According to Martin Ayisi, CEO of the Minerals Commission, Ghana’s gold exports are set to reach approximately US$10 billion by the end of 2024, driven by a surge in prices and increased production.
In the first half of 2024 alone, gold exports soared to a record US$5 billion, comprising 54% of Ghana’s total exports, amounting to US$9.2 billion for the period.
This significant increase was propelled by record-breaking gold prices, which averaged $2,338 per ounce in the second quarter—a notable 18% rise year over year.
Ayisi highlighted that if current price trends continue, the full-year outlook for gold exports could exceed US$10 billion. He emphasized the contribution of both small- and large-scale mining operations to this growth, with small-scale mining alone accounting for approximately US$1.7 billion in exports by mid-year.
The CEO underscored the mining sector’s importance as a cornerstone of Ghana’s economy, noting that revenue from gold exports plays a pivotal role in national economic stability.
Ayisi also emphasized the critical need for value addition in the mining sector, citing upcoming initiatives in refining manganese ore and enhancing local content and participation. He praised government policies that encouraged local involvement and boosted capital through mining companies listing on the Ghana Stock Exchange.
Additionally, Ayisi stressed the importance of sustainable environmental practices in small-scale mining operations, which support millions of livelihoods across Ghana’s regions. He called for stringent ecological management to prevent damage and ensure sustainable mining practices.
The Minerals Commission remains optimistic about Ghana’s mining sector, expecting continued growth and economic benefits through enhanced production, value addition, and sustainable practices.
