Ghana, according to the Minister for Lands and Natural Resources, Samuel Abu Jinapor has regained her status as the number gold producing country in the Africa. In a statement he issued in Accra, Jinapor attributed the feat to sound policies put in place by the Akufo-Addo administration. The following is the full statement.
Ghana has regained her position as Africa’s number one gold-producing country. This remarkable feat is attributable to the policies and programmes being implemented by the Akufo-Addo Government, in close collaboration with the Ghana Chamber of Mines.
Gold production by large-scale mining companies increased from 2.72 million ounces in 2021 to 3.08 million ounces in 2022, whilst gold exports from the small-scale sector rose from 98,001 ounces to 655,656 ounces over the same period. Overall, the country’s gold output increased from 2.82 million ounces in 2021 to 3.74 million ounces in 2022.
It would be recalled that following the active intervention of the President of the Republic, H.E. Nana Addo Dankwa Akufo-Addo, the AngloGold Ashanti Obuasi Mine, which was put under care and maintenance in 2016, was revived in 2019. The Bibiani Mine, which had been dormant for seven (7) years, was also revived in October 2022.
The revival of these two mines, the expansion of output by some existing mines, and the reduction of the withholding tax rate on unprocessed gold by small-scale miners, which was introduced in 2015, from three percent (3%) to one and a half percent (1.5%), have contributed significantly to Ghana’s new position on the continent.
Indeed, in 2022, the AngloGold Obuasi Mine increased its gold production by one hundred and thirty-two percent (132%) from the previous year, whilst the Bibiani Mine, which had not produced gold in the last seven (7) years, contributed over fifty-two thousand ounces (52,000oz) to our gold output.
Gold export from the small-scale sector also increased by nearly five hundred and seventy percent (570%) in 2022, as compared to the previous year.In the next two years, gold production in Ghana is expected to increase exponentially, with the coming onstream of three new large-scale mining operations, namely, Cardinal Resources Namini in the Upper East Region, Azumah Resources in the Upper West Region, and Newmont Ahafo North in the Ahafo.
Gold continues to be the bulwark of the Ghanaian economy, contributing some US$ 6.6 billion in export receipts last year. Government remains committed to increasing the contribution of the mining industry to the local economy through local content and local participation, as well as value addition to minerals mined. The innovative Gold4Oil Policy will ensure that
we leverage our gold resources through a much more competitive trade, and stabilise our currency while delivering cheap oil for our citizens.
Government is grateful to the Ghana Chamber of Mines for their collaboration and partnership in achieving this feat. Government, through the Ministry of Lands and Natural Resources, will continue to work with the Chamber, and all other stakeholders, in the spirit of transparency, integrity, and utmost good faith, to ensure optimal benefits from our mineral resources, particularly, through value addition.
