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VOLUME OF GOLD PRODUCED IN GHANA DECLINES. BUSINESS NEWS | GHANA AND BEYOND

🚩The African Development Bank Group and the Securities and Exchange Commission (SEC) have signed a $400,000 grant agreement to develop a risk-based supervisory solution for the Ghana capital market. The grant, from the African Development Bank’s Capital Markets Development Trust Fund, will finance the provision of technical assistance and capacity building for the SEC, the markets regulator, and the Ghana Stock Exchange. The project will enhance the SEC’s institutional capacity and readiness to transition from a compliance-based to a risk-based supervision approach for the securities market.

🚩The Ghana Stock Exchange has signed a Memorandum of Understanding (MOU) with the Stanford Seed Transformation Network Ghana (STN). This in line with its strategy to groom and prepare the next pool of companies to list on the Exchange. STN Ghana is a network of graduates of the Stanford Seed Transformation Program, an initiative of the Stanford Graduate School of Business, which seeks to introduce value-enhancing activities for member companies. This MOU seeks to make the Exchange’s 3 markets, the Main Market, the Ghana Alternative Market (or GAX) and our Fixed Income Market (GFIM) available to STN Ghana members to support them raise capital and invest to support their expansion projects.

🚩Shareholders of Ecobank Ghana will receive an amount of 55 pesewas per share as dividend from the bank concerning the 2020 financial year This is a 100% increase over that of the 2019 dividend payment. It follows approval by the Bank of Ghana for the increment and payment. Speaking to shareholders of the bank at a virtual Annual General Meeting in Accra, Managing Director of Ecobank, Daniel Sackey explained that the regulator has approved the payment which is a total amount of GH¢177 million due to improvement in the financial soundness indicators of the bank, including reductions in its Non-Performing Loans.

🚩The total volume of gold produced in Ghana declined by about 554,000 ounces (12.1%) to 4.023 million ounces in 2020 despite the windfall in gold prices, the 2020 Ghana Chamber of Mines Report has revealed. The 12.1% decline in production is the highest year-on-year decline since 2004. However, Ghana continued to hold on to its position as the largest producer of gold in Africa and the sixth in the world even though the country recorded a decline in output by 12.1%. According to the President of the Ghana Chamber of Mines, Eric Asubonteng, it was not all gloomy on the continent, as Ghana’s West Africa neighbours, Burkina Faso, recorded a 19% increase in production to 74 tonnes on the back of increased production levels by that country’s leading gold producers.

🚩The Bulk Oil Storage and Transportation Company recorded a profit of ¢31 million for the year 2020. The sterling performance was due to prudent management practices despite a difficult year due to covid-19 whereby oil prices plummeted. Speaking at a media engagement organized by the State Interests and Governance Authority, Managing Director, Edwin Provencal, said his outfit has settled most of their debts, hinting about venturing into the business of storage of liquefied petroleum gas. “In terms of management performance for 2020, we budgeted to make a loss of GH¢81 million, but the effort of the staff and the board enable us to make a profit of GH¢31 million. We also have a new product of LPG. So if we branch into selling and exporting LPG – that is a new product in an existing market.”

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Prince Henry Danquah

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