President Akufo-Addo unveiled ambitious plans for Ghana’s mining sector during his State of the Nation’s Address in Parliament on Tuesday, February 27.
Highlighting significant developments, he announced the imminent opening of three large-scale mines in the Ahafo, Upper East, and Upper West regions.
Among these, Cardinal Namdini is set to become operational in the fourth quarter of the year, marking a milestone for gold production in the Upper East Region.
“With these new mines, our gold production is expected to increase to some four point five million ounces (4.5 million oz) annually,” he said.
To enhance the value of this production, the government has established a 400-kilogram gold refinery through a public-private partnership, with negotiations underway for a London Bullion Market Association (LBMA) Certificate.
In addition to gold, President Akufo-Addo emphasized the government’s focus on green minerals like lithium. He outlined a policy framework to ensure the responsible exploitation and management of these critical minerals, aiming for comprehensive beneficiation across the value chain.
The President attributed the resurgence of Ghana’s mining sector to progressive policies, which have revitalized dormant mines such as Obuasi and Bibiani, while expanding existing operations.
Notably, preliminary reports indicated a record-breaking gold production of four million ounces, fueled by measures like reducing withholding tax on unprocessed gold by small-scale miners from three percent to one and a half percent. This policy change resulted in a staggering 900 percent increase in gold exports from the small-scale sector over the past two years.
Building on these resources, Ghana introduced the innovative Gold for Oil Policy, which now accounts for approximately 30 percent of the nation’s total crude oil consumption.
President Akufo-Addo’s address underscored the government’s commitment to leveraging Ghana’s abundant mineral resources for sustainable development and economic growth.