The Chief Executive Officer of the Minerals Commission, Mr Martin Ayisi, has revealed that, by the end of 2024, gold export is expected to increase to US$10 billion.
According to the CEO of the minerals commission, out of the total exports of US$9.2 billion for the first-half of 2024, gold alone accounted 54% of the total exports which amounted to US$ 5 billion.
He indicated that, this expected significant increase was as result of the surge in gold prices especially in the second quarter of 2024 and increase in production from both small- and large-scale operations.
Mr. Ayisi noted that, gold price averaged a record $2 338 an ounce in the second quarter, 18% higher year-on-year and 13% higher quarter-on-quarter.
The average price of gold for the month of July is about US$2396 an ounce. Gold reached a new record of US$2482 an ounce on 17 July 2024.
He predicted that if the price of gold stays around the average for the month of July or the second quarter, then the full-year outlook for gold hit US$10 billion or more.
The Chief Executive Officer noted that the exports from small scale mining for the first half of this year is about US$ 1.7 billion and accounted for about 36 % of the gold exported by mid-year. He predicted that on the back of the record price, exports from small scale may be than US$ 3 billion by the end of 2024.
According to Mr. Ayisi revenue from gold goes to reinforce the fact that the mining sector remains the pillar of Ghana’s economy.
He, however, indicated that the real benefits of mining to the economy of economy lies in the value addition. He cited the case of lithium, bauxite and manganese and even the local refinery of gold.
He was particularly happy about manganese and the strong policy of the Government on value addition. Explaining further, Ghana Manganese Company shall construct a 450-million-dollar refinery to refine manganese ore. This will upgrade the grade from 27 to 40 percent and create an additional 350 jobs and contribute to revenue.
