Ghana has struck gold by reclaiming its illustrious title as the largest gold producer in Africa, surpassing South Africa in a stunning turnaround. Joshua Mortoti, President of the Ghana Chamber of Mines, announced this triumphant resurgence during the chamber’s annual general meeting.
In 2021, a precipitous fall in gold production dethroned Ghana, relinquishing the coveted position to South Africa. However, fortunes have changed. The West African nation experienced a remarkable 32% surge in gold production in 2022, vaulting its gold output to a phenomenal 3.7 million ounces, a significant escalation from 2.8 million ounces in the previous year.
This prodigious upturn has been attributed to a synchronised surge in both the large-scale and small-scale gold mining sectors. “The large-scale gold sub-sector recorded its highest output in the country’s history in 2022,” Mortoti proclaimed.
Mortoti elucidated that a synergy of magnified production levels and the expansion of existing mining operations catalysed a 13% rise in the large-scale sector’s contribution to national gold output. Consequently, this sector alone amassed a staggering 3.1 million ounces in 2022, compared to the 2.7 million ounces in 2021.
Further bolstering the gold industry, the Ghana Chamber of Mines disclosed that its member companies successfully traded over 77,620 ounces of gold through the Bank of Ghana’s innovative Domestic Gold Purchase Programme. This initiative, launched by the Bank of Ghana, seeks to fortify the nation’s gold reserves, thus entrenching Ghana’s position on the global stage.
The resurgence in Ghana’s gold production not only reflects the robustness and adaptability of the nation’s mining sector but also plays a pivotal role in bolstering the country’s economy. The ripple effect through job creation, investments, and governmental revenues is bound to leave an indelible mark.
As Ghana basks in the glory of its rekindled dominance in gold production, it stands as a testament to the country’s dedication to innovation and sustainable development within the mining sector.
For investors, stakeholders, and the international community, all eyes will be on Ghana as it carves its path forward with golden strides.
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