emphasised that the anticipated revenue growth from small-mine production would positively influence inflation, gross domestic product and the foreign component of Ghana's debt profile. Earlier this month, the Ghana Gold Board successfully negotiated with nine additional large-scale mining companies to procure 20% of their gold production. This move is part of the Bank of Ghana's domestic gold purchase programme, aimed at bolstering the country's gold and foreign reserves. These agreements extend beyond the initial cohort of mining companies involved in the central bank's scheme, marking a significant expansion of the national gold procurement strategy. "Ghana to double small-scale gold mining output, expects $12bn annual revenue" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Arab News
14-05-2025
- Business
- Arab News
Pakistan's record gold exports set to suffer after government moves to curb outflows to India — analysts
ISLAMABAD: Pakistan's increasing gold exports are likely to take a hit due to a ban on the import and export of precious metals introduced amid last week's military standoff with India, analysts said on Wednesday. On May 6, the government enforced a 60-day ban on the import and export of precious metals, jewelry and gemstones to stabilize its foreign exchange reserves, just one day before India attacked Pakistan. The deadly escalation followed an attack in Indian-administered Kashmir on April 22 that killed 26 tourists, which New Delhi blamed on Pakistan despite Islamabad's denial of any involvement. Nearly two weeks after the incident, the nuclear-armed neighbors exchanged ballistic missiles and artillery fire after India targeted what it called 'terrorist infrastructure' inside Pakistan. Gold remains a traditional store of value in the country, which primarily sources its imports of the metal from the United Arab Emirates, Switzerland, Turkiye and other major gold-trading global centers. 'This ban is expected to be lifted,' Ahsan Mehanti, the Chief Executive Officer at Arif Habib Commodities Ltd, told Arab News. 'However, it is negatively impacting the country's gold exports that were increasing to a record level.' According to the Pakistan Bureau of Statistics, the country's jewelry exports rose by 58 percent to Rs3 billion ($11 million) in March this year, matching the total for the entire previous year. 'This 58 percent surge is a record,' Mehanti said, adding the ban will have a short-term impact on gold exports this year, which are bound to increase later when the ban is lifted in July. 'The ban was imposed when the [Pakistan-India] border tensions started intensifying,' he continued. 'This military escalation could have led to an increase in the circulation and prices of gold in Pakistan, but no such thing happened because of the government's ban.' He maintained the ban helped the gold market avoid speculative trading that kept the prices in check. Mehanti said since international gold prices have declined on the back of the US-China trade war's settlement, 'we expect the surge [in Pakistan's gold exports] to be higher than the previous record surge of 58 percent.' Pakistan's Dawn newspaper reported on May 8 the export curb aimed to limit the flow of gold and other precious metals to India via Dubai, citing unnamed government officials. It added the ban was also intended to restrict the outflow of dollars from the cash-strapped country, which has spent over $28 million on importing 368 kilograms of gold so far this year. However, the commerce ministry spokesperson, Muhammad Ashraf, denied the ban had any 'relevance to the Pak-India conflict.' A member of the managing board of Karachi Sarafa & Jewellers Group, M. Iqbal, said Pakistan's gold market was linked to the international gold market, which is mainly driven by the dollar. 'Gold would take a hit when the United States faces an issue like what we saw during the US-China tariffs war,' he explained. The cash-strapped country also exported $4.1 million worth of gems in the first nine months of FY25 ending in June. Prime Minister Shehbaz Sharif's administration is relying mainly on the International Monetary Fund's (IMF) $7 billion loan program to keep debt-ridden Pakistan's balance of payments in check, as exports have grown only six percent this year while foreign direct investment has remained stagnant for decades. The government has incentivized jewelry exporters through duty drawbacks and zero-rating for specific inputs, which helped the country's jewelry exports rise 43 percent last year. Gold prices in Pakistan hit a record high late last month but have been declining since the US and China resolved their trade tariff dispute. On Tuesday, 12 grams of the yellow metal were priced at $1,222 (Rs344,200). In 2023, Pakistan relaxed several gold import regulations to promote transparency, minimize smuggling and establish computerized customs valuation and tracking systems.
Zawya
12-05-2025
- Business
- Zawya
Egypt's gold exports hit $3.2bln in Q1 2025: Wasif
Egypt's gold exports reached a record $3.2bn during the first quarter (Q1) of 2025, reflecting a significant leap in the country's jewelry industry, according to Ihab Wasif, Head of the Gold and Precious Metals Division at the Federation of Egyptian Industries. Wasif attributed the exceptional performance to three key factors: rising global demand for gold amid heightened geopolitical tensions, substantial improvements in local jewelry design and manufacturing quality, and the Division's increased participation in international exhibitions and trade shows. Speaking on Sunday, Wasif explained that the surge in gold exports aligns with the global shift toward gold as a safe-haven asset in light of escalating trade conflicts and international instability. This environment has created new openings for Egyptian products, particularly in markets seeking both quality and reliability. He emphasized that Egypt's jewelry industry has undergone a notable transformation, with designs and craftsmanship now rivaling international standards. This competitive edge has enabled Egyptian exports to penetrate high-value markets such as Saudi Arabia and the UAE, in addition to new destinations in Europe and North America. Marketing efforts have also played a critical role. 'Our presence at international exhibitions has significantly increased brand visibility and built confidence in Egyptian gold among major foreign importers,' Wasif said. Breaking down the quarterly divs, he noted that exports totaled $929.5 million in January, rising to $1.804bn in February and maintaining strong momentum through March. The UAE, Saudi Arabia, and Turkey were the top importing countries, with noticeable growth in exports to Europe and the United States. Wasif highlighted these achievements as a fulfillment of the Division's pledge to President Abdel Fattah Al-Sisi to hit the highest export targets in the sector's history. He credited strong governmental support—particularly from the Ministries of Supply, Industry, and Investment, as well as the Central Bank and the Assay and Weights Authority—for enabling the industry's progress. Egypt aims to rank among the world's top 10 gold-exporting countries by 2027. Wasif noted that Egypt's global position in jewelry exports has already improved significantly, rising from 94th in 2022 to 54th in 2023, with plans to climb further in the next two years. He also pointed to the Central Bank of Egypt's decision to extend the export proceeds payment period to 75 days as a key facilitator for the recent export boom. 'This policy gave exporters much-needed flexibility in navigating foreign markets,' he said. The Division now plans to formally request a return to the original legal framework that allows for a 180-day payment period—a move Wasif believes would further enhance Egypt's export performance and global competitiveness. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. ( Daily News Egypt
