Ghana’s Gold Exports Projected to Reach $10 Billion by Year-End
Ghana’s gold exports are projected to reach US$10 billion by the end of 2024, the Minerals Commission has announced.
Martin Ayisi, the CEO of the Minerals Commission, revealed that gold exports surged to record levels in the first half of 2024. Of the total exports amounting to US$9.2 billion in this period, gold alone constituted 54%, equating to US$5 billion.
This surge was driven by increased gold prices and higher production from both small- and large-scale operations.
In the second quarter of 2024, gold prices averaged a historic $2,338 per ounce, reflecting an 18% year-on-year and a 13% quarter-on-quarter increase. In July, the average gold price stood at approximately US$2,396 per ounce, peaking at US$2,482 on July 17, 2024.
Mr Ayisi anticipates that if gold prices maintain their current levels, the annual gold export value could exceed US$10 billion.
According to him, small-scale mining contributed US$1.7 billion to gold exports in the first half of the year, representing 36% of the total. He projected that small-scale mining exports could surpass US$3 billion by year-end, buoyed by record prices.
Emphasizing the mining sector’s critical role in Ghana’s economy, Mr Ayisi highlighted the importance of value addition in maximizing economic benefits. He cited initiatives in lithium, bauxite, manganese, and local gold refining as examples.
Particularly, he mentioned the Ghana Manganese Company’s plan to construct a $450 million refinery, which will enhance manganese ore grades and create 350 jobs.
The Minerals Commission CEO also discussed new measures to promote local content and participation, ensuring that the US$2 billion spent annually by mining companies on local supplies and services benefits Ghanaians.
He mentioned government efforts to list mining companies on the Ghana Stock Exchange to raise capital and praised the Minerals Income Investment Fund (MIIF) for its role in securing equity stakes in mines, enhancing state and Ghanaian participation.
The Minerals Commission CEO called for improved environmental management in small-scale mining operations across 12 regions in Ghana. He emphasized the need to protect the environment while supporting the livelihoods of approximately three million people involved in the sector.
