Comprehensive  Ghana Oil and Gas news, information, updates, analysis


News in Brief

Over 3,000 mine workers laid off due to fall in world market price for gold

  • SOURCE: | Editor
  • job cutAccording to the Ghana Mine Workers Union, over 3,000 workers have been laid off by the country’s mining companies due to a fall in the world market price for gold.

    The General Secretary of the Union, Prince William Ankrah, told Joy News the situation could get worse if nothing changes.

    “We are likely to see another four hundred plus [in job losses] over the next year”, said Mr William Ankrah, citing Gold Fields Ltd and the Tarkwa Mines as the most likely mining companies to reduce work force.

    The swift fall in gold prices has significantly ravaged hopes and livelihoods around the world.

    Other workers in Ghana’s mining firms to be affected by job cuts include auditors, bankers and analysts in the finance capitals.

    Around the world also, Investors who bet big and lost are shifting assets elsewhere and scaling back retirement plans.

    After peaking at $1,921.15 an ounce in September 2011, gold fell to as little as $1,180.50 in June this year, the lowest since 2010, before recovering to $1,321.67.

    Analysts are predicting that the price will average $1,000 in 2014 and $840 in 2015 because a stronger U.S. economy will limit gold’s appeal.

    Source: myjoyonline

    Get the latest news and updates on Ghana’s oil and gas value chain by following us Reporting Oil and Gas on twitter @oilgasghana and like our facebook page and get at us on Google+. Subscribe to our group to get update

    Share this article

    Leave a reply

    Personality of the Month
    Poll

    Do you think the President should fund the free SHS with oil revenue?

    Follow Us Online
    About Us
    Reporting Oil and Gas project was launched on 4th June 2009 at Takoradi, Western Region, Ghana by Penplusbytes (www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector read more
    Events Calendar
    << Sep 2018 >>
    MTWTFSS
    27 28 29 30 31 1 2
    3 4 5 6 7 8 9
    10 11 12 13 14 15 16
    17 18 19 20 21 22 23
    24 25 26 27 28 29 30
    Twitter Activity Stream
     

    Partners We are proud to be associated with:

    Skip to toolbar