Ghana’s gold output hits 4m ounces in 2023-Chamber of Mines

Ghana’s gold output hits 4 million ounces in 2023; to reach 4.5 million ounces this year

Ghana’s gold production saw a modest rise in 2023, climbing from 3.7 million ounces in the previous year to 4 million ounces, according to the Ghana Chamber of Mines.

This 8.3% increase marks the highest output for the nation since the onset of the COVID-19 pandemic, reflecting a resurgence in the sector.

Notably, the expansion was driven primarily by a significant surge in small-scale mining activities.

The shift in the production landscape was underscored by a decline in large-scale gold production, which fell from 3.1 million ounces in 2022 to 2.9 million ounces in 2023.

Conversely, small-scale gold production experienced a remarkable 70.6% increase, rising from 0.66 million ounces to 1.1 million ounces over the same period.

This development highlights the growing impact of artisanal and small-scale miners on Ghana’s gold industry.

Bauxite and diamond revenues also recorded substantial gains, bolstering the country’s mineral sector performance.

However, manganese export proceeds witnessed a slight decline, a notable deviation in an otherwise positive trend for Ghana’s mining exports.

Despite this, the outlook for manganese remains optimistic, with production expected to reach 5 million tonnes.

Bauxite production is projected to range between 1.2 million and 1.5 million tonnes, while diamond exports are anticipated to hit approximately 220,000 to 250,000 carats.

Addressing the 96th annual general meeting of the Ghana Chamber of Mines on June 7, the Chamber’s president, Michael Edem Akafia, detailed these developments and projected future growth.

He announced an optimistic forecast for 2024, with gold production expected to rise further to between 4.3 million and 4.5 million ounces.

Akafia also highlighted the sector’s substantial economic contributions, revealing that Chamber members realised US$5.9 billion in mineral revenue in 2023 of which US$4.2 billion was repatriated.

The increase in the production and export of traditional minerals, despite the slight decline in manganese, underscores the resilience and potential of Ghana’s mining sector,” Akafia remarked.

“The expansion of small-scale mining has been particularly significant, driving overall growth in gold output,” he added.

As Ghana continues to harness its rich mineral resources, the industry’s strategic focus on both large-scale and small-scale operations is expected to foster sustained growth and economic stability.