Ghana has resumed her position as the leading gold producer in Africa. President Akufo-Addo disclosed this in Parliament when he delivered his last State of the Nation (SONA).
“Mr. Speaker, last year, Ghana regained her position as the leading producer of gold in Africa, having overtaken South Africa. Our gold production reached an unprecedented 4 million oz, according to preliminary reports.
“This is as a result of the progressive policies we have been implementing, which have led to the revival of dormant mines like the Obuasi and Bibiani Mines, and the expansion of existing ones. The reduction in withholding tax on unprocessed gold by small-scale miners, from 3% to 1.5%, has resulted in some 900% increment in gold export from the small-scale sector, over the last two years.”
The President said leveraging on these resources, his administration introduced the innovative Gold for Oil Policy, which accounts for some 30% of our total crude oil consumption.
“Currently, three large scale mines are under construction in Ahafo, Upper East and Upper West Regions, with Cardinal Namdini set to pour its first gold in the Upper East Region in the last quarter of this year. With these new mines, our gold production is expected to increase to some 4.5 million oz annually.
“Mr. Speaker, to add value to these volumes of production, we have constructed, through a public private partnership, a 400kg capacity gold refinery, and we are in the final stages of negotiations for a London Bullion Market Association (LBMA) Certificate.
For our green minerals, including lithium, we have put in place a policy for their exploitation and management, to ensure beneficiation across the value chain of these critical minerals,” he noted.
He continued that Newmont Corporation, the world’s largest gold-producing company, which operates two huge mines in Ghana, is constructing a third, and has announced its intention to sell its Akyem Mine in the Eastern Region, the third largest mine in the country, which produced some 420,000 ounces of gold in 2022.
“As part of Government’s policy to indigenous the mining sector, we will engage with Newmont to give priority to Ghanaian investors who will want to acquire this mine, to ensure that our mineral resources better benefit the Ghanaian people,” President Akufo-Addo added.
