Ghana Reclaims Top Spot As No.1 Gold Producer
…Lands Minister Attributes Feat To Govt’s Policies, Programmes
The country occupied the number one position until it lost it to South Africa in 2021 after it dropped in output.
The programmes, being implemented, in collaboration with the Ghana Chamber of Mines (GCM), have led to remarkable increases in gold production from especially large-scale companies.
In a statement issued yesterday, June 12, 2023, Mr. Jinapor said the “feat is attributable to the policies and programmes being implemented by the Akufo-Addo Government, in close collaboration with the Ghana Chamber of Mines.”
He indicated that, “Gold production by large-scale mining companies increased from 2.72million ounces in 2021 to 3.08million 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 2.82million ounces in 2021 to 3.74million 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.”
He continued, “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.”
He added, “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.”
The minister said gold export from the small-scale sector was also not left out.
According to Mr.Jinapor, gold production in 2022 increased tremendously in that area compared to 2021. He said the story will even get better next year with the coming on stream of three new large-scale mining operations.
The minister said, “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 on stream 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.” he disclosed.
He explained that gold continues to play a major contributing factor in Ghana’s economy as last year alone it added billions in export receipts.
He said government is more than willing to increase the contribution of the mining industry as well as the local economy through local content and participation among others to minerals that are mined across the country. He singled out government’s flagship Gold for Oil policy to ensure that it is used to influence the precious resources.
“Gold continues to be the bulwark of the Ghanaian economy, contributing some US$ 6.6billion 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 stabilize 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,” the minister stated.
Meanwhile, the Small-Scale Miners Association is claiming credit for the feat recorded.
According to the association’s president, Michael Kojo Peprah, Ghana has regained its position on the continent due to investments by their members.
Speaking on Joy FM’s Newsnight show yesterday, Mr.Peprah said the association has employed over two million people into the sector all by themselves and that is what is yielding results.
He called on government to partner them to boost the sector and record more feats in future.