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“Ghana’s gold export jumped to a record high in the first half of 2024, with total mineral exports reaching $9.2 billion, according to Martin Ayisi, the Chief Executive Officer (CEO) of the Minerals Commission”.
Gold alone accounted for 54% of these exports, amounting to five billion dollars. Ayisi attributed this surge to the rise in global gold prices, particularly in the second quarter, and an increase in local production from both small and large-scale operations.
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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% rise quarter-on-quarter.
Ayisi highlighted that if gold prices remain stable, the full-year outlook for gold exports could reach US$10 billion. He noted that exports from small-scale mining accounted for about $1.7 billion, or 36% of the total gold export by mid-year, and projected that these could exceed three billion dollars by the end of 2024. He emphasized the importance of value addition in the mining sector, citing government initiatives for lithium, bauxite, manganese, and plans for local gold refineries. He mentioned the construction of a $450-million refinery by the Ghana Manganese Company Limited to upgrade manganese ore and create additional jobs.
Furthermore, Ayisi discussed measures to improve local content and participation in the mining sector, ensuring that over US$2 billion spent by mining companies on local supplies and services benefits Ghanaians. He stressed the need for better environmental management of small-scale mining operations, which support about three million livelihoods across 12 out of 16 regions. He also highlighted government efforts to list mining companies on the Ghana Stock Exchange and praised the work of the Minerals Income Investment Fund in enhancing state and local participation in the mining sector.
