Gold exports to hit US$10 billion by end of 2024, says CEO of Minerals Commission

Ghana’s gold export is expected to hit about US$10 billion by the end of the year, the Minerals Commission has said.

According to the chief executive officer of the Minerals Commission, Martin Ayisi, gold exports jumped to a record in the first half of 2024.

Ayisi said out of the total exports of US$9.2 billion for the first-half of 2024, gold alone accounted for 54% of the total exports which amounted to US$5 billion.

This was because of the surge in gold prices especially in the second quarter of 2024 and increase in production from both small- and large-scale operations.

The 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.

Ayisi has 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 could hit US$10 billion or more.

The CEO 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 Ayisi the revenue from gold goes to reinforce the fact that the mining sector remains the pillar of Ghana’s economy.

Ayisi, 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% and create an additional 350 jobs and contribute to revenue.

The CEO also referred to the new measures that have been put in place in the area of local content and local participation to ensure that over US$2 billion dollars that are spent by the mining companies on local supplies and services are undertaken by Ghanaians.

He further mentioned the efforts being made by the government to ensure the mining companies list on the Ghana Stock Exchange to raise capital for mining projects and lauded the work of the Minerals Income Investment Fund (MIIF) to take equity stakes in mines all to enhance state and Ghanaian participation in the mining sector.

Ayisi called for better environmental management of small-scale mining operations which is carried out in about 12 regions in Ghana and supports about three million livelihoods to ensure the operations do not damage the environment.

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