Ghana gold output could rise to 5.1 million ounces in 2025
STORY: :: File
Ghana is projected to produce more gold in 2025.
That's according to the country's Chamber of Mines on Friday.
Its gold production could increase by around 6.25% from last year to approximately 5.1 million ounces.
High output has been driven by strong production from artisanal mining and the introduction of new large-scale operations.
The 2025 forecast follows Ghana's stronger-than-expected performance in 2024.
Last year, the total gold output rose almost one fifth, cementing its position as Africa's top gold producer, ahead of South Africa and Mali.
The surging prices of the precious metal have increased Ghana's export revenue.
It also strengthens the cedi currency, boosting the country's recovery from its worst economic crisis in a generation.
Here's Chamber of Mines President Michael Akafia.
"I think clearly one of the drivers is the gold price. But then where we are seeing the biggest impact is in the small-scale sector. Because whereas the large-scale production stagnated around 2.9 million ounces for gold, for the small-scale sector there was a big, a huge jump, a significant jump."
Last year, Ghana's gold output was driven by a record contribution from small-scale miners.
Ghana's new government has formed the GoldBod, a regulator that will streamline gold purchases from small-scale miners, aiming to increase their earnings, and reduce the impact of smuggling.
It has also removed a withholding tax on local gold purchases.
The Ghana National Association of Small-Scale Miners said the new measures will help the sector beat its 2024 gold output.
Here's the group's general secretary Godwin Armah.
"The small-scale mining sector has contributed a lot to the socio-economic development of the country in areas of jobs providing about 1 million direct and indirect jobs to Ghanaians and also it's a source of supply of raw gold for value addition and all that.'
Ghana's booming artisanal mining sector is under increased scrutiny due to resulting harm to the environment and cocoa farms.
Akafia says the country needs a stronger pipeline of gold exploration projects to ensure sustainable production in the future.
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Ghana gold output could rise to 5.1 million ounces in 2025
STORY: :: File Ghana is projected to produce more gold in 2025. That's according to the country's Chamber of Mines on Friday. Its gold production could increase by around 6.25% from last year to approximately 5.1 million ounces. High output has been driven by strong production from artisanal mining and the introduction of new large-scale operations. The 2025 forecast follows Ghana's stronger-than-expected performance in 2024. Last year, the total gold output rose almost one fifth, cementing its position as Africa's top gold producer, ahead of South Africa and Mali. The surging prices of the precious metal have increased Ghana's export revenue. It also strengthens the cedi currency, boosting the country's recovery from its worst economic crisis in a generation. Here's Chamber of Mines President Michael Akafia. "I think clearly one of the drivers is the gold price. But then where we are seeing the biggest impact is in the small-scale sector. Because whereas the large-scale production stagnated around 2.9 million ounces for gold, for the small-scale sector there was a big, a huge jump, a significant jump." Last year, Ghana's gold output was driven by a record contribution from small-scale miners. Ghana's new government has formed the GoldBod, a regulator that will streamline gold purchases from small-scale miners, aiming to increase their earnings, and reduce the impact of smuggling. It has also removed a withholding tax on local gold purchases. The Ghana National Association of Small-Scale Miners said the new measures will help the sector beat its 2024 gold output. Here's the group's general secretary Godwin Armah. "The small-scale mining sector has contributed a lot to the socio-economic development of the country in areas of jobs providing about 1 million direct and indirect jobs to Ghanaians and also it's a source of supply of raw gold for value addition and all that.' Ghana's booming artisanal mining sector is under increased scrutiny due to resulting harm to the environment and cocoa farms. Akafia says the country needs a stronger pipeline of gold exploration projects to ensure sustainable production in the future.
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