Ghana’s gold export has reached a record high in the first half of 2024, according to Mr. Martin Ayisi, CEO of the Minerals Commission.
The total mineral exports for the first half of the year stood at $9.2 billion, with gold accounting for 54% of the total.
Gold exports alone amounted to $5 billion, driven by a surge in global gold prices and increased local production.
The gold price averaged a record $2,338 an ounce in the second quarter, 18% higher year-on-year and 13% higher quarter-on-quarter.
“The average price of gold for the month of July was $2,396 an ounce, noting that gold price inched higher at a new record of $2,482 an ounce on July 17, 2024,” Mr. Ayisi stated.
If gold prices remain stable, the full-year outlook for gold could hit $10 billion, according to Mr. Ayisi.
Exports from small-scale mining accounted for 36% of total gold exports, amounting to $1.7 billion.
Small-scale mining exports could exceed $3 billion by the end of 2024, driven by record gold prices.
The revenue from gold exports highlights the importance of the mining sector to the national economy.
However, Mr. Ayisi noted that the real benefits of mining lie in value addition.
The government is championing value addition for lithium, bauxite, and manganese, and plans for a local refinery of gold.
The Ghana Manganese Company Limited is constructing a $450 million refinery to refine manganese ore locally.
This move will upgrade the manganese grade from 27 to 40% and create an additional 350 jobs.
Mr. Ayisi highlighted efforts to improve local content and local participation in the mining sector.
He also called for better environmental management of small-scale mining operations, which support about three million livelihoods.