What Europe’s economy needs now
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By Werner Hoyer
Tuesday 28 February 2023 Issue No.20
A N E W THINKIN
Gold Fields production drops by 4percent in 2022
Russia's trade growing with Africa
In this interview, Alisa Prokhorova, Managing Director for International Activities and Interaction with Business Councils, and Group of companies of the Russian Export Center offers in-depth information and statistics about Russia's trade with Africa. Russia, set the grounds for raising trade collaboration across various areas and work towards a new dynamism in the existing economic cooperation with African countries.
By Kestér Kenn Klomegâh
promising from an economic point of view? What are the prospects of Russia playing a unique role on the African continent?
cant projects but implements them at its own expense because it is challenging to achieve high demand from the African population.
Answer: What is the peculiarity of the African continent? The demand is very high (a large territory of the continent, 54 countries), but many countries are not creditworthy. Large corporations plan a strategy to enter the market with a deferred effect. So, they invest. For examHere are the interview excerpts: ple, China which enters many Question: Is the African market African countries takes signifi-
Russian companies do not have enough resources to engage in such investment expansion. The market is potentially the largest, Africa - is the continent of the future, but at the moment, the demand is generally limited.
In our conversation, Prokhorova stressed that as the African continent undergoes positive transformation, platforms for dialogue on trade between Russia and Africa are emerging too. She refers to the newly created continental free trade zone in Africa for potential Russian investors and enterprises, facilitating their quest for interaction with industry organisations in sub-Saharan African countries.
Secondly, the USSR (Russia's
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Production for Goldfields Ghana dropped by four percent to 838,000 ounces (koz) in 2022 from 871, 000 (koz) in 2021, mainly driven by decreased production at the Damang Mine due to completion of the Damang pit cutback as well as lower production at Asanko. The Company indicated that all-in costs across the three mines increased by 10 percent to US$1,220/oz in 2022 from US$1,112/oz in 2021. However, the mines produced adjusted free cash flow, excluding Asanko, of US$219million in 2022 compared to US$292million in 2021. Its interim Chief Executive Officer (CEO), Martin Preece, in a statement also noted that assets in the company’s portfolio are maturing and reaching the end of their lives, highlighting low output by the Damang Mine. “There are assets in the portfolio which are maturing and reaching the end of their lives. 2022 was the last year of steady-state production at Damang post reinvestment in the pit cutback. In 2023, production from Damang will come from a combination of ore from the Huni pit and stockpiles, with only stock-
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COCOBOD says it lost GH¢4.8b Ghana International Bank trains over 60 investment to galamsey bankers on Trade Finance The Ghana Cocoa Board (COCO- tension services, among other acBOD) says it has lost GH¢4.8 bil- tivities it was undertaking to scale lion worth of investment in 35 up the country’s cocoa produchectares of cocoa farms to illegal tion. mining (galamsey) activities at Rev Edwin Afari, Executive Director, Cocoa Health, and Extension Boinso in the Western Region. The investment covered the Division said a recent visit to the planting of new cocoa trees and area saw that all the cocoa trees plantain suckers, compensations they planted had been cut down to landowners and farmers, ex3
Payments of coupons, principals of old bonds to resume by March 13 In fulfillment of government as- March 13, 2023. surance to bondholders who did In a statement, the Ministry, hownot tender their old bonds, the ever said the newly issued bonds Ministry of Finance is taking ad- have been settled and listed and ministrative steps to ensure that will become the new benchmark payments of coupons and princi- bonds for the fixed income pals of the old bonds resume by 3
Ghana International Bank (GHIB), a wholly-Ghanaian bank incorporated in the United Kingdom, has facilitated a trade finance training programme for over 60 bankers from across six West African countries. The four-day trade finance training seminar in Ghana focused on various international trade finance products that banks can use in serving their customers. Speaking to the media at the closing ceremony of the training, Baafuor Ohene Abankwah, the Country Representative, Ghana and Head, Client Coverage Africa, said 2
the training is part of GHIB’s efforts to deliver quality banking services and provide a bridge to Ghana's banking institutions. "As a wholly Ghanaian bank incorporated in the UK, we have been the heart of trade finance in Africa for many years, dating back to the 1950s." We training programmes. This is the eighth session, believe that we have a and we have over 60 bankers from across six counrole to play in building tries in West Africa present to be equipped on how trade finance capacity to facilitate trade between the countries they repso we are passionate resent and the rest of the world". about organising such