Bank of Ghana Plans to Cap Non-Performing Loan Ratio at 10% by December 2026
The directive to be enforced by December 2026 will cap non-performing loans ratio at 10%, Bank of Ghana Governor Johnson Asiama said in the capital, Accra, Tuesday.
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Galiano Gold Inc. (GAU) Reports Drilling Results for Abore Deposit; Scotiabank Reiterates ‘Hold' Rating
With significant hedge fund interest and a share price under $5, Galiano Gold Inc. (NYSE:GAU) secures a place on our list of the . A close-up of a hand placing a block of gold into a safe. On July 14, 2025, Galiano Gold Inc. (NYSE:GAU) reported results from a deep step-out drilling initiative at the Abore deposit, which is a part of the Asanko Gold Mine in Ghana. Abore is located strategically along the haul road to the processing plant with 638,000 ounces in Measured and Indicated Resources. Mineralization over a 1,200-meter strike length, extending 200 meters below the current Mineral Reserve pit shell and remaining open in all directions, was intercepted across all four holes in the 1,907-meter campaign. The results highlight potential for bulk underground mining, posing significant expansion opportunities. Building on the Phase 1 momentum achieved in May, Galiano Gold Inc. (NYSE:GAU) has initiated a Phase 2 infill drilling program. Under this second phase, the company will further test extensions immediately below existing Mineral Reserves and Resources. Following the results, Scotiabank reiterated its 'Hold' rating on Galiano Gold Inc. (NYSE:GAU) with a $2.54 price target. Operating through its Asanko Gold Mine, Galiano Gold Inc. (NYSE:GAU) explores for and produces gold. It is included in our list of the Best Penny Stocks. While we acknowledge the potential of GAU as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 10 Best AI Stocks to Buy Under $3 and Bill Ackman Stock Portfolio: Top 10 Stock Picks. Disclosure: None.
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21 hours ago
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Natural Gas Could Be Angola's Next Big Money Maker
Angola is betting big on natural gas developments as a short-term increase in oil production is not expected to last despite the West African country leaving OPEC over capped production. Companies operating in Angola have recently started up two oil projects, but they have also begun to target non-associated offshore gas plays, hoping that a massive gas resource could be waiting to be tapped. Despite the recent oil project startups, Angola's oil production is expected to drop to about 1 million barrels per day (bpd) in 2027, from over 1.1 million bpd now, officials at the national oil and gas agency ANPG have told Reuters. At the same time, natural gas output is set to jump by 2030, per ANPG estimates. Increased gas output will raise Angola's LNG exports as developers offshore Africa bet big on natural gas to export to Europe and Asia. A recent large gas discovery year could be one of many gas plays that could underpin a jump in LNG exports and state revenues from gas. Last month, Azule Energy, a joint venture of international majors BP and Eni, discovered a major natural gas reservoir offshore Angola in the first gas-targeting exploration well in the oil-producing country. Initial assessments suggest gas volumes in place could exceed 1 trillion cubic feet, with up to 100 million barrels of associated condensate, Azule Energy said, adding that these results 'confirm the presence of a working hydrocarbon system and open new exploration opportunities in the area.' Azule Energy CEO, Adriano Mongini, commented: 'This is a landmark moment for gas exploration in Angola. Gajajeira-01 is the country's first dedicated gas exploration well, and its success reinforces our confidence in the potential of the Lower Congo Basin.' More recently, Mongini told Reuters that 'Given that Angola has a couple of prolific basins, I can imagine that we will be able to find much more reserves of gas.' BP's EVP production & operations, Gordon Birrell, highlighted the Angola discovery and its potential on the Q2 earnings call. 'Under the Azule brand, we had a discovery in Gajajeira in block 1/14, pretty close to shore, very developable. So West Africa remains an exciting area for us in terms of exploration,' Birrell told analysts. The exciting gas discovery comes as Angola struggles to materially boost oil production even after exiting OPEC in January 2024, following a spat with the OPEC and OPEC+ members about production quotas. Angola's oil production peaked in 2008 at about 2 million bpd. Output has declined in recent years, due to underinvestment in offshore resources due to higher development costs, which have prompted many companies to overlook the African oil producer as an investment destination. Azule Energy and TotalEnergies started up new oil projects last month, but these may not be enough to offset a decline in maturing fields. Azule Energy announced at the end of July the successful startup and first oil production from the Agogo FPSO. Combined, the Agogo and the Ndungu fields have estimated reserves of about 450 million barrels, with projected peak production of 175,000 barrels per day, produced via two FPSOs (Agogo and Ngoma). Also at the end of July, TotalEnergies launched oil production from the BEGONIA and CLOV Phase 3 offshore projects via subsea tiebacks to FPSOs to add a total of 60,000 barrels a day of new production. Still, Angola's oil revenues have dropped this year due to falling oil prices. Revenues from oil declined by 4% from the first quarter to $5.6 billion in the second quarter, according to government data. LNG and gas exports meanwhile, earned $755 million in the second quarter. Now the BP-Eni Azule venture is close to launching first gas from the New Gas Consortium (NGC) project after completing early this year the Quiluma and Maboqueiro offshore platforms in a 'significant step forward in Angola's first non-associated gas development.' The NGC project is a joint venture between Azule Energy, Sonangol E&P, Chevron, and TotalEnergies. 'Development of (NGC's) Quiluma and Maboqueiro fields, due to launch around end-2025, is the real litmus test for gas monetisation in Angola,' Jimmy Boulter, an analyst at Enverus, told Reuters. By Tsvetana Paraskova for More Top Reads From this article on Sign in to access your portfolio
