Mining firms repatriate $4.2bn of $5.9bn mineral revenue recorded in 2023
President of the Ghana Chamber of Mines, Michael Edem Akafia, has said members of the Chamber repatriated $4.2 billion of the $5.9 billion mineral revenue recorded in 2023.
He made the assertion speaking at the 96th annual general meeting of the Chamber on Friday, June 7, 2024.
According to him, gold production in Ghana has increased marginally from 3.7 ounces in 2022 to 4 million ounces, according to figures from the Ghana Chamber of Mines.
He noted that it is the country’s highest output since the outbreak of the COVID-19 pandemic.
“Ghana saw an increase in the production and export of traditional minerals, except manganese. Gold production rose from 3.7 million ounces in 2022 to four million ounces in 2023, an 8.3% increase, driven by the expansion of small-scale mining.”
“However, large-scale gold production declined from 3.1 million ounces in 2022 to 2.9 million ounces in 2023. Small-scale production saw a significant increase of 70.6%, from 0.66 million ounces to 1.1 million ounces,” he posited.
Bauxite and diamond revenues also saw significant increases, while manganese export proceeds declined slightly.
Manganese production is expected to increase to 5 million tonnes, bauxite to between 1.2 million and 1.5 million tonnes, and diamond exports to about 220,000 to 250,000 carats.
On the back of the increase in gold production for 2023, the Chamber of Mines is projecting gold production for 2024 to hit between 4.3 million and 4.5 million ounces.
