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Wednesday, April 17, 2024

Ghana Regains Leading Gold Producer Position

 

Ghana has resumed her position as the leading gold producer in Africa.
President Akufo-Addo disclosed this in Parliament when he delivered his last State of the Nation (SONA).

“Mr. Speaker, last year, Ghana regained her position as the leading
producer of gold in Africa, having overtaken South Africa. Our gold
production reached an unprecedented four million ounces (4 million oz), according to preliminary reports.
“This is as a result of the progressive policies we have been implementing, which have led to the revival of dormant mines like the Obuasi and Bibiani Mines, and the expansion of existing ones. The reduction in withholding tax on unprocessed gold by small-scale miners, from three percent (3%) to one and a half percent (1.5%), has resulted in some nine hundred percent (900%) increment in
gold export from the small-scale sector, over the last two (2) years.”

The President said leveraging on these resources, his administration introduced the innovative Gold for Oil Policy, which accounts for some thirty percent (30%) of our total crude oil consumption.
“Currently, three (3) large scale mines are under construction in Ahafo, Upper East and Upper West Regions, with Cardinal Namdini set to pour its first gold in the Upper East Region in the last quarter of this year. With these new mines, our gold production is expected to increase to some four point five million ounces (4.5 million oz) annually.
“Mr. Speaker, to add value to these volumes of production, we have
constructed, through a public private partnership, a four hundred
kilogramme (400kg) capacity gold refinery, and we are in the final stages of negotiations for a London Bullion Market Association (LBMA) Certificate.
For our green minerals, including lithium, we have put in place a policy for their exploitation and management, to ensure beneficiation across the value chain of these critical minerals,” he noted.

He continued that Newmont Corporation, the world’s largest gold-producing company, which operates two huge mines in Ghana, is constructing a third, and has announced its intention to sell its Akyem Mine in the Eastern Region, the third largest mine in the country, which produced some four hundred and twenty thousand (420,000) ounces of gold in 2022.
“As part of Government’s policy to
indigenous the mining sector, we will engage with Newmont to give priority to Ghanaian investors who will want to acquire this mine, to ensure that our mineral resources better benefit the Ghanaian people,” President Akufo-Addo added.

 

By Samuel Boadi

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