The Minerals Commission of Ghana has projected that gold exports will reach approximately $10 billion by the end of the year. Martin Ayisi, CEO of the Minerals Commission, highlighted that gold exports saw a significant surge in the first half of 2024.
Ayisi reported that out of the total exports of $9.2 billion for the first half of 2024, gold alone accounted for 54%, amounting to $5 billion. This increase is attributed to the rise in gold prices, particularly in the second quarter of 2024, and higher production from both small- and large-scale mining operations.
The price of gold averaged a record $2,338 an ounce in the second quarter, marking an 18% year-on-year increase and a 13% rise quarter-on-quarter. For the month of July, the average gold price was about $2,396 an ounce, with a new record high of $2,482 an ounce reached on July 17, 2024.
Ayisi predicted that if gold prices remain around the July average or the second-quarter levels, the full-year outlook for gold exports could exceed $10 billion. He noted that exports from small-scale mining for the first half of this year amounted to $1.7 billion, accounting for about 36% of the total gold exported by mid-year. He anticipated that, driven by record prices, small-scale mining exports could exceed $3 billion by the end of 2024.
The CEO emphasized that the revenue from gold underscores the mining sector as a cornerstone of Ghana’s economy. However, he pointed out that the real economic benefits of mining lie in value addition. Ayisi highlighted the government’s efforts to promote value addition for minerals such as lithium, bauxite, manganese, and locally refined gold.
Ayisi expressed optimism about the Ghana Manganese Company’s plan to construct a $450-million refinery to process manganese ore, upgrading its grade from 27% to 40%. This project is expected to create 350 jobs and contribute significantly to revenue.
The CEO also discussed new measures to enhance local content and participation, ensuring that over $2 billion spent by mining companies on local supplies and services benefits Ghanaians. He mentioned ongoing efforts to encourage mining companies to list on the Ghana Stock Exchange to raise capital for mining projects and praised the Minerals Income Investment Fund (MIIF) for taking equity stakes in mines to boost state and Ghanaian involvement in the mining sector.