Ghana's 2014 gold revenues fall 17.4 pct on lower output

Ghana's revenues from gold mining fell 17.4 percent to $3.8 billion in 2014 on output decline and low market prices, the West African country's chamber of mines said.

Ghana, Africa's second-largest gold producer behind South Africa, exported 3.16 million ounces of the metal last year, slightly lower than the 3.19 million ounces produced in 2013, the chamber said in a briefing note on Wednesday.

Overall, Ghana's mineral revenues dropped 16.7 percent. Gold accounts for nearly 98 percent of cumulative metals receipts, the chamber said.

Production went down at almost all the major mines, including Gold Fields' operations at Tarkwa and Newmont Mining Corporation's Ahafo mine, it said.

Manganese also dropped 32 percent in 2014 to 1,353,486 tonnes mainly due to the failure of a major client to lift the metal in the third quarter, it added.

Ghana is grappling with a prolonged electricity crisis, resulting in blackouts and a reduction in power supply to bulk users including the mines.

"Disruptions to the supply of electricity have had to date grave implications for the operations of the mines, their employees, government and host community members," the chamber said.