Ghana’s gold production rose 8.3 per cent to 4 million ounces in 2023 compared to 3.7 million ounces the previous year, data from the Ghana Chamber of Mines showed.
The production growth was driven primarily by the expansion in the output of small-scale miners, which was sufficient to offset the decline in the large-scale sub-sectors output.
It is the country’s highest output since the outbreak of the COVID-19 pandemic.
Gold production attributable to the large-scale sub-sector declined from 3.1 million ounces in 2022 to 2.9 million ounces in 2023, which translates into a downturn of 4.9 per cent.
Conversely, the comparable outturn for the small-scale sub-sector grew by 70.6 per cent, from 0.66 million ounces to 1.1 million ounces in the corresponding period.
In 2024, gold output is forecast to reach between 4.3 and 4.5 million ounces in 2024.
New projects like Newmont’s Ahafo North and Cardinal Resource’s Namdini Gold Mine will contribute to this growth.
Manganese production is expected to increase to 5 million tonnes, bauxite to between 1.2 million and 1.5 million tonnes, and diamond exports to about 220,000 to 250,000 carats.
Source: citi newsroom
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