Gold Exports To Hit $10 Billion By End Of 2024
Ghana’s gold exports, jumped to a record high in the first-half of 2024, Mr Martin Ayisi, the Chief Executive Officer (CEO) of the Minerals Commission, has disclosed.
According to him, out of the total exports of US$9.2 billion for the first-half of 2024, gold alone, accounted for 54percent of the total exports, which amounted to US$ 5 billion.
This was because of the surge in gold prices, especially in the second quarter of 2024 and increase in production from both small-and-large-scale operations.
The gold price averaged a record $2 338 an ounce in the second quarter, 18percent higher year-on-year and 13percent higher quarter-on-quarter.
The average price of gold for the month of July, is about US$2396 an ounce. Gold reached a new record of US$2482 an ounce on July 17, 2024.
In his interaction with the media, Mr Ayisi, predicted that if the price of gold stays around the average for the month of July or the second quarter, then the full-year outlook for gold, would hit US$10 billion or more.
The Minerals Commission boss, noted that the exports from small scale mining for the first half of this year, is about US$ 1.7 billion and accounted for about 36 percent of the gold exported by mid-year.
He predicted that on the back of the record price, exports from small scale, may be higher than US$ 3 billion by the end of 2024.
According to the Minerals Commission’s boss, the revenue from gold goes to reinforce the fact that, the mining sector, remains the pillar of Ghana’s economy.
Mr Ayisi, however, indicated that the real benefits of mining to the economy are the value addition.
He cited the case of lithium, bauxite and manganese and even the local refinery of gold.
The Minerals Commission CEO, was particularly happy about manganese and the strong policy of the Government on value addition.
Explaining further, he said, Ghana Manganese Company, shall construct a 450-million-dollar refinery to refine manganese ore.
He emphasized that, this would upgrade the grade from 27 to 40 percent and create an additional 350 jobs and contribute to revenue.
He also referred to the new measures that have been put in place in the area of local content and local participation to ensure that over US$ 2 billion dollars that are spent by the mining companies on local supplies and services, are undertaken by Ghanaians.
He further mentioned the efforts being made by the Government to ensure the mining companies list on the Ghana Stock Exchange [GSE] to raise capital for mining projects and lauded the work of the Minerals Income Investment Fund, to take equity stakes in mines, to enhance state and Ghanaian participation in the mining sector.
Mr Ayisi has, therefore, called for better environmental management of small-scale mining operations which is carried out in about 12 regions in Ghana and supports about three million livelihoods, to ensure the operations do not damage the environment.
