Ghana joins Nigeria in bold mining sector reforms

March 5, 2024 | The VaultNewsletter

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ghana joins nigeria in bold mining sector reforms
this extractive sector reform aligns with the government's broader strategy to enhance government revenue the extractive sector is projected to grow by 6 from 2024 to 2026
these proposed policies offer several benefits such as attracting foreign direct investment fdi addressing illegal mining diversifying the economy beyond the oil sector to reduce economic volatility associated with the global oil market and increasing government revenue
data vault nigeria's foreign trade improves under tinubu
what we are tracking
somalia somalia and turkey sign energy cooperation deal
mauritania eu signs agreement to help mauritania stop europebound migrants
sudan military rejects ceasefire
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ghana joins nigeria in bold mining sector reforms

Ghana has recently commenced a review of its mining policy, with the Minister of Land and Natural Resources outlining efforts to stimulate investment in the country’s extractive sector. The new policy targets three main priorities:

this extractive sector reform aligns with the government's broader strategy to enhance government revenue the extractive sector is projected to grow by 6 from 2024 to 2026

Nevertheless, several potential challenges need to be addressed. First, there is a need to establish a clear framework to prevent corruption , which has been prevalent in gold mining, from impacting other mined resources. Furthermore, enhancing local participation requires improving the local capacity—infrastructure and technical— in the industry to fully realize the benefits of value addition to mined resources.

these proposed policies offer several benefits such as attracting foreign direct investment fdi addressing illegal mining diversifying the economy beyond the oil sector to reduce economic volatility associated with the global oil market and increasing government revenue

Notwithstanding these benefits, a challenge the government must address is insecurity. Armed bandits and community conflicts have hindered activities in numerous mining communities. Additionally, like Ghana, there is a need to enhance local capacity in the non-oil sector if the goal is to diversify the extractive sector beyond crude oil.

data vault nigeria's foreign trade improves under tinubu

Seven months into President Tinubu’s regime, Nigeria experienced a significant increase in foreign trade in goods. In Q4 2023, the value of goods traded increased by 128.6% to N26.8 trillion, compared to N11.7 trillion in Q3 2022. However, the import value grew even more rapidly, rising by 163.1% (year-on-year) to N14.1 trillion in Q4 2023, resulting in a trade deficit of N1.4 trillion. The rise in the import value is primarily driven by the depreciation of the exchange rate due to foreign exchange reforms by the Central Bank of Nigeria.

what we are tracking

We’re also tracking the latest current events in the news, and how they may affect the decisions of policymakers. Below are some of the latest developments.

somalia somalia and turkey sign energy cooperation deal

Turkey and Somalia signed an offshore energy cooperation deal in Istanbul, deepening Turkey’s involvement in the Horn of Africa despite tensions over Somaliland. The agreement aims to facilitate collaboration in the exploration of oil and natural gas in the offshore areas of Somalia. The deal includes transportation, distribution, refining, sales, and services operations of oil and other products from land and sea projects.

mauritania eu signs agreement to help mauritania stop europebound migrants

Last Thursday, Mauritania signed a migration deal with the European Union to address the surge in migrants embarking on the dangerous journey across the Atlantic Ocean to Spain’s Canary Islands. The partnership includes support for border management and legal migration.

sudan military rejects ceasefire

The Sudan military has affirmed that there will be no ceasefire during Ramadan unless specific conditions are met. The major demand from the military is Rapid Support Forces (RSF) withdrawal from civilian and public areas, based on a commitment made in mediated talks last May.

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