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Takoradi Gold sues Minerals Commission for unlawful assignment

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Ghanaian owned licensed large-scale mining operator Takoradi Gold Ghana Limited is suing the regulator of the country’s mining industry, the Minerals Commission, for what it claims are attempts to divert two of its mining concessions to another company.

Takoradi Gold contends that the moves by the Commission to hand over a land that it has vested interest in without any reference to it is wrongful and unlawful.

According to the writ filed at the Tarkwa High Court, Takoradi Gold Ghana Limited avers that two mining concessions – CV597 and CV598 – are mining concessions originally granted by the colonial government to Paa Grant but the residue of the terms of those certificates of validity became assigned to one George Blay Kwofie by the administrators of the Estate of Paa Grant.

TGGL explained subsequently that George Blay Kwofie entered into a Joint Venture Agreement with them in respect of the said CV597 and CV 598 and the government of Ghana has since 1985 approved not only the said agreement but also the transfer of the mineral rights in those concessions to the Plaintiff.  The gold-mining company contends that as a result of that approval, the government by the then Sector Minister/ Secretary executed an agreement with its predecessor-in-title Goldex Prospecting N. Limited and granted her prospecting license No. 8147/86 in respect of both CV597 and 598

Takoradi Gold Ghana Limited says having acquired vested mining right in both CV597 and CV598, they have since discharged all their responsibilities to the government and to the knowledge of the 1st Defendant (Minerals Commission) invested over $3 million in carrying out prospecting activities on the subject Certificates of Validity (CV597 and 598).

The plaintiff contends that it has complied and/or continue to comply with the relevant provisions in the Minerals and Mining Act 2006 (Act 703) in so far as her prospecting activities on the 2 CVs are concerned, and that they have not at all surrendered their interest in the CVs to the 1st Defendant nor has the 1st Defendant written to revoke or cancel Plaintiff’s mineral right in those CVs.

TGGL stated in the writ that it became aware of the dubious moves by the Minerals Commission to divert its concessions to another company when it came across a publication of notice by the Commission in 2019, adding that that publication has the potency of infringing on the company’s mineral rights.

“The Plaintiff states that somewhere in February 2019, she stumbled upon a Publication of Notice made by the 1st Defendant that, that had the potency of infringing on her mineral rights in the 2 CVs and she duly by a letter dated 22/02/2019 addressed to the 1st Defendant and by that letter raised her protests and or opposition to any intention of the 1st Defendant to make a grant of any mineral right or interest in CV597 and CV598 to any other body or body of persons,” the writ stated.

Takoradi Gold Ghana Limited (Plaintiff) stated that the Minerals Commission has failed to respond to the company’s queries concerning the said action.

“Plaintiff avers that when 1st Defendant failed and or refused to respond to her concerns in the letter of 22/02/2019, she caused an official search to be conducted on the CV’s 597 and 598 at the 1st Defendant’s office.

“By the Minerals Cadastre Map dated 24/05/2021 as furnished Plaintiff by the 1st Defendant, the CV’s 597 and 598 (subject of this suit) have been shown as having been proposed by the 1st Defendant to be granted to the 2nd Defendant,” the writ indicated.

TGGL is praying the High Court to annul any possible arrangement and/or agreement between the Minerals Commission (1st respondent) and Mining and Construction Limited (2nd respondent).

“An Order declaring as null and void any agreement purportedly entered into between the 1st and 2nd Defendants in respect of Plaintiff’s CV’s 957 and 958 or any portion thereof,” the writ stated.

Below are the full claims being sought by Takoradi Gold Ghana Limited against the Minerals Commission and the Mining and Construction Limited:

Declaration that Plaintiff has subsisting right to prospect for and prove for gold in INSAMANKAW —SIMPA Concessions commonly referred to as CV597 and CV598 situate and lying at Kutukrom in the Nzema East District Assembly covering an area of 14.56 Sq. kilometres and bounded by the mining lease area of the Plaintiff, the Nzema East Small Scale Mining Licence area and the Prestea Huni-Va11ey restricted area.

An Order declaring as null and void any agreement purportedly entered into between the 1st and 2nd Defendants in respect of Plaintiff’s CV’s 957 and 958 or any portion thereof.

