Gold Contributes $4.67bn Mineral Exports

Samuel Abu Jinapor (M) with executives of the Chamber and stakeholders

 

Gold exports contributed $ 4.67 billion representing 43.4% of total mineral exports in August 2023 with over 600% increase from the small scale mining sector.

Minister for Lands and Natural Resources, Samuel Abu Jinapor who revealed this at a breakfast meeting with the Executives of the Chamber of Mines in Accra attributed the high growth in mineral exports to a reduction in the withholding tax on unprocessed gold from 3% to 1.5%.

According to him, the government was not concentrating only on gold but also working to diversify the country’s mineral resources hence making significant investments in the construction of new mines and development of new ones.

He also assured the chamber and the public of the Ministry’s commitment to effectively utilise and manage the natural resources of the country anchored on transparency, integrity and utmost good faith for the benefit of Ghanaians.

President of the Ghana Chamber of Mines and head of Gold Fields, West Africa, Joshua Mortoti said apart from the high turnover in mineral production, the value of minerals to the economy increased from GH¢ 9.34 billion at the end of the third quarter of 2022 to GH¢13.8 billion at the end of the  third quarter of 2023.

He said at the end of the third quarter of 2023, the Chamber recorded 2.18 million ounces of gold compared to 2.14 million ounces produced in the same period in 2022.

“On the whole, the Chamber expects the country’s total gold output to exceed 4 million ounces in 2023. This would be the highest in three years, and would consolidate Ghana’s position as the largest gold producer on the continent,” he added.

Mr. Mortoti,  however,  mentioned that  despite all the successes achieved by the sector, the main  risks to the overall mining production outlook in 2024 includes high fiscal and regulatory costs, encroachment of concessions by illegal miners, and policy issues among others.

By Ebenezer K. Amponsah

 

 

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