Mining
Gold Prices Soar to Record High Amid Global Economic Uncertainty
Gold has surged to an all-time high, with spot prices reaching $3,508.50 per ounce on Tuesday, as investors flock to the precious metal in search of stability during global economic turbulence.
The price of gold has climbed nearly one-third since the start of the year, driven by trade tensions, political risks, and expectations of lower U.S. interest rates. Traditionally considered a safe-haven asset, gold’s rally accelerated earlier this year after U.S. President Donald Trump imposed sweeping tariffs that rattled global trade.
Analysts say concerns over the independence of the U.S. Federal Reserve have also bolstered demand. Trump has repeatedly criticized Fed Chair Jerome Powell and recently attempted to dismiss one of its governors, fueling fears of political interference. Derren Nathan of Hargreaves Lansdown noted that these actions are “driving renewed interest in safe haven assets including gold.”
European Central Bank President Christine Lagarde warned on Monday that undermining the Fed’s independence would pose a “very serious danger” to global economic stability, potentially triggering ripple effects across markets worldwide.
Adrian Ash, director of research at BullionVault, linked the price surge directly to Trump’s policies: “It was really the U.S. election last year that lit the fire under it.”
Unlike previous surges, where high prices discouraged buyers in major jewellery markets such as China and India, this rally has seen continued demand. Consumers in these countries are turning to investment-grade products like bars and coins, rather than reducing purchases.
Suki Cooper, a precious metals analyst at Standard Chartered, added that geopolitical uncertainty—including Russia’s invasion of Ukraine—combined with inflationary pressures and supply chain disruptions, has further lifted gold. A weaker U.S. dollar earlier this year also made gold more appealing to investors.
With multiple global pressures converging, analysts suggest gold’s momentum could continue as investors seek safety in uncertain times.
Mining
Akonta Mining Operations Manager Granted GH¢10 Million Bail in Illegal Mining Case
An Accra court has granted bail in the sum of GH¢10 million to Kwadwo Owusu Bempah, Operations Manager of Akonta Mining, with three sureties, one of whom must be justified.
Mr. Owusu Bempah is the fifth accused person in an ongoing trial involving Akonta Mining and three others, including the Ashanti Regional Chairman of the New Patriotic Party, Bernard Antwi Boasiako, popularly known as Chairman Wontumi. The case centres on alleged illegal mining activities in the Tano Nimiri Forest Reserve.
Although earlier reports suggested that Mr. Owusu Bempah was on the run, his lawyer, Andrew Vortia, told the media that his client voluntarily presented himself to the police about three weeks ago. He was subsequently granted police enquiry bail but was re-arrested on Monday, January 12, 2026, for failing to report as required.
Appearing before the court on Wednesday, January 14, 2026, Mr. Owusu Bempah pleaded not guilty to charges of engaging in mining operations without a licence, abetting the unauthorised felling of trees, and abetting the unauthorised construction of structures within the forest reserve.
The prosecution maintains that Akonta Mining holds valid mining concessions at Samreboi and Abekoase in the Western Region, both located outside the Tano Nimiri Forest Reserve. However, an application by the company to mine within the reserve was rejected. Prosecutors allege that despite this refusal, Chairman Wontumi unlawfully entered the reserve, felled trees, and put up structures without authorisation.
According to the charge sheet, Chairman Wontumi, described as a shareholder representing Akonta Mining, and Edward Akuoko, the company’s General Manager, were arrested and arraigned before the court. Kwame Antwi, another shareholder, and Mr. Owusu Bempah were initially declared at large. While Mr. Owusu Bempah has since been arrested, Kwame Antwi remains at large.
Meanwhile, in November 2025, the state informed the court of its decision to withdraw charges against Edward Akuoko and to use him as a prosecution witness. The prosecution has also indicated plans to amend the charge sheet to formally remove Mr. Akuoko as an accused person.
