Ghana’s gold exports have surged to unprecedented levels in the first half of 2024, with expectations to reach $10 billion by year-end, according to Martin Ayisi, CEO of the Minerals Commission.
Ayisi disclosed that total mineral exports for the year’s first half amounted to $9.2 billion, with gold alone contributing $5 billion, or 54%, driven by a spike in global gold prices and increased local production.
“The average gold price for the second quarter was a record $2,338 an ounce, 18% higher year-on-year and 13% higher quarter-on-quarter,” Ayisi stated. He also noted that July saw an average price of $2,396 an ounce, with a peak of $2,482 an ounce on July 17.
Given stable gold prices, Ayisi predicts the annual gold export could hit the $10 billion mark. Small-scale mining contributed significantly, with exports worth $1.7 billion in the first half of 2024, making up 36% of total gold exports. This sector alone could exceed $3 billion by year-end.
Ayisi emphasised that while the mining sector’s revenue underscores its importance, actual economic benefits lie in value addition. The government is pushing for local refineries and value addition for lithium, bauxite, and manganese.
Notably, the Ghana Manganese Company Limited is investing $450 million in a refinery to upgrade manganese ore locally, enhancing the manganese grade from 27% to 40% and creating 350 jobs.
Ayisi highlighted initiatives to improve local content and participation, ensuring that over $2 billion spent by mining companies on local supplies and services benefit Ghanaians. He also commended the efforts to list mining companies on the Ghana Stock Exchange and the Minerals Income Investment Fund’s role in taking equity stakes to boost local and state participation.
In light of these developments, Ayisi called for better environmental management of small-scale mining, which supports about three million livelihoods across 12 of Ghana’s 16 regions, emphasising the need for sustainable practices.
