Ghana to maintain lead position as Africa’s largest gold producer - Minister

Ghana is projected to maintain its lead position as the largest gold producer in Africa in 2024, the Minister of Lands and Natural Resources, Samuel Jinapor, has stated.

He said preliminary reports for the first half of this year showed production in excess of two million ounces (2,000,000 ounces) from both large and small-scale mining, adding that “there is no doubt that Ghana will exceed four million ounces (4,000,000 ounces ) this year.”

Mr Jinapor disclosed this during the 10th Ghana Mining In­dustry Awards in Accra on Friday held on the theme: ‘Celebrating a decade of rewarding mining excellence.’

The annual programme is meant to recognise excellence and innovation in the mining sector and applaud mining companies that are keeping to high environ­mental standards.

In all, 24 organisations and in­dividuals were honoured in various categories for their outstanding performance in the mining sector and were presented with citations, plaques and cash prizes.

AngloGold Ashanti Iduapriem Mine won the Mining Company of the Year and Interplast Limited won the Best Performer in Local Manufacturing of Mining, and the first runner-up in Best Performer went to Mines Supplies and Services.

Mr Jinapor also noted that Ghana had worked hard to over­take South Africa as the leading producer of gold on the continent and had consistently increased production, reaching some four million ounces (4,000,000 ounces) last year.

The Minister stressed the need for the next government to take the issue of Valued Added Tax (VAT) on exploration very seriously and work closely with the Ghana Chamber of Mines (GCM) to find a way of dealing with the matter.

He said exploration was the lifeblood of the mining industry, and, therefore, incentives must be given to encourage exploration.

Mr Jinapor paid glowing tribute to GCM for initiating the award and sustaining it for the past de­cade, emphasising that the awards had become a celebration of excel­lence, recognising and celebrating the outstanding contributions of individuals and organisations to the development of the mining industry in Ghana.

The First Vice President of GCM and Executive Vice Presi­dent of Asante Gold Corporation, Fred Attakumah, added that the mining sector, in 2023, reaffirmed its vital role in Ghana’s economy by contributing GH¢11.69 billion in fiscal revenue, solidifying its position as the largest source of direct domestic revenue.

He indicated that member companies of GCM returned $4.2 billion to Ghana out of the $5.9 billion earned in total mineral rev­enues, noting that it represented about 71 per cent of the earnings of the mining companies.

Mr Attakumah further stated that the Domestic Gold Purchase Programme, initiated in 2022 by the Bank of Ghana, had enabled members of the Chamber to sell over 781,000 ounces of refined gold to the Central Bank, rein­forcing the sector’s commitment to enhancing Ghana’s economic resilience.

The Chief Executive Officer of the GCM, Dr Sulemanu Koney, said Ghana’s mining sector re­mained a cornerstone of the country’s economic fabric.

He also noted that through the Chamber’s Tertiary Education Fund (TEF), the Chamber had budgeted to spend $2 million to­wards infrastructure development, research grants, and bursaries for students and faculty.