Mining
GoldBod Denies Buying Gold from Illegal Miners, Explains Sourcing Process
The Ghana Gold Board, known as GoldBod, has rejected allegations that it buys gold from illegal miners, commonly called galamseyers.
In a set of frequently asked questions released on Monday, January 5, 2026, the board clarified that it does not purchase gold directly from miners. Instead, GoldBod buys gold only through licensed aggregators.
According to the statement, GoldBod’s role as a public corporation is guided by law. Under Section 3(1)(f) of Act 1140, the board is mandated to promote the formalisation of small-scale mining by ensuring responsible sourcing, a sustainable supply chain, full traceability of gold, and compliance with international standards. Another provision, Section 3(1)(g), requires the board to support environmentally responsible and sustainable mining practices.
GoldBod stressed that all gold-buying licenses it issues strictly prohibit licensed buyers from sourcing gold from illegal miners. These conditions, the board noted, are publicly available on its website.
To strengthen oversight and accountability, GoldBod revealed that it is developing a blockchain-based track-and-trace system. The system, which will verify the origin of every gram of gold bought from licensed buyers, is part of efforts to ensure responsible sourcing. The board noted that it has been in operation for only eight months.
The board also pointed to wider government actions against illegal mining, led by the National Anti-Illegal Mining Operations Secretariat, NAIMOS. These efforts have so far resulted in the eviction of illegal miners from nine forest reserves, the revocation of Legislative Instrument 2462 that allowed mining in forest reserves, restrictions on excavator imports, and the arrest and prosecution of offenders.
GoldBod explained that gold has been mined and traded in Ghana for decades without proper traceability. It said the establishment of the board marks the first time a state institution has been tasked with ensuring full value chain traceability within a defined timeframe.
The board dismissed criticism from political opponents, describing such attacks as attempts to discredit its progress in formalising the gold sector.
GoldBod concluded by reaffirming its commitment to ending illegal mining and confirmed that the blockchain track-and-trace system will be rolled out in 2026 after a competitive tender process.
Mining
Ghana Must Decide Where It Wants to Go with Mining – Dr Joyce Aryee
Story by: Sarah Adwoa Akutteh
The former Chief Executive Officer of the Ghana Chamber of Mines, Rev Dr Joyce Aryee, has called on Ghana to set a clear long-term vision for its mining sector to avoid drifting without national direction. Speaking at the African Media Extractive Fellowship Training in Accra on Wednesday, 26 November 2025, Dr Aryee emphasized the urgent need for the country to decide its future with mining.
“Ghana must decide where it wants to go with mining. What do we want to achieve? What is the end game? Mining cannot continue without a clear national vision,” she said.
Dr Aryee highlighted mining as not just an economic activity but a complex issue affecting social, environmental, and human development. “Mining is more than minerals; it affects communities, their land, water sources, livelihoods, culture and dignity,” she explained.
With mining contributing over 8% to Ghana’s GDP and generating an estimated GH₵6.8 billion in the second quarter of 2025, the sector provides significant jobs. However, Dr Aryee warned these gains do not justify ongoing harm perceived by local communities.
She urged Ghana to balance economic growth with social protection, land rights, and environmental safety, describing this as the dual mandate of mining: growing the economy while protecting those impacted by extraction.
Ethical leadership, she insisted, is essential for sustainable mining. “Leadership must be honest, transparent and accountable. Mining companies and policymakers must engage communities, listen to concerns and involve them in decision-making.”
Addressing illegal mining or galamsey, Dr Aryee said lack of a clear pathway to integrate artisanal miners into the formal sector fuels the problem. “It takes courage to say we cannot allow galamsey to continue, but without national clarity and firmness, destruction will persist.”
Dr Aryee called on journalists to promote accurate and fair reporting to shape national discourse. “Your work should inform public understanding, encourage responsible leadership and build peace.”
She concluded by urging Ghana to adopt a unified, long-term mining framework prioritizing ethics, sustainability, inclusivity, and community partnership. “Mining must serve all Ghanaians equitably. We need a vision that protects lives, land and livelihoods.”
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