Ghana's gold output increases to 4 million ounces in 2023

FILE PHOTO: Gold bars are pictured at the plant of Argor-Heraeus, in Mendrisio

FILE PHOTO: Gold bars are pictured at the plant of gold and silver refiner and bar manufacturer Argor-Heraeus in Mendrisio, Switzerland, July 13, 2022. REUTERS/Denis Balibouse//File Photo

Source: REUTERS

Ghana saw an 8.3 percent increase in gold production in 2023, reaching 4 million ounces.

This is an improvement from the 3.7 million ounces recorded in the previous year, according to data from the Ghana Chamber of Mines.

This is the highest the country has recorded since the COVID-19 pandemic began.

An increase in small-scale mining accounts for the growth in gold production which managed to offset the decline in the large-scale sector. Output from small-scale miners surged by 70.6%, rising from 0.66 million ounces in 2022 to 1.1 million ounces in 2023.

According to the Ghana News Agency, the large-scale sector saw a decline, with production falling from 3.1 million ounces to 2.9 million ounces, a 4.9% decrease in 2022.

Gold output is expected to reach between 4.3 and 4.5 million ounces in 2024. New projects such as Newmont’s Ahafo North and Cardinal Resource’s Namdini Gold Mine are projected to promote these numbers.

In addition to gold, other mineral outputs are also expected to rise. Manganese production is projected to increase to 5 million tonnes, bauxite to between 1.2 million and 1.5 million tonnes, and diamond exports to approximately 220,000 to 250,000 carats.

Wonder Hagan