News Guide Africa

Tag: Deputy Minister of Finance

  • Gold buyback deal hailed by experts as “Far Superior” to dangerous nationalisation calls

    Gold buyback deal hailed by experts as “Far Superior” to dangerous nationalisation calls

    By Adnan Adams Mohammed

     

    Economic and mining experts have lauded the government’s landmark agreement to purchase 30% of gold output locally from all large-scale mining companies, describing it as a masterstroke for resource optimization that avoids the pitfalls of radical resource nationalism.

    Industry insiders say the policy successfully strikes a delicate balance between aggressive national wealth accumulation and maintaining a stable environment for foreign direct investment.

    ​The deal, which takes effect on July 1, 2026, was executed through the Ghana Gold Board (GoldBod) under the joint direction of the Minister of Finance and the Minister for Lands and Natural Resources.

     

    ​A Productive Alternative to Nationalisation

    ​Prominent mining analyst and economic journalist, Adnan Adams Mohammed, has strongly tided the arrangement as a superior, market-friendly model for maximizing national returns from extractive wealth without spooking foreign investors.

    ​”This deal stands out as one of the most viable options through which Ghana can optimize benefits from our natural resources for the nation,” Mohammed noted. “It introduces a structured, state-backed buyback that respects commercial realities while securing a tangible share of production for our national reserves.”

     

    ​Mohammed contrasted this arrangement with recent aggressive calls by some public policy think tanks for state ownership, warning that forced takeovers could spell disaster for Ghana’s ongoing economic recovery.

    ​”This is far more productive than the ill-advised localization or outright nationalisation of the mines, which could severely impact our promising economy,” Mohammed added, referencing his recent publications, including ‘Ghana’s Resource Nationalism Debate: Why Clarity From Government Matters Now’. “Forced state takeovers disrupt investor confidence, choke capital inflows, and threaten operational stability. This 30% local purchase framework offers asset accumulation without the catastrophic baggage of nationalisation.”

     

    ​Shifting to Local Currency and Retaining Value

    ​Unlike the previous 2022 framework between the Bank of Ghana and the Ghana Chamber of Mines, the new Memorandum of Understanding (MoU) introduces crucial operational updates. Large-scale miners will sell the 30% output locally in doré (raw) form at a 0.55% discount, with all transactions settled in Ghana Cedis using the Bank of Ghana Reference Rate.

    ​”This is a monumental step toward fiscal sovereignty,” a senior government official stated following the announcement. “By executing these transactions entirely in local currency and keeping the raw bullion within our borders, we are putting an end to capital flight and directly backing the strength of the Cedi with a tangible asset.”

     

    ​The Road to LBMA Accreditation

    ​A core strategic objective of the pact is elevating Ghana’s domestic refining standard to global heights, targeting London Bullion Market Association (LBMA) accreditation for at least one local refinery by 2030.

    ​Under the approved protocol, GoldBod will ensure all purchased doré is refined locally for maximum value retention, shipped to an LBMA refinery for melting and stamping, and returned to the central bank.

    ​The Ghana Chamber of Mines expressed shared optimism for this phased approach to industrialization:

    ​”The chamber and its members view this as a win-win partnership. While it guarantees a steady, structured local off-taker for 30% of our production, it aggressively drives the ecosystem toward achieving an LBMA-accredited refinery right here in Ghana. Local value addition is the future of African mining.”

     

    ​Driving GANRAP and Zero Raw Exports

    ​The initiative serves as a core engine for the Ghana Accelerated National Reserve Accumulation Program (GANRAP), which targets building foreign reserves to 15 months of import cover by 2028. It also aligns with President Mahama’s broader industrial policy of achieving zero raw mineral exports by 2030.

    ​The comprehensive details and regulatory structures of the signed MoU backed by the Ministries of Finance and Lands, GoldBod, the Bank of Ghana, and the Chamber of Mines will be officially published on Monday, July 29, 2026.

  • Innovative financing to strengthen the country’s national data ecosystem – Hon Ampem

    Innovative financing to strengthen the country’s national data ecosystem – Hon Ampem

    Deputy Finance Minister, Thomas Nyarko Ampem, has emphasized the need for innovative financing to strengthen the country’s national data ecosystem.

    Speaking at the 2025 Annual Forum for Data Producers, Users and Enhancers, Ampem stressed that a resilient statistical system is crucial for effective governance, economic transformation, and social progress.

    Ampem highlighted Ghana’s progress in modernizing its statistical system, including the first fully digital Population and Housing Census in West Africa, high-frequency surveys, and improved access to official statistics through tools like StatsBank and the Ghana Stats App. However, he noted that the system still faces structural constraints, such as heavy dependence on donor funding and limited interoperability.

