\n
Ghana\u2019s mining sector is expected to see significant growth in 2024, driven by gold production.<\/p>\n
Gold production is expected to range between 4.3 million ounces and 4.5 million ounces, driven by increased output from both large and small-scale producers. Large-scale gold mining firms are expected to produce 3.4 million ounces. New projects, including Newmont\u2019s Ahafo North and Cardinal Resource\u2019s Namdini Gold Mine, will contribute to this growth.<\/p>\n
This was made known by the president of the Ghana Chamber of Mines, Mr. Michael Akafia, at the Chamber\u2019s AGM in Accra.<\/p>\n
He noted that the mining sector presents a promising outlook for the country\u2019s mineral sector in 2024.<\/p>\n
According to the Chamber, Manganese production is forecasted to reach 5 million tonnes, while bauxite production is expected to range between 1.2 million tonnes and 1.5 million tonnes. Diamond exports are also expected to increase, with an estimated 220,000 carats to 250,000 carats.<\/p>\n
\u201cThis growth is a testament to the sector\u2019s resilience and potential for expansion. However, some large-scale mines may experience a reduction in output due to life-of-mine-related factors,\u201d he observed.<\/p>\n
This growth in gold production, along with increases in manganese, bauxite, and diamond production, is expected to contribute significantly to Ghana\u2019s economy. In 2023, the mining sector contributed significantly to Ghana\u2019s foreign exchange supply, with mineral export receipts increasing from US$6.8 billion in 2022 to US$7.8 billion in 2023. Gold contributed US$7.6 billion to this amount.<\/p>\n
The sector also spent US$7.29 billion in the local economy, exceeding mineral revenue, with significant expenditure on non-energy goods and services, electricity, diesel, salaries, taxes, and corporate social investment.<\/p>\n
Akafia stressed that, contrary to media reports, a large portion of mineral revenue (59.1%) was paid to the state, higher than the 25.8% recorded in 2022. The president used the opportunity to commend member companies for their resilience in the face of economic, fiscal, and legal challenges.<\/p>\n
\u201cThe mining sector is crucial to Ghana\u2019s economy, and the Chamber is committed to ensuring sustainable growth through strategic stakeholder engagements and communication initiatives,\u201d he assured.<\/p>\n
He further stressed that the sector\u2019s operations aim to be beacons of best practices in sustainable and responsible mining across the continent, contributing significantly to Ghana\u2019s economic growth.<\/p>\n
Source:\u00a0<\/strong>Ghana Chamber of Mines<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
Ghana\u2019s mining sector is expected to see significant growth in 2024, driven by gold production. Gold production is expected to range between 4.3 million ounces and 4.5 million ounces, driven by increased output from both large and small-scale producers. Large-scale gold mining firms are expected to produce 3.4 million ounces. New projects, including Newmont\u2019s Ahafo […]<\/p>\n","protected":false},"author":1,"featured_media":188357,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-188356","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
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