Latest news with #CassielAtoForson
Zawya
03-06-2025
- Business
- Zawya
Goldbod Rakes in $1.17 Billion After First Full Month—Finance Minister
Finance Minister Dr. Cassiel Ato Forson has disclosed that Ghana earned over $1.1 billion in foreign exchange during the first full month of operations under the Goldbod gold purchase programme. The inflow, generated from the purchase and export of more than 11 tonnes of gold, marks a major milestone in the country's efforts to stabilise the cedi and enhance local participation in the gold trade. Dr. Forson made the announcement during the inauguration of the new Board of Directors of the Minerals Income Investment Fund (MIIF) in Accra. He urged the new board to build on the gains made through Goldbod and help deliver long-term value from Ghana's mineral resources. 'This is a clear demonstration of the value that can be realised when our mineral wealth is properly structured and managed. MIIF must align with this new vision,' the Minister said. He challenged the new board to return the Fund to its core mandate of responsible and transparent mineral investment. Between 2019 and 2024, he noted, MIIF suffered from severe mismanagement, prompting the government to withdraw financial support. 'We saw significant abuse of public resources. That era must not be repeated. If the board restores discipline and puts resources to proper use, government will reconsider its stance,' Dr. Forson stated. He emphasised MIIF's role in increasing Ghana's equity in mining operations and promoting local content across the value chain. He also revealed plans to collaborate with MIIF and Goldbod to further expand the gold purchase initiative and bolster Ghana's gold reserves. As part of broader sector reforms, Dr. Forson announced a renewed crackdown on mineral smuggling, pledging intensified oversight to ensure that no precious mineral leaves the country without due process and benefit to the state. The newly inaugurated MIIF board is chaired by Mr. Richard Kwame Asante. Other members include Ms. Justina Amiorkor Nelson, Ms. Berl Yaa Asantewaa Asante, Ms. Mawusi Ama Mawuenyefia, Hon. Yakubu Mohammed, Hon. Alfred Okoe Vanderpuije, Mr. Robert Wisdom Cudjoe, Mr. Edward Appenteng Gyamerah, and Dr. Zakaria Mumuni. Mr. Asante, speaking on behalf of the board, pledged their commitment to rebuilding public confidence in MIIF and ensuring that its operations align with Ghana's national development priorities. Distributed by APO Group on behalf of Ministry of Finance - Republic of Ghana.
Reuters
29-05-2025
- Business
- Reuters
Ghana asks Afreximbank to discuss debt treatment
ACCRA, May 29 (Reuters) - Ghana asked Afreximbank to sit down for debt treatment talks with the gold producing nation and its advisors in a letter sent last week by the finance minister and seen on Thursday by Reuters. "The objective of these discussions is to identify debt treatment solutions that are acceptable to Afreximbank, while ensuring that Ghana complies with the debt sustainability parameters of the IMF programme and the Comparability of Treatment principle as assessed by the (Official Creditor Committee)," Finance Minister Cassiel Ato Forson wrote in the letter dated May 21.
Business Insider
20-05-2025
- Business
- Business Insider
Ghana and Afreximbank in heated dispute over $768m debt
Ghana, fresh from a tough debt restructuring process, is now locked in a dispute with the African Export-Import Bank (Afreximbank). Ghana is in conflict with Afreximbank regarding the restructuring of a $768.4 million debt. The Finance Ministry of Ghana seeks equal treatment of Afreximbank's loan with other restructured debts. Afreximbank insists on preferred creditor status to avoid losses during restructuring. Ghana, fresh from a tough debt restructuring process, is now locked in a dispute with the African Export-Import Bank (Afreximbank), one of its largest commercial creditors, over a $768.4 million debt. The Ghanaian Finance Ministry wants Afreximbank's loan to be treated like other debts it has already restructured, such as bilateral loans from China and $13 billion worth of eurobonds, Bloomberg reported. In restructuring, lenders often agree to extend payment deadlines, reduce interest rates, or take partial losses (called 'haircuts') to help a struggling country recover. But Afreximbank says it should not have to take any losses. The Cairo-based bank says it holds 'preferred creditor status,' a designation usually given to institutions like the International Monetary Fund (IMF) or World Bank. This status means that their loans are repaid in full, ahead of other creditors, and are not subject to restructuring. According to the Minister of Finance, Cassiel Ato Forson, 'Ghana's government doesn't see Afreximbank as having preferred creditor status, we do not believe that their debt is senior to any other restructurable debt. The Afrexim debt is part of our restructurable envelope. ' A dispute with regional implications The disagreement could delay Ghana's debt resolution, which began after it defaulted in December 2022. More importantly, it could set the tone for how regional lenders like Afreximbank are treated in future debt talks, not just in Ghana but in other African countries facing financial distress, such as Zambia, Kenya, and Ethiopia. Zambia, for example, has faced multiple hurdles in trying to restructure its debt under the G20's Common Framework, a global plan launched during the COVID-19 pandemic to help poor countries renegotiate unaffordable debt. Despite its good intentions, the Framework has struggled with implementation and coordination among creditors. Afreximbank, which is owned by African governments and private investors, has also shown it's willing to enforce its claims through legal means. On May 8, it won a court case against South Sudan, forcing the country to repay $657 million in defaulted loans, plus 13.5% post-judgment interest. The move sent a strong message that the bank will pursue repayment, even from fellow African states.