    To address these challenges, Ampem pointed to the upcoming National Strategy for the Development of Statistics III (2026-2030) and the Power of Data Initiative, which aim to provide a coordinated framework for long-term investment and innovation.

    The government has allocated GH¢207 million to priority statistical operations in the 2026 Budget, including Gross Domestic Product and Consumer Price Index rebasing, national surveys, and improvements in economic and price-measurement systems.

    Ampem urged development partners to continue their support, data producers to innovate and collaborate, and data users to demand more data and champion transparency and accountability. He also encouraged the private sector to explore opportunities in the data economy, such as fintech and precision agriculture.

    Also, he encouraged the private sector to tap into emerging opportunities in the data economy, highlighting promising areas such as fintech, precision agriculture, satellite analytics and credit-scoring technologies.

    He further reminded citizens that data directly shapes everyday life urging the public to support efforts to build a data-responsive society.

    “It determines the schools your children attend, the hospitals you access, the jobs created in your communities, and the taxes collected,” he added.

     

     

     

     

     

     

     

     

     

     

     

     

     

  • Illicit financial flows trapping African economies in a ‘doom loop’ – Deputy Finance Minister warns

    Illicit financial flows trapping African economies in a ‘doom loop’ – Deputy Finance Minister warns

     

    Deputy Minister of Finance, Thomas Nyarko Ampem, has warned that illicit financial flows and money laundering are trapping African economies in what he terms as a “doom loop”.

    He describes the situation as a vicious cycle of weak regulation, capital flight and dwindling fiscal capacity that continues to undermine sustainable growth.

    Mr. Ampem said the scale of illicit financial activities is eroding Africa’s post-pandemic recovery and diverting critical resources from development priorities.

    “The spike in insecurity and money laundering has coincided with the recovery of our economies from recent global economic shocks and an increasing youthful population. This has resulted in a doom loop where economic growth is undermined due to disruptions in economic activities, loss of significant national revenue due to illicit flows and smuggling, poor delivery of critical public services, increasing youth discontent which fuels illegal migration as well as creating a new generation of extremist recruits.”

    The Minister was speaking at the opening of a three-day Joint Experts’ Meeting in Accra, organised by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) in collaboration with the Financial Action Task Force (FATF) and the Government of Ghana.

    “We must not only urgently break this doom loop but must also collectively reverse it. This must be our ambition because the cost of inaction will be inestimable.”

    He suggested that deeper regional cooperation remains crucial in addressing the growing threat, calling for harmonised oversight frameworks, robust financial intelligence systems and stronger enforcement mechanisms to stem the tide of cross-border financial crimes.

    “We must strengthen our institutions, close the regulatory gaps, and foster real-time intelligence sharing among countries in the region. This is the only way we can collectively protect our economies and ensure financial integrity”, he said.

    The meeting brought together policymakers, regulators, and financial experts from across West Africa to chart a coordinated regional response aimed at safeguarding financial systems, promoting transparency and building resilient, inclusive economies.

     

  • Mid-Year budget to clarify road contractor payments – Ampem Nyarko

    Deputy Minister of Finance, Thomas Ampem Nyarko, has announced that the government will provide detailed clarity on payments owed to road contractors in the upcoming mid-year budget review.

    The move is part of broader efforts to manage arrears and uphold fiscal discipline amid rising concerns in the construction sector over delayed payments.

    Speaking on the Citi Breakfast Show on Wednesday, July 2, Mr. Ampem Nyarko explained that a comprehensive audit of outstanding arrears has been completed by the Auditor-General in collaboration with top accounting firms. The findings, he said, revealed that some claims had been disallowed.

    “All these will be programmed in our budget. Now, the auditor general and the top accounting firms that did the auditing of the arrears have already brought some reports that have indicated that some of the amounts are being disallowed,” he said.

    He added, “So, in the mid-year budget review, Dr. Forson will report on that, and we will indicate what the audited arrears are. Then, we will also indicate the plans to clear them.”

    According to Mr. Nyarko, the government has already earmarked GHc 13 billion for arrears clearance in the 2025 fiscal year and is committed to pursuing it “religiously.”

    “Already, we have made plans for Gh¢13 billion, which we are religiously pursuing this year. In next year’s budget, we will announce another amount,” he noted.

    He further stated that allocations in the 2026 budget will support continued arrears payments, while stressing that the government is determined not to repeat past mistakes.

    “That is why we are managing the financing so well that we do not have arrears build-up, and we have given commitment authorisation so that we don’t spend above what has been budgeted for the year,” he said.

    Mr. Nyarko also criticised the previous New Patriotic Party (NPP) administration’s fiscal approach, which he claimed led to unsustainable debt accumulation.

    “Because if we go the way they [NPP] did, we will be clearing the arrears, and we will not be building up more arrears. That is not how to manage an economy,” he argued.