Ghana Chamber of Mines forecasts stellar growth with gold production exceeding 4.5 million ounces this year
In a resilient response to prevailing economic challenges, Ghana’s mining sector is poised for substantial expansion in 2024, with the Ghana Chamber of Mines projecting gold production to exceed 4.5 million ounces. The Chamber’s President, Joshua Mortoti, unveiled these optimistic expectations, highlighting notable progress in the industry throughout 2023.
Diverging between small-scale and large-scale operations, Mr Mortoti anticipates that small-scale mining companies will contribute between 1.1 million and 1.3 million ounces of gold in 2024.
Meanwhile, large-scale gold mining firms are projected to produce 3.4 million ounces, notably including output from aging mines such as Obuasi and Tarkwa, approaching the end of their operational life spans.
Mr Mortoti emphasized the resilience of the small-scale sector, reporting a substantial 70.6% increase in gold production, soaring from 0.66 million ounces in 2022 to 1.12 million ounces in 2023, a testament to the sector’s adaptability amid economic uncertainties.
“The latter mines [Obuasi, Tarkwa] are approaching their end of life span. With a projected output range of 1.1 million ounces to 1.3 million ounces in 2024 from the small-scale sector, the national gold output is expected to exceed 4.5 million ounces in 2024. Including manganese production, the planned output for 2024 is 5 million tonnes,” he said.
The Minister of Lands and Natural Resources, Samuel A. Jinapor, echoed the Chamber’s positive outlook, affirming the government’s commitment to providing robust security measures for mining concessions. This assurance is pivotal for fostering a conducive environment for mining operations and underscores the collaborative efforts between the government and the Chamber in achieving significant successes in the previous year.
“What I can assure you is that the government is fully committed to providing adequate security for your concessions. Because it is when your concessions are safe that you can work in peace to support the government. So, whatever we need to do to ensure that your concessions are safe, we will do it”, he stated.
“And in this regard, I will continue to count on the leadership of the Chamber. If there are specific or special cases, we need to deal with let us know and we will take the necessary steps to deal with them”, he added.
Notably, third-quarter data from 2023 revealed that production attributable to Ghana Chamber of Mines member businesses slightly dipped to 2.14 million ounces, marginally below the 2.18 million ounces recorded during the same period in 2022.
Looking beyond gold, the Chamber highlighted a comprehensive plan for 2024, encompassing manganese production, with a targeted output of 5 million tonnes. This diversification underscores Ghana’s strategic approach to its mineral resources, acknowledging the importance of a well-rounded mining portfolio.
As Ghana positions itself for robust growth in its mining sector, the collaborative efforts between the government and industry stakeholders remain integral. With a focus on security, adaptability, and diversification, the nation’s mining landscape looks set to navigate the challenges and capitalize on the opportunities that lie ahead in 2024.
