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Ghana’s gold exports jumped to a record level in the first half of 2024, Martin Ayisi, CEO of the Ghana Minerals Commission, revealed.
According to him, gold accounts for 54% of India’s total exports of $9.2 billion in the first half of 2024, reaching $5 billion. This is due to the surge in gold prices, especially in the second quarter of 2024, and increased production from both small and large mines.
In the second quarter, the gold price averaged a record $2,338 per ounce, up 18% year-on-year and 13% month-on-month. In July, the gold price averaged about $2,396 per ounce. On July 17, 2024, the gold price hit a new high of $2,482 per ounce. Mr. Ayisi predicts that if the gold price remains near the average level in July or the second quarter, the full-year gold outlook could reach $10 billion or more.
Minerals Council chief executive officer Mark Schroeder noted that small-scale mining exports were worth about $1.7 billion in the first half of the year, accounting for about 36% of mid-year gold exports, and he predicted that small-scale mining exports could exceed $3 billion by the end of 2024, driven by record prices.
Mr Ayisi said the gold revenues further proved the fact that the mining industry remained the backbone of Ghana’s economy.
However, Mr Ayis noted that the real benefit of mining to the economy lies in value addition, citing the examples of lithium, bauxite and manganese, and even local gold refineries.
He was particularly pleased about manganese and the government’s strong policy on value addition. He further explained that the Ghana Manganese Company will build a $450 million refinery to refine manganese ore. This will increase the grade of manganese ore from 27% to 40%, create 350 additional jobs and increase revenue.
The CEO also mentioned new measures taken in terms of local content and local participation to ensure that the more than $2 billion spent by mining companies on local supplies and services is borne by Ghanaians. He further mentioned that government is working to ensure that mining companies are listed on the Ghana Stock Exchange to raise funds for mining projects and praised the work of the Mineral Income Investment Fund in acquiring equity stakes in mines, all in an effort to strengthen national and Ghanaian participation in the mining industry.
Mr. Aisi called for better environmental management of small-scale mining operations, which are spread across about 12 regions in Ghana and support the livelihoods of about 3 million people, to ensure they do not harm the environment.
Ghana Net
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