• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Ghana’s gold production drops by 30%

3 years ago
in Business, Features, highlights, Home, home-news, latest News, Mining
2 min read
0 0
0
73
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Ghana’s gold production drops by 30%

The country suffered a drastic drop in gold production of 30% in 2021 the lowest since 2008, the Ghana Chamber of Mines has said.

According to the Ghana Chamber of Mines, total production from large- and small-scale producers declined from 4 million ounces in 2020 to 2.8 million ounces last year, mainly due to operations-related challenges.

Consequently, Ghana lost it position as Africa’s leading gold producer to South Africa.

Large-scale miners’ output dropped from 2.9 million ounces in 2020 to 2.7 million ounces in 2021 – a 4 percent drop. That of small miners plummeted by 92% from 1.2 million ounces in 2020 to 0.1% the following year.

“The sub-sector’s output reduction was primarily explained by a broad decline in the output of most mines,” the Chamber’s incoming president, Joshua Mortoti, said.

Mortoti, who replaces Eric Asuboteng, spoke during the Chamber’s 94th annual general meeting in Accra and said output from Asanko Gold Mines, AngloGold Ashanti Obuasi and Iduapriem Mines as well as Adamus Resources Limited contracted by more than 10 percent relative to their respective production outturns in 2020. The drop, he added, was occasioned by operational challenges.

RelatedPosts

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

Mortoti added that the output could have been worse but for the significant expansion in production from Abosso Goldfields Limited.

Meanwhile, the 92% contraction in the small-scale sub-sector was primarily driven by a 3 percent withholding tax on gold export in 2019. The policy – which is believed to have forced small miners to resort to non-official channels for exporting gold – has now been halved.

Consequently, gross receipts from export of minerals went down 25 percent from US$7billion in 2020 to US$5 billion in 2021 due to the fall in production.

Despite the drop in production and gross receipts from export, the mining sector retained its place as the leading source of export revenue, accounting for 36% of aggregate merchandise receipts last year from 48% in 2020 – ahead of crude oil and cocoa which acccounted for 27% and 19% of total export revenue in 2021.

Outlook

In 2022 the Chamber expects most of the mines to operate at a steady level, and thereby address the challenges which confronted their operations in 2021.

“In that regard, we project an in-gold production of producing member companies between 2.9 million to 3 million ounces in 2022; and a corresponding increase in revenue and other benefits to government and other stakeholders,” the President said.

Outgoing president

For his part, the immediate past President, Eric Asubonteng, said more needs to be done to address the sector’s many challenges.

“There are challenges and constraints that we need to address with urgency; to ensure we don’t lose ground to neighbouring mining jurisdictions in West Africa, and to maintain our position as one of the leading mining investment destinations in Africa.

“For example, we have fallen behind in attracting exploration investment as compared to our neighbours in West Africa. As we all know, the success of exploration activities of today are what will determine growth of the industry in 10 years, 20 years etc., down the line,” Asubonteng added.

Source: thebftonline
Tags: Abosso Goldfields Limited.AngloGold Ashanti Obuasi and Iduapriem MinesAsanko Gold MinesGhana Chamber of MinesGhana’s gold production drops by 30%
No Result
View All Result

Highlights

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

Banking Sector Soundness Remains Robust in 2024 Amid Strong Profitability, Adequate Capital Buffers

Sha’Carri Richardson Withdraws from US Trials Following Arrest

From Singuluma to El Kaabi: Can CHAN 2024 Unleash the Next Hat-trick Hero?

Ghana to Welcome King’s Baton Relay on August 8 Ahead of 2026 Commonwealth Games

Trending

Features

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

August 2, 2025

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes Parliament has adjourned...

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

August 2, 2025

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

August 2, 2025

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

August 2, 2025
Bank of Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

August 2, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.