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Finance Minister outlines new gold policies to boost reserves and curb smuggling

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Finance Minister Dr. Cassiel Ato Forson has announced a set of policy measures aimed at strengthening Ghana’s foreign exchange reserves, improving gold sector governance, and reducing illegal mining and smuggling.

Presenting the policy directions in Parliament, he explained that government will revise the current arrangement under which the Bank of Ghana acquires 20 percent of large scale gold output.

He indicated that an Inter Agency Committee will be formed to ensure compliance by mining firms.

The committee, he noted, will be co chaired by the Ministers for Finance and Lands and Natural Resources, with membership drawn from the Governor of the Bank of Ghana, as well as the heads of the Minerals Commission and the Ghana Gold Board.

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According to him, the Minister for Lands and Natural Resources will invoke the state’s preemption rights under the Ghana Gold Board Act, 2025 and the Minerals and Mining Act, 2006 to purchase a minimum of 20 percent of gold produced by large scale mining companies.

He stated that this is expected to translate into at least 0.57 tonnes of gold per week.

He stressed that the gold purchased will be in doré form and processed locally to promote value addition.

Payments, he added, will be made in cedis at the prevailing interbank exchange rate, with discount rates determined by volume.

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Dr.Forson further explained that the refined gold will eventually be added to Ghana’s physical reserves, and that any future sale by the central bank will require prior approval from Cabinet and Parliament.

He maintained that these measures will improve transparency, promote local refining, and reduce acquisition costs while ensuring that mining companies meet their obligations.

Turning to the artisanal and small scale mining sector, he stated that the Ghana Gold Board will adopt strategies to purchase at least 2.45 tonnes of gold weekly through official channels.

Over the next three years, he projected that the country could mobilise about 127 tonnes of gold annually from the sector, which at current prices could generate more than 20 billion dollars in foreign exchange each year.

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To achieve this, he noted that the Gold Board will secure sufficient funds to sustain market participation and assume full responsibility for signing off take agreements and selling gold procured from the sector starting March 2026.

He added that the Board will introduce risk management tools, including gold backed derivative trading and hedging programmes, to reduce market losses.

Dr.Forson also pointed to price incentives and bonuses for licensed miners as part of efforts to discourage smuggling and encourage legal sales.

Beyond the gold sector, he outlined broader measures to improve foreign exchange inflows, including the expansion of non traditional exports such as cashew, shea, and rubber, as well as efforts to revive the cocoa sector.

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He mentioned the development of new oil palm plantations and the acceleration of new oil field projects, including Pecan, to support export earnings.

The minister also addressed energy sector financing, noting that Ghana has historically spent about three billion dollars annually to cover shortfalls and payments to independent power producers.

He explained that the proposed Gas to Power Transformation Policy, which includes the construction of a state owned 1,200 megawatt power plant and a second gas processing facility, will help conserve foreign exchange.

Dr.Forson emphasised that maintaining fiscal discipline, particularly achieving a primary surplus, remains critical to slowing the depletion of the country’s reserves.

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By: Jacob Aggrey

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How Nana Butler took down exploitative Management Committees

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The year was 1993, and the destination was Australia. Down Under, the Black Satellites—Ghana’s exceptionally gifted Under-20 national team—were busy treating the footballing world to a masterclass. They ran, they tackled, they outclassed England, and they fought their way to a historic silver medal. But while the players were leaving their blood and sweat on the pitch in Sydney, an entirely different, much more lucrative sport was being played in the VIP lounges and luxury hotel rooms.

It was the ancient, revered African art of “Management Allowance Harvesting.”

Upon the team’s return, the newly appointed Ghana Football Association (GFA) Chairman, Samuel Nana Brew-Butler, glanced at the tournament’s financial ledgers. What he discovered was a mathematical miracle that would baffle even the finest economists.

The Management Committee, heavily populated by suit-wearing, brief-case-wielding officials under the leadership of Paul Kunke, had pulled off a breathtaking victory. They didn’t win a trophy, but they had comprehensively defeated the actual athletes in the per diem stakes. The officials had taken home significantly more money in allowances than the young boys who had spent 90 minutes sweating under the blistering Australian sun.

