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Newmont Sells Gold To BoG To Boost Country’s Reserves

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Newmont Ghana has announced that it has successfully sold 3,500 ounces of gold to the Bank of Ghana (BoG) under the central bank’s Domestic Gold Purchasing programme launched in June 2021.

A statement from the mining company said it went through the transaction with the Central Bank as part of efforts by the BoG to increase its gold reserves.

“By this, we become the first mining company to respond to the Central Bank’s novel initiative which is a very significant milestone in the fiscal history of the country”, the statement said.

The BoG’s domestic gold purchasing programme was launched in June 2021 with the primary objective of increasing its gold reserves. Subsequently, the Central Bank initiated discussions with the Ghana Chamber of Mines about its intention to purchase refined gold from mining companies in the country.

While mining companies in Ghana were prepared to support the programme, there was the need to ensure that the initiative met the governance, risk, compliance, and supply chain requirements of their various companies.

According to Newmont, it proactively engaged the Bank of Ghana on the governance, risk, compliance, and supply chain requirements associated with the deal, after which it signed an agreement that met all the requirements of both parties in December 2021.

Under the programme, the Central Bank is requiring an estimated amount of 10koz of gold annually from members of the Chamber of Mines over the next four to five years.

“Newmont will provide about 30% of the required amount annually, based on its market share within the mining industry in Ghana. The company’s first sale of refined gold occurred in May 2022 following on meeting of the terms and conditions in the agreement reached”, the statement said.

Source: myjoyonline.com

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The reclusive owner of OnlyFans rakes in more than $500 million from the adult website in less than 2 years, report says

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Cardi B performs at the Wireless Festival in London in July.

The adult content plaform’s viewers jumped by 128% and the number of creators rose by a third.Revenues soared from $358m to $932m last year, according to the annual report seen by Bloomberg.

The owner of OnlyFans has been paid more than $500 million since 2020, Bloomberg reported.

The Ukrainian-American businessman Leonid Radvinsky received dividends amounting to $284m in 2021 and $233m after November 2021, the company stated in its annual report, which was seen by Bloomberg.

The adult entertainment site enjoyed a boom in its user base last year, with two million content creators raking in almost $4bn in 2021, per the report. It also features non-adult content from celebrities such as rapper Cardi B and DJ Khalid for paying fans.The number of content viewers jumped by 128% year-on-year, while the number of content creators rose by 34%. The platform, which takes a 20% commission fee from creators, more than doubled its revenue from $358m in 2020 to $932m in 2021, Bloomberg reported.

Pre-tax profits also soared from $61m in 2020 to $433m in 2021 as users flocked to the platform during the pandemic.

“We are empowering creators to monetize their content and have real control over it,” Amrapali Gan, chief executive of OnlyFans, told the BBC. Gan, who had been at the company since 2020, took over as CEO in December 2021 after Tim Stokely stepped down. The London-based company was founded in 2016 by Stokely before he sold a 75% stake to Radvinsky, 40, two years later.

The Florida-based business figure keeps a low public profile but has run porn websites for more than two decades through his company Cybertania, the Daily Telegraph has reported.In August last year the platform announced it would ban sexually explicit content but reversed the decision six days later following an outcry from creators. The company laid off an unspecified number of employees last month to reshape certain teams, it told Insider in a statement.

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Ghana Cedi declared worst performing currency worldwide by Bloomberg

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Cedi tagged the worst performing currency worldwide

The latest report by Bloomberg has tagged the Ghana Cedi as the worst performing currency in the world currently.

According to Bloomberg, the Ghana Cedi is currently in tatters, haven depreciated by over GHC2 in the last week, compounding the ever-depreciating currency against major foreign currencies.

The Cedi fell 1.6% on Tuesday, August 16, extending this year’s slump to 35% and making it the world’s worst performer among 150 currencies tracked, after bankrupt Sri Lanka’s rupee,” Bloomberg indicated.

Bloomberg tracked the performance of 150 currencies in the world and the Cedi placed last in terms of performance since the beginning of the year.

In less than 8 months, the Cedi has come under intense exchange rate pressure due to its continuous depreciation to some major international currencies such as the Dollar, Pound and Euro.

According to data put out by the Bank of Ghana, the Cedi began the year at $1.00 to GH¢6.02.

Just a month ago, one could exchange $1.00 for GH¢7.43, and in less than 20 days, traders needed an average of GH¢9.37 to buy $1.00.

This means the Cedi has lost most than GH¢3.30 of its value to the dollar in less done 8 months.

Ghana’s economy is struggling to survive as inflation continues to dictate its fall. The implications of the continuous fall of the Cedi is already being felt by the ordinary Ghanaian.

Ratings from Fitch and S&P also saw the Cedi rating falling further to junk this month.

Following the current woes of the economy, the Central Bank is holding an emergency Monetary Policy Committee (MPC) meeting today. The BoG is expected to “review recent developments in the economy” during the meeting.

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Togo: Cement-Maker Cimtogo Raises Its Prices By 15%

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Cimtogo, a cement company, has upped its delivery costs from its plants in Lomé and Kara to distribution points. The measure became effective on August 1, 2022.

The company attributed the decision to the “recent measures that led to the increase of oil products in the country.” Its commercial directorate added that the price increase will “help ensure the continuity of carriers’ activities in the best conditions.”

It should be noted that Cimtogo’s cement is currently sold at CFA81,000 a ton throughout the country.

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