Ghana’s gold exports generated $5 billion in the first half of 2024, as reported by Chief Executive Officer of the Minerals Commission, Mr. Martin Ayisi.
This figure reflects a significant portion of the country’s total export value of $9.2 billion for the same period, with gold accounting for 54% of the total.
The surge in gold exports is attributed to a dramatic increase in gold prices, which averaged $2,338 per ounce in the second quarter of 2024—an 18% rise compared to the previous year and a 13% increase from the previous quarter.
The price of gold reached a peak of $2,482 per ounce on July 17, 2024, and averaged around $2,396 per ounce in July.
Mr. Ayisi forecasted that if gold prices maintain their current levels, Ghana could see gold export revenues surpass $10 billion by the end of the year.
He noted that small-scale mining contributed approximately $1.7 billion to the total gold exports, representing 36% of the mid-year total. With the record prices, small-scale gold exports are projected to exceed $3 billion by year-end.
Highlighting the vital role of the mining sector in Ghana’s economy, Mr. Ayisi underscored that the revenue from gold reaffirms the sector’s importance.
He emphasized that value addition is crucial for maximizing economic benefits, pointing to initiatives such as the Ghana Manganese Company’s planned $450 million refinery, which aims to enhance the quality of manganese ore and create 350 new jobs.
Additionally, Mr. Ayisi praised efforts to boost local content and participation in the mining sector, including encouraging mining companies to list on the Ghana Stock Exchange and the role of the Minerals Income Investment Fund in acquiring equity stakes in mining operations.
He also stressed the need for better environmental management in small-scale mining operations, which support around three million livelihoods across 12 regions, to ensure sustainable practices and mitigate environmental impact.