Ghana’s gold exports soared to an unprecedented level in the first half of 2024, according to Martin Ayisi, the Chief Executive Officer of the Minerals Commission.
He reported that total mineral exports for this period amounted to $9.2 billion, with gold alone contributing $5 billion, or 54% of the total.
Ayisi attributed this surge to rising global gold prices, particularly in the second quarter of the year, and increased local production from both small and large-scale operations. The average gold price hit a record $2,338 per ounce in the second quarter, marking an 18% year-on-year increase and a 13% quarter-on-quarter rise.
“The average price of gold for July was $2,396 per ounce, and it reached a new high of $2,482 per ounce on July 17, 2024,” Ayisi noted.
He predicted that if prices remain stable, gold exports could total $10 billion for the entire year.
Ayisi highlighted that small-scale mining contributed $1.7 billion, or 36% of the total gold exports, in the first half of 2024. He projected that small-scale mining exports could exceed $3 billion by the end of the year, driven by high gold prices.
He emphasized that the mining sector remains vital to the national economy, with significant potential in value addition. Ayisi cited government initiatives to add value to minerals like lithium, bauxite, and manganese, and plans for local gold refineries.
Ayisi expressed optimism about the Ghana Manganese Company Limited’s efforts to build a $450 million refinery to process manganese ore locally. This facility is expected to upgrade the manganese grade from 27% to 40% and create 350 jobs.
He also mentioned new measures to improve local content and participation, ensuring that the $2 billion spent annually by mining companies on local supplies and services benefits Ghanaians.
Ayisi underscored government efforts to list mining companies on the Ghana Stock Exchange to raise capital for mining projects.
Furthermore, Ayisi praised the Minerals Income Investment Fund for taking equity stakes in mines to enhance state and local participation in the mining sector.
He called for better environmental management of small-scale mining, which operates in 12 out of 16 regions and supports about three million livelihoods, stressing the need for sustainable practices.
