Ghana’s gold exports are projected to reach $10 billion by the end of 2024, according to Martin Ayisi, the Chief Executive Officer of the Minerals Commission. He announced that gold accounted for $5 billion of the total $9.2 billion in mineral exports for the first half of the year.
Ayisi attributed this record-breaking performance to a significant increase in global gold prices and higher local production from both small and large-scale mining operations. He noted that the average gold price surged to a record $2,338 per ounce in the second quarter of 2024, reflecting an 18% rise compared to the previous year and a 13% increase from the previous quarter. The price continued to climb, averaging $2,396 per ounce in July and peaking at $2,482 on July 17, 2024.
“If gold prices stay at the average level seen in the second quarter, we could see gold exports hitting $10 billion for the full year,” Ayisi said. He also reported that small-scale mining exports contributed approximately $1.7 billion in the first half of the year, accounting for about 36% of total gold exports. With ongoing record prices, he anticipates that small-scale mining exports could surpass $3 billion by year-end.
Ayisi emphasized that the true value of mining extends beyond export revenues to include value addition. He highlighted government efforts to boost value addition for minerals like lithium, bauxite, and manganese, including plans for local gold refineries. “The government is working on initiatives like the $450 million refinery by Ghana Manganese Company Limited, which will enhance the manganese ore grade from 27% to 40% and create 350 new jobs,” he noted.
He also discussed new strategies to improve local content and participation in the mining industry, ensuring that over $2 billion spent by mining companies on local services and supplies benefits Ghanaians. Additionally, Ayisi praised the Minerals Income Investment Fund for its role in taking equity stakes in mines, enhancing state and local participation.
Ayisi concluded by calling for better environmental management of small-scale mining operations, which support around three million livelihoods across 12 of Ghana’s 16 regions, underscoring the importance of sustainable mining practices.
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