Business
Three Community Mining Schemes to be commissioned by end of 2023 – Akufo-Addo
President Nana Addo Dankwa Akufo-Addo has disclosed that Government will in the year 2023, commission some three Community Mining Schemes as part of efforts towards the fight against illegal small-scale mining popularly known as galamsey.
The President who was addressing the Nation on the floor of Parliament on Wednesday 8th March, 2023, gave the assurance that his government will continue the fight against galamsey with the support of the security agencies, in the short-term.
He added that “However, we are determined to promote responsible small-scale mining through Community Mining Schemes. So far, sixteen (16) of these Schemes have been commissioned, with three (3) more to be commissioned by the end of this year. All these Schemes are supported with Gold Katchas, pieces of equipment designed to help small-scale miners to extract gold from the ore without the use of mercury”
He noted that in 2021, he launched the National Alternative Employment and Livelihood Programme which has so far employed several youth in the production of seedlings and reclamation of degraded mined lands.
Currently, he continued that reclamation is ongoing with over one thousand hectares (1,000ha) of degraded lands in Ashanti, Eastern and Western North Regions reclaimed.
Touching on government’s Dept Operations, the president said his administration is seeking and implementing some original and innovative ideas to try and solve the country’s debt problems, mentioning the Gold Purchase Programme by the Bank of Ghana and Gold for Oil Policy as examples of creative uses of the country’s resources which he opined are already bearing fruit.
He explained further that these policies are aimed at achieving two results that are critical to the health of our economy.
“Firstly, they will help us preserve foreign exchange, especially the US dollar, and secondly, they will enable us to stabilise the price of oil products such as petrol and diesel on the domestic market. We have already seen some success on both fronts with the price of US dollars and petroleum products falling since we announced the Gold for Oil policy and began to implement it.”
Nana Addo Dankwa Akufo-Addo in his concluding statements urged Ghanaians to believe in themselves, and in their capacity to overcome the problems that are before the country.
He encouraged “This is a phase, and, with every fibre of my being, I am certain that this too shall pass. We have done it before, and we will do it again”.
Meanwhile, speaking in an interview with the media on the sidelines of the State Of the Nation’s Address, (SONA) the Minister for Lands and Natural Resources, Hon. Samuel Abu Jinapor applauded the President for inspiring a lot of hope in his address.
He expressed his joy at the fact that the President did not pretend to the needs and difficulties of Ghanaians but faced the realities of the times.
Adding however that “By and large we have a government that is on top of issues and not so long in the future, government will fix the situation and take the country back to the days of economic growth and development.”
The SONA is in accordance with Article 67 of the 1992 constitution which states that the President shall deliver a message on the State of the Nation to Parliament at the start of each session and before the dissolution of Parliament.
COCOBOD has assured that concrete steps have been taken to ensure it is able to secure enough funds to finance its annual cocoa purchases in the 2023/2024 crop season.
Against the backdrop of a reportage by Reuters that the firm had borrowed up to $200 million from cocoa traders to plug its funding gap, COCOBOD said it had adopted a two-prong financing strategy to ensure that it obtained the required funds for the purchasing season.
A statement from COCOBOD in response to the Reuters report indicated that it had had firm assurances from its bankers of making funds available in time for the purchasing season and that a “Cocoa syndicated Loan has been laid in Parliament for consideration and approval.”
Below is COCOBOD’s full statement.
FINANCING OF PURCHASES FOR 2023/24 CROP SEASON
There have been some recent publications in the news media in relation to funds for cocoa purchases for the 2023/24 Crop Season.
We wish to brief our stakeholders on this very sensitive national issue as follows:
COCOBOD planned a two-prong financing for the 2023/2024 Crop Season in an effort to diversify Its source of funding for the annual cocoa purchases.
The strategy was therefore, to use a prefinancing arrangement with the international buyers to raise an amount of US$400 million for purchases at the beginning of the Season in September 2023.
These initial funds were expected to be augmented by an additional US$800 million loan from a syndicate of lenders by the end of November 2023. After engagements with buyers for several weeks, the arrangement was however discontinued.
Thus, since the beginning of the Season, cocoa purchases have been financed with noncollateralized cocoa sales proceeds. COCOBOD is therefore still in the process of securing the syndicated loan for the 2023/24 Crop Season.
As a matter of fact, the Board has so far received firm response from our bankers in this regard, and the Cocoa syndicated Loan has been laid in Parliament for consideration and approval.
We wish to use this medium to assure our stakeholders that the necessary arrangements have been made to secure enough funding for cocoa purchases for the year under review.
ISSUED BY: PUBLIC AFFAIRS DEPARTMENT
Vice President Dr. Mahamudu Bawumia is actively seeking Czech investors for the country.
Dr. Bawumia emphasized that Ghana remains the best country in Africa for investment due to its stability, peace, and growth opportunities for businesses.
He made these remarks during his meeting with the Czech Prime Minister, Peter Fiala, at the Jubilee House in Accra.
“Ghana is an excellent place for doing business. We are the most peaceful country in West Africa and the second most peaceful country in Africa. It is crucial for anyone looking to invest in Africa to consider Ghana as the ideal destination for business.”
“I am confident that this will open up opportunities for our respective business sectors,” he stated.
South Dayi Member of Parliament, Rockson Nelson Dafeamekpor, has said that the ’24-hour Economy’ project conceived by the flagbearer of the National Democratic Congress (NDC) Former President John Dramani Mahama will turn the economy around if implemented.
Mr Mahama proposed the ’24hr Economy ‘ project when he met with officials of the country’s mother workers union on Tuesday, November 7, 2023 at the start of his engagement with key stakeholders in a quest to return to power.
Dubbed ‘Building Ghana Tour’, the interactions with the stakeholders is to apprise them of the policies the next NDC administration will implement to transform the economy.
At Tuesday’s engagement, he said “NDC was left alone as the solitary voice seeking to hold the government accountable and speaking up for the voiceless Ghanaian and we were often cast out as spoilt brats who were ranting just because we have lost power.
“Today, the chickens have come home to roost and we are all affected.”
Commenting on this in a tweet, Mr Dafeamekpor said “Some concrete Examples of John Mahama’s ‘24hr Economy’ Projects include Terminal 3 at Kotoka, Tema Port Container Terminal, New Ridge Hospital, Maritime Hospital, Tema, UGMC, Legon, Kejetia Market, Accra Data Centre, the TamaleTeaching Hospital. It’ll revolutionize the economy.”
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