An Order of injunction restraining the Defendants and or their agents, workmen, assigns. Privies, and successors-in-title etc. from interfering with Plaintiffs quiet enjoyment of her said licenced prospecting area being CV597 and CV 598 at Kutukrom.

iv. An Order of perpetual injunction restraining the 1st Defendant from granting to, allocating to, demarcating for, releasing to and or any dealings in respect of the said CV597 and CV598 with the 2nd Defendant and or any other body or body of persons for the purpose of prospecting for gold or any other mineral right from within the said Concession.

V. Any other relief as may be just.

Source: 3news.com

Finance

Bank of Ghana lowers policy rate by 100 basis points to 13.5%

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Governor of the Bank of Ghana, Dr. Ernest Addison

The central bank’s Monetary Policy Committee (MPC) has lowered the policy rate by a 100 basis point at 13.5 percent from 14.5 percent.

Announcing the decision at its 100th MPC press conference, Governor of the Bank of Dr. Ernest Addison on May 31 said this was based on risks to the country’s inflation outlook remaining muted in the near term.

He added that consumer inflation is expected to remain within the central bank’s target band of 8% plus or minus two percentage points in the next quarter after falling to 8.5% in April 2021 due to lower food price inflation.

“Risks to the inflation outlook remain muted in the near-term under these circumstances, the (Monetary Policy Committee) decided to lower the monetary policy rate by a hundred basis points to 13.5%,” the governor said.

The Governor pointed that his outfit will however monitor inflationary pressures on key sectors of the economy.

Source: www.ghanaweb.com

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Ghana’s public debt hits GH¢304.6 billion

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Ken Ofori-Atta, Finance Minister

• Ghana’s public debt has risen by GH¢3 billion

• This was revealed the latest BoG summary of Economic and Financial Data

• The US$3 billion Eurobond is a contributing factor

Ghana’s public debt stock is now GH¢304.6 billion.

According to the latest Bank of Ghana (BoG) summary of Economic and Financial Data, it is a rise from GH¢3 billion in March 2021.

It is equivalent to 70.2% of Gross Domestic Product (GDP), lower than the 76.1% registered in December 2020.

The US$3 billion Eurobond raised by the country in March 2021 also accounted for this jump in the debt.

In a JoyNews reportage sighted by GhanaWeb, GH¢13 billion was added to the country’s debt between December 2020 and March 2021, and at the end of the year 2020, Ghana’s public debt stood at GH¢291.6 billion.

The report further stated that Ghana’s external debt stood at ¢141 billion ($24.6 billion) in March 2021, as against GH¢141.8 ($24.6 billion). This is approximately 37.7% of GDP.

“Importantly, the financial sector debt went down by GH¢100 million to GH¢15.2 billion. It is equivalent to 3.5% of GDP.

“The debt could go down if levies collected to settle the financial sector debt is used to settle part of it,” the report added.

 

Source: www.ghanaweb.com

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Minority threatens to oppose attempts to increase road tolls

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Roads and Highways Minister, Kwasi Amoako-Atta

The NDC Minority in parliament has threatened to oppose any increment in road tolls by the NPP government.

“We agree with government that we must get more resources to the road ministry to improve our roads. We’ll support government in that endeavour but we shall not support government to increase road tolls unless government is able to cap road fund, give all that money to the road ministry and then we can discuss the gap that will be left. Until that time, they cannot get the support from our side of the House to increase road tolls,” minority spokesperson on Roads and Transport Governs Kwame Agbodza told a Press conference on Tuesday, May 25.

Roads and Highways Minister Kwasi Amoako-Atta last week told the media 25 interchanges have been earmarked for construction across the country to ease the traffic situation out of which 20 will be completed before the end of President Akufo-Addo’s term.

He also disclosed that 6,000 kilometers out of 11,000 kilometers of roads are to be completed under government’s second year of roads programme.

His update follows the 4,000 kilometers of roads constructed in the first term of the Akufo-Addo administration.

Speaking at a press briefing in Accra on Sunday, May 23, 2021, Mr. Amoako-Atta established that the 6,000 kilometers of roads to be completed falls under critical, cocoa, town roads, and asphalt overlays, and the Sinohydro Master Project Support Facility.

But Governs Kwame Agbodza argued that funds available to government do not match the plan in the road sector.

The Adaklu MP further argued the 6,000km roads promise is inadequate especially given the failure of the Sino hydro project.

“They could do more based on the quantum of resources that have been given to this government,” he said while describing government’s target of 20 interchanges in 4 years as a joke.

Source: kasapafmonline.com

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