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Faced with a squad of administrators who clearly possessed a higher “strike rate” at the bank than the strikers did on the field, Nana Butler did the only logical thing. He took a giant administrative sledgehammer and completely dissolved all the GFA Management Committees.

The True “Strikers” of Ghana Football

To understand the sheer genius of the Kunke-led management committee, one must appreciate the sheer physical exertion required to be a football official in the 1990s.

While a player like Augustine Ahinful or Samuel Osei Kuffour only had to worry about running several kilometres, avoiding bone-crushing tackles, and scoring goals against Brazil, the management committee faced far more hazardous perils. There were heavy per diem envelopes to be lifted. There were grueling, five-star buffet lunches to navigate. There was the exhausting psychological stress of checking whether the hotel’s air conditioning was set to the perfect ambient temperature.

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Is it any wonder, then, that the administrative “allowance-to-sweat ratio” was heavily skewed toward the boardroom? The players were running on patriotism and the promise of future glory; the officials were running on high-grade, cold, hard foreign currency. Rumour has it that the officials’ wallets were so heavy they required their own tactical formations just to be carried through airport customs.

The Butler Cleans House

When Nana Brew-Butler took over the reins of the GFA, he brought with him a revolutionary, almost bizarre philosophy: that football money should actually have something to do with the people playing football.

When the financial reports from the 1993 World Youth Championship landed on his desk, the numbers told a hilarious story. The management committee had apparently operated under the assumption that they were the primary entertainment act, and the eleven players on the pitch were merely their opening warm-up band.

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Recognising that Ghana’s real footballing talent was sitting in the committee rooms engineering per diem payouts rather than scoring goals, Butler struck. In a swift, unceremonious purge, he dissolved the committees, effectively telling the suits that if they wanted to earn that much money from football, they should buy some boots, practice their step-overs, and try making the squad for the next tournament.

It was a dark day for administrative freeloaders across the capital. For a brief moment in Ghanaian history, the ecosystem was thrown out of balance: the players were treated as heroes, and the committee members were forced to look at their bank accounts and reflect on the tragic loss of their premium per diems.

A Timeless Legacy

Decades later, the ghost of Australia ’93 still hovers over Ghanaian football. Nana Butler’s mass dissolution remains a golden, satirical benchmark for how to deal with the eternal affliction of “Committee-itis”—a disease where the number of officials on a plane outnumbers the players, and where the budget for official blazers exceeds the budget for training kits.

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The lesson from 1993 remains clear: if you allow the suits to score more heavily than the boots, you will eventually find yourself with an empty trophy cabinet and a very wealthy boardroom. Cheers to Nana Butler, the man who reminded the nation that football is played with a leather ball on grass, not with a calculator in a five-star hotel.

By Emmanuel Amponsah

The writer is a former Editor of The Spectator

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Agona West MP supports Swedru School of Business with mono desks

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Member of Parliament for Agona West, Ernestina Ofori Dangbey, has donated mono desks to the Swedru School of Business (SWESBUS) as part of efforts to improve education infrastructure in the constituency.

Presenting the desks on Tuesday, the MP said the intervention is aimed at addressing some of the infrastructural challenges facing the school and enhancing the learning experience of students.

“Investing in Education, Investing in Our Future. Yesterday, I presented mono desks to the Swedru School of Business as part of my ongoing efforts to strengthen the educational system in Agona West,” she stated.

“Every student deserves a conducive environment in which to learn, grow and achieve their full potential. This intervention is therefore aimed at helping address some of the infrastructural needs of the school and improving the learning experience of our students.”

Madam Ofori Dangbey reaffirmed her commitment to supporting schools in Agona West and creating opportunities for young people in the area.

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“I remain committed to supporting our schools and creating opportunities for the young people of Agona West. Agona West Will Continue to Rise,” she added.

By Edem Mensah-Tsotorme

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