In 2016 Ghana’s Mining Sector Raked in Over Gh₵1 Billion


Ghana’s mining sector realised GHC1,588,837,00.47 revenue in 2016, the Ghana Extractive Industries Transparency Initiative (GHEITI) report has revealed.

Mineral royalty made the highest contribution of GHC524, 878,885.48, a representation of 35.25 percent in the total revenue generated within the period.

The report indicates gold exports amounted to US$4,345.2 million, as compared to the US$3,212.6 million recorded in 2015, and the rise in gold receipt was on account of both price and volume increases.

Mr Kwaku Boa-Amponsem, Managing Partner of Messrs Boas & Associate, who presented the report said the average realised price increased by 10 percent to settle at US$1,280 per fine ounce, while the volume exported also increased by 39.2 percent to US$3,843,446 fine ounces.

Speaking at stakeholders’ engagement and dissemination workshop on the 2016 GHEITI reports on oil and gas, and mining sector held at Abesim, near Sunyani, Mr Boa-Amponsem said the Ghana Manganese Company shipped 2,018,254 tonnes of manganese in 2016.

This, according to him translated into a growth rate of 57 percent relative to the outturn of 1,288,624 tonnes in the previous year.

The Ministry of Finance and Economic Planning with support from the GOGIG organised the workshop, attended by Municipal and District Chief Executives, financial officers and Coordinating Directors drawn from the Municipal and District Assemblies in the region.

Mr Boa-Amposem explained that value of crude oil exported was estimated at US$1.345.2 million as compared to the US$1,931.3 million exported in 2015, a decrease by 19.9 percent to 29,769,048 barrels in 2016, adding, average realised price of oil also decreased by 3 percent to US$45.2 per barrel.

Purchases and exports of gold by the Precious Minerals and Marketing Company (PMMC) increased significantly from 267,662 ounces in 2015 to 1,570,029 ounces in 2016, he said.

Total small scale production of diamonds was 141,530.14 carts valued at US$4,305,483 with exports totalling 143,005.16 yielding an average of US$34.48 per carat of diamonds.

Export from timber products also increased from US$209 million in 2015 to a provisional estimate of US$254.3 million, reflecting a 21.8 percent increase, whilst the average realised price increased from US$568.7 per cubic meter to US$644 per cubic meter.

The volume exports, which is made up of non-traditional exports and other minerals – bauxite, diamond and manganese was estimated at US$2,046.1 million, which was 9.0 percent lower than the 2015 outrun.

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