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2 days ago
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Cocoa Prices Stabilize After Weekly Sell-off on Scattered Rain Forecasts
September ICE NY cocoa (CCU25) on Friday closed up +10 (+0.12%), and September ICE London cocoa #7 (CAU25) closed up +17 (+0.30%). NY cocoa prices on Friday stabilized and moved a bit higher after the sharp sell-off from Monday's 2-month high. Cocoa prices rallied to that 2-month high due to recent dry weather in West Africa, although forecasts have since emerged for some rain in some cocoa-growing areas of West Africa. More News from Barchart Coffee Prices Extend Wednesday's Rally Coffee Prices Extend Wednesday's Rally Grain Market Update: Could a Rate Cut, Inflation Spur Fund Buying in Wheat, Soybeans, and Corn? Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. Cocoa prices saw strength through Monday from concern about dry weather in West Africa that threatened the region's cocoa crops. There has been little to no precipitation over the past few weeks in the cocoa-growing areas of the Ivory Coast and Ghana, which could negatively impact the development of cocoa plants. According to the European Centre for Medium-Range Weather Forecasts, rainfall in the Ivory Coast and Ghana this season remains below the 30-year average, and combined with high temperatures, risks hurting cocoa pod development for the main crop harvest that starts in October. Cocoa prices have support from tighter inventories. ICE-monitored cocoa inventories held in US ports fell to a 2-month low of 2,234,877 bags on Thursday. Cocoa has support from the slowdown in the pace of cocoa exports from the Ivory Coast. Monday's government data showed that Ivory Coast farmers shipped 1.78 MMT of cocoa to ports this marketing year from October 1 to August 10, up +6.6% from last year but down from the much larger +35% increase seen in December. Quality concerns regarding the Ivory Coast's mid-crop cocoa, which is currently being harvested through September, are supportive of prices. Cocoa processors are complaining about the quality of the crop and have rejected truckloads of Ivory Coast cocoa beans. Processors reported that about 5% to 6% of the mid-crop cocoa in each truckload is of poor quality, compared with 1% during the main crop. According to Rabobank, the poor quality of the Ivory Coast's mid-crop is partly attributed to late-arriving rain in the region, which limited crop growth. The mid-crop is the smaller of the two annual cocoa harvests, which typically starts in April. The average estimate for this year's Ivory Coast mid-crop is 400,000 MT, down -9% from last year's 440,000 MT. Another supportive factor for cocoa is smaller cocoa production in Nigeria, the world's fifth-largest cocoa producer. Nigeria's Cocoa Association projects Nigeria's 2025/25 cocoa production will fall -11% y/y to 305,000 MT from a projected 344,000 MT for the 2024/25 crop year. In related news, Nigeria's Jun cocoa exports rose +0.9% y/y to 14,597 MT. Weakness in chocolate demand is a negative factor for cocoa prices. Chocolate maker Lindt & Spruengli AG in July lowered its margin guidance for the year due to a larger-than-expected decline in first-half chocolate sales. Also, chocolate maker Barry Callebaut AG in July reduced its sales volume guidance for a second time in three months, citing persistently high cocoa prices. The company projects a decline in full-year sales volume and reported a -9.5% drop in its sales volume for the March-May period, the largest quarterly decline in a decade. Weakness in global cocoa demand has been a bearish factor for cocoa prices. The European Cocoa Association reported on July 17 that Q2 European cocoa grindings fell by -7.2% y/y to 331,762 MT, a bigger decline than expectations of -5% y/y. Also, the Cocoa Association of Asia reported that Q2 Asian cocoa grindings fell -16.3% y/y to 176,644 MT, the smallest amount for a Q2 in 8 years. North American Q2 cocoa grindings fell -2.8% y/y to 101,865 MT, which was a smaller decline than the declines seen in Asia and Europe. Higher cocoa production by Ghana is bearish for cocoa prices. On July 1, the Ghana Cocoa Board projected the 2025/26 Ghana cocoa crop would increase by +8.3% y/y to 650,000 from 600,000 MT in 2024/25. Ghana is the world's second-largest cocoa producer. On May 30, the International Cocoa Organization (ICCO) revised its 2023/24 global cocoa deficit to -494,000 MT from a February estimate of -441,000 MT, the largest deficit in over 60 years. ICCO said 2023/24 cocoa production fell by 13.1% y/y to 4.380 MMT. ICCO stated that the 2023/24 global cocoa stocks-to-grindings ratio declined to a 46-year low of 27.0%. Looking ahead to 2024/25, ICCO on February 28 forecasted a global cocoa surplus of 142,000 MT for 2024/25, the first surplus in four years. ICCO also projected that 2024/25 global cocoa production will rise +7.8% y/y to 4.84 MMT. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on
