Ghana's gold industry is on a roll, with the country producing a record 4.8 million ounces of gold in 2024, representing a 19.3% year-on-year growth.
This impressive performance was driven primarily by a significant increase in the attributable output of small-scale gold miners, which offset the near stagnation in production from large-scale gold producers.
According to Michael Edem Akafia, President of the Ghana Chamber of Mines, speaking at the 97th Annual General Meeting (AGM) of the Chamber, the sector's growth is a testament to its potential and the impact of supportive government policies and favorable price dynamics.
The small-scale gold sector recorded a 70.1% increase in attributable output, from 1.1 million ounces in 2023 to 1.9 million ounces in 2024, the second-highest level since the sector's formalization.
The output growth of the small-scale gold sector was due to a combination of supportive government policies and favourable price dynamics,” noted Akafia.
The Ghana Chamber of Mines' producing members accounted for 59.4% of national gold output, with mineral revenue rising by 19.8% to US$7.1 billion.
According to the president, manganese production surged by 66.9%, bauxite by 76.5%, and diamond exports rose by 63.9%. This upturn was driven by a significant increase in the attributable output of small-scale gold miners, which offset the near stagnation in production from largescale gold producers. Our Chamber's producing members accounted for 59.4% of national gold output, with mineral revenue rising by 19.8% to US$7.1 billion
As the global gold demand increased marginally by 0.6% to 4,974.5 tonnes in 2024, Ghana's gold output is expected to continue its upward trajectory in 2025. With the average gold price climbing 23% to US$2,386 per ounce in 2024, Ghana's gold industry is poised for further growth. In contrast, South Africa's gold output continued a downward trajectory, declining by 5.9 per cent from 95.6 tonnes in 2023 to 90.0 tonnes in 2024.
As the industry continues to thrive, Ghana's economy is likely to benefit from increased revenue and foreign exchange earnings. With a strong outlook for gold prices and production expected to remain robust, Ghana's gold output is set to shine even brighter in 2025, solidifying the country's position as a major gold producer in Africa. The Chamber's efforts to promote a sustainable and responsible mining industry will be crucial in ensuring the sector's continued growth and contribution to the national economy.
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