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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
