The Ghana Chamber of Mines has announced a 4.3 percent increase in mineral revenue from its member companies, growing from $5.6 billion in 2022 to $5.8 billion in 2023.
President of the Chamber, Michael Akafia, attributed this growth primarily to higher gold export receipts, which compensated for a decline in manganese export revenues.
“Gold production revenue rose from US$5.4 billion in 2022 to US$5.7 billion in 2023, marking a growth of 4.8 percent. In contrast, manganese revenue declined from US$201.4 million to US$183.2 million, equivalent to a downturn of 9 percent,” he stated.
The increase in gold revenue was primarily driven by a rise in gold prices, which offset a decline in production from 3 million ounces in 2022 to 2.9 million ounces in 2023.
Speaking at the Chamber’s 95th Annual General Meeting in Accra, President Michael Akafia explained that the 6.1 percent decrease in production was due to significant drops in output from several member companies.
These companies include Adamus Resources, AngloGold Ashanti Obuasi Mine, Asanko Gold Mines Ltd., FGR Bogoso Prestea Ltd., Golden Star Wassa Ltd., Newmont Golden Ridge Ltd., and Abosso Goldfields Ltd.
In contrast, Newmont’s Ahafo Mine increased its share of the Chamber’s total gold output from 18.9 percent in 2022 to 20.3 percent in 2023. Meanwhile, Newmont’s Akyem Mine experienced a decline in its contribution, dropping from 13.8 percent in 2022 to 10.3 percent in 2023 due to reduced.
“The production performance of Gold Fields’ mines in Ghana was mixed. The Tarkwa Mine reported an increase in production, leading to an improvement in the mine’s share of the Chamber’s gold output from 17.5 percent in 2022 to 19.3 percent in 2023.”