See - Sada Elbalad
17-05-2025
- Business
- See - Sada Elbalad
Ghana Launches Land Reclamation Campaign to Revive Cocoa Production
Israa Farhan Ghana's government has announced a bold national initiative to reclaim 200,000 hectares of agricultural land by the end of 2025 in a strategic move to revive its struggling cocoa sector. The campaign aims to restore cocoa output to former levels after production plummeted to its lowest point in over two decades. According to a statement by the Ministry of Finance posted on X (formerly Twitter), the land acquisition project will focus on supporting smallholder cocoa farmers and increasing long-term productivity. The ministry described the effort as a critical step to stabilize and revitalize Ghana's cocoa industry. Ghana is the world's second-largest cocoa producer, but its annual output has declined from a peak of 1 million metric tons to around 500,000 tons. This drop has been largely attributed to climate change and the widespread impact of illegal gold mining, known locally as "galamsey." Finance Minister Cassiel Ato Forson, who also serves on the board of the Ghana Cocoa Board (COCOBOD), called the sharp fall in cocoa production a national crisis that demands bold political action. He emphasized that the initiative is not designed to replace existing farms, but rather to reinforce and scale up the operations of small-scale farmers. The land reclamation drive is part of broader efforts to modernize Ghana's vital agricultural sector, which remains a cornerstone of rural livelihoods and foreign exchange earnings. Cocoa exports contribute significantly to the country's economy, and the prolonged decline in output has directly impacted export revenues and living standards in farming communities. Illegal mining has severely degraded cocoa farmlands, especially in the eastern and western regions, where contaminated soil and water have made cocoa cultivation increasingly difficult. The government hopes that reclaiming and rehabilitating this land will reverse the damage and secure the future of cocoa farming in the country. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Egypt confirms denial of airspace access to US B-52 bombers Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War
Zawya
16-05-2025
- Business
- Zawya
Ghana: Government to Acquire 200000 Hectares for Cocoa Plantation
The Minister for Finance, Dr. Cassiel Ato Forson, has announced an ambitious government plan to acquire 200000 hectares of land for cocoa plantations as part of efforts to revive Ghana's struggling cocoa sector and restore production levels to 1 million metric tonnes. Speaking at the inauguration of a new eleven-member Board of Directors for the Ghana Cocoa Board (COCOBOD) at the Ministry of Finance, Dr. Forson stressed the urgent need for bold interventions to address the sharp decline in cocoa production, which has fallen from a peak of 1 million metric tonnes to about 500,000 metric tonnes in recent years. Dr. Forson, who now serves on the COCOBOD Board by virtue of a new legal provision mandating the inclusion of the Finance Minister and the Governor of the Bank of Ghana, reaffirmed government's commitment to repositioning cocoa as the cornerstone of the national economy. 'Cocoa has always been the mainstay of our economy, and that must not change,' he said. 'Unfortunately, massive mismanagement in recent years has led to a worrying downturn in both production and financial stability. It is time to act decisively.' He disclosed that government, working through COCOBOD, would establish plantation farms by acquiring about 200000 hectares of cocoa land to significantly boost production levels. This, he explained, would complement existing smallholder farmer operations and ensure sustainable growth in the sector. Dr. Forson also highlighted the need to urgently tackle diseased farms, particularly in the Western Region, which continue to hamper output and affect the livelihoods of cocoa farmers. He pledged the Finance Ministry's unwavering support for COCOBOD as it embarks on this turnaround agenda. The Chairman of the newly inaugurated board, Dr. Samuel Ofosu Ampofo, promised to reset, retool, and reposition COCOBOD as a model institution. Distributed by APO Group on behalf of Ministry of Finance - Republic of Ghana.
