The Bank of Ghana Governor, Dr. Johnson Asiama, has revealed that necessary measures have been instituted to help diversify and strengthen the country’s international reserves. The Governor noted that “Over the past several years, the Bank of Ghana has deliberately increased the role of gold within Ghana’s international reserves through the Domestic Gold Purchase Programme”. He disclosed this when he led a technical team from the Bank of Ghana to brief Parliament’s Committee on Economy and Development in Accra today on a detailed Monetary Policy Report. Composition of Ghana’s International Reserves During the engagement, Dr. Asiama also revealed that over the past years, his outfit has increased the role of gold within Ghana’s international reserves through the Domestic Gold Purchase Programme. According to him, prior to the launch of the programme in 2021, the Bank held approximately 8.7 tonnes of gold. The Governor added that “Through sustained accumulation under the programme, ...
Policy analyst and natural resource governance advocate Dr. Steve Manteaw says Ghana may have lost billions in potential mining revenue by delaying the introduction of a windfall tax regime for the sector. Speaking on Joy News’ PM Express on Monday, he explained that proposals for an extra profit tax in the mining industry had been made more than a decade ago but were never implemented. The Act 703 was amended, and we provided that the minister shall prescribe the royalty rate for mining companies in Ghana.” “But in the absence of that prescription, the status quo will remain. So 5%, which was what the companies were paying at the time, remains until now.” Dr. Manteaw said the renewed debate over mining royalties gained momentum during discussions around Ghana’s lithium agreements. “And I think this whole discussion came about as a result of this lithium deal.” According to him, the Ghana Extractive Industries Transparency Initiative (GHEITI), of which he was a member, proposed in...