- Ghana's gold exports have reached unprecedented levels
- This has contributed significantly to the country's economy
- Small-scale mining has emerged as a major contributor
Ghana’s gold exports have reached unprecedented levels in the first half of 2024, contributing significantly to the country’s economy.
According to the Minerals Commission, gold accounted for a staggering 54% of the total US$9.2 billion in exports, amounting to US$5 billion.
This surge is attributed to the combination of soaring gold prices, particularly in the second quarter, and increased production from both large-scale and small-scale mining operations.
The average gold price reached a record high of $2,338 per ounce in the second quarter, a substantial increase of 18% year-on-year and 13% quarter-on-quarter.
Small-scale mining has emerged as a major contributor, with exports reaching US$1.7 billion in the first half of the year.
This sector is expected to generate over US$3 billion by the end of 2024, driven by the favorable gold prices.
While celebrating this economic boon, the Minerals Commission emphasizes the importance of value addition to maximize the benefits for the Ghanaian economy.
Initiatives such as the construction of a manganese refinery and increased local content in the mining sector are being implemented to achieve this goal.
However, the commission also highlights the need for improved environmental management, particularly in the small-scale mining sector, to mitigate its impact on the environment.
Overall, the robust performance of the gold sector positions Ghana as a key player in the global mining industry.
