Gold Archives - Wontumi Online

26 Nov

PMMC, A State Agency That Puts Ghana’s Gold On Top Of Africa And The World

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Established in 1963, PMMC was mandated to purchase and market Ghana’s gold and diamond resources. In 1965, the Parliament of Ghana formally endorsed PMMC as a state-owned enterprise. The company now operates as the government’s national assayer with the sole mandate of assaying all gold that leaves the country. The company is also the sole implementing agency for the Kimberley Process Certification Scheme (KPCS), the global regime for the trade in diamonds. Jewelry production is also a core function of the company, operating under the subsidiary name PMMC Jewelry Ltd (PJL). The company is located in the Diamond House building…

06 Jun

Gold Exports In 2023 Surged To $7.60Bn, But Crude Oil And Cocoa Exports Tumble – BoG

wontumionlineBusinessBoG, Cocoa, CRUDE OIL, Gold, Timber

Gold exports in 2023 amounted to $7.60 billion, representing a year-on-year increase of 15.0%. This is mainly due to a 9.2% increase in the volume of exports and a 5.4% increase in the average realised price. According to the 2024 Bank of Ghana Annual Report, the rise in the volume of exports was due to improved gold production attributed to the expansion of the Newmont Ahafo Mine, resumption of operations at Anglogold Ashanti Obuasi Mine, and increased volumes from small-scale miners. The average realised price of gold in 2023 was $1,843.13 per fine ounce. Crude oil exports dropped 39.3% in…

25 Mar

Ghana’s Gross Reserves Surge By 9.9% To $4.06 Billion In Early 2024

wontumionlineBusinessCocoa, Ghana's gross reserves, Gold

In the initial two months of 2024, Ghana's Gross International Reserves (GIR), excluding Encumbered Assets and Petroleum Fund, experienced a notable 9.99% increase, reaching $4.02 billion by February 2024. This amount is equivalent to providing a cover for 1.8 months of imports. Throughout this period, the country's reserves showed consistent growth, with a slight decline noted in February 2024 from the peak of $4.17 billion recorded in January 2024, compared to December 2023's $3.66 billion. According to the Bank of Ghana's March 2024 Economic and Financial Data Summary, Ghana's trade surplus in February 2024 amounted to $392.8 million, representing 0.5%…

01 Sep

Gold Fields Reports 4% Drop In Gold Output During H1

wontumionlineBusinessGold

Gold Fields Limited produced 1,154,000 ounces (oz) of gold for the first half of 2023 – a 4 percent drop year-on-year (YoY) in production compared to 1,201,000oz in the same period of the previous year. The gap in production is underpinned by the planned decline in production at Damang, according to the company. Its all-in-costs for H1 2023 was US$1,398/oz – 3 percent higher than H1 2022 at US$1,352/oz. This was attributed to lower gold sold and higher cost of sales before amortisation and depreciation, partially offset by lower non-sustaining capital expenditure. Meanwhile, the all-in-sustaining cost (AISC) for H1 2023…

24 Aug

Reserve 5% Of Gold For Us – Jewellery Makers

wontumionlineBusinessGold

The President of the Ghana Association of Jewellers, Jonathan Ababio, has called on stakeholders to reserve five percent of gold for the local market in order to reduce the cost of producing gold products. Addressing participants at the launch of the Gold Statement 2023 in Accra, Mr. Ababio explained how the difficulty in accessing gold by local manufacturers affects their cost of production and contributes to high prices of gold products in the country as compared to other markets. “Due to the difficulty in securing materials, our cost has increased phenomenally when we compare ourselves to our competitors in the…

12 Jun

Gold Output Up 32% As Country Returns To Top Spot

wontumionlineBusinessGold

Domestic gold production went up 32 percent from 2.8 million ounces in 2021 to 3.7 million ounces in 2022, propelling the country to the summit as Africa’s largest producer of precious yellow metal. The increase, the Ghana Chamber of Mines (GCM) explains, is attributed to a combination of fresh output and expansion of production at existing large-scale mines. Production from the large-scale sector rose from 2.7 million ounces in 2021 to 3.1 million ounces in 2022, representing an increment of 13 percent – the highest in history, with the small-scale sector accounting for the remainder. “The Chamber’s producing member companies…

24 May

Gold, Cocoa Exports Up By 15.9%, 30.3% Respectively; Crude Down By 36.7%

wontumionlineBusinessCocoa, CRUDE OIL, Gold

The Bank of Ghana has said prices of Ghana's key exports remained volatile on the international commodities market. BoG Governor, Dr Ernest Addison told journalists at the monetary policy committee meeting that brent crude oil prices fell by 21.8 per cent on year-on-year basis to US$82.7 per barrel in April 2023, compared with US$105.8 per barrel in April 2022, mainly on the back of reduced demand amid fears of a recession. Cocoa prices, he said, remained "elevated during the first four months of 2023 driven mainly by lower production volumes from top grower Ivory Coast". At US$2,612.80 per tonne in January 2023, cocoa prices…

27 Mar

Ghana Records $752.8M Trade Surplus In First 2 Months Of 2023

wontumionlineBusinessCocoa, CRUDE OIL, Gold

Ghana recorded a trade surplus of $752.8 million in the first two months of 2023, about 1.0% of Gross Domestic Product, data from the Bank of Ghana has disclosed. This is far more than the surplus of $205.8 million recorded during the same period in 2021. The significant growth in trade surplus was due to significant proceeds from gold exports, whilst net imports also fell. Importantly, total exports in the first two months of 2023 went up by 11.19% year-on-year to $2.76 billion. Total exports for the first two months in 2022 was $2.48 billion. Crude oil exports fall to…

20 Mar

Gold Prices Fall From $2000 Mark As Investors Gauge Banking Risks

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Gold prices fell on Monday as investors booked profits after the asset rose above a one-year peak of over $2,000 earlier in the day, amid banking fears and increasing bets of a rate pause by the Federal Reserve. Spot gold was down 0.6% at $1,975.33 per ounce, as of 1035 GMT. U.S. gold futures jumped 0.8% to $1,988.90. Prices fell over 1% before climbing by the same amount to the metal's highest level since March 2022 at $2,009.59, just shy of a record set during the onset of the pandemic. "Gold continues to see safe-haven demand due to the banking…

18 Jan

Gold Has Picked; We Can Buy Enough To Sustain ‘Gold-For-Crude’ Programme – BoG

wontumionlineBusinessBoG, Gold, GOLD FOR CRUDE

The Director of Financial Market at the Bank of Ghana (BoG) Stephen Opata has assured that the central bank can buy enough gold to ensure the Gold-for-Crude programme is sustained. He said this on Monday, January 16, when he appeared before the Public Accounts Committee (PAC). “As for the quantities, based on the production numbers we saw last year, gold has picked up. We believe that we can buy enough gold to sustain the program. “I must say that the numbers we are currently looking at is about 160,000 ounces per month and that will represent about 50 to 60 per…