Ghana regains Africa’s top spot in gold production with 32% growth

Ghana regains Africas top spot in gold production with 32 growth

Ghana’s gold output rose by 32% in 2022, making it Africa’s top producer of the precious metal once again. The country had lost its position to South Africa in 2021 due to a sharp decline in production.

The increase in gold production was driven by both the large-scale and small-scale mining sectors, which contributed 3.1 million ounces and 655,656 ounces respectively. The total gold output reached 3.7 million ounces in 2022, up from 2.8 million ounces in 2021.

According to the Ministry of Lands and Resources, one of the key factors behind this remarkable performance was the reopening of two major mines: the AngloGold Ashanti Obuasi Mine in 2019 and the Bibiani Mine in 2022. These mines had been inactive for several years before they were revived by the intervention of President Akufo-Addo.

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The ministry also credited the reduction of the withholding tax rate on unprocessed gold by small-scale miners from 3% to 1.5%, which was introduced in 2015, as another incentive for boosting gold production.

The president of the Ghana Chamber of Mines, Joshua Mortoti, said that the large-scale gold sub-sector recorded its highest output in the country’s history in 2022. He also said that members of the chamber had sold over 77,620 ounces of gold under the Domestic Gold Purchase Programme, a scheme launched by the Bank of Ghana to increase reserves.

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