‘Gold Exports To Hit $10bn By End Of 2024’

Martin Ayisi

 

Gold exports jumped to a record high in the first half of 2024.

According to the Chief Executive Officer (CEO) of the Minerals Commission, Martin Ayisi, out of the total exports of US$9.2 billion for the first half of 2024, gold alone accounted for 54% of the total exports, which amounted to US$ 5 billion.

This was because of the surge in gold prices, especially in the second quarter of 2024, and the increase in production from both small- and large-scale operations.

The gold price averaged a record $2,338 an ounce in the second quarter, 18% higher year-on-year and 13% higher quarter-on-quarter.

The average price of gold for July is about US$2,396 an ounce. Gold reached a new record of US$2,482 an ounce on July 17, 2024.

Mr. Ayisi, speaking with the press, predicted that if the price of gold stays around the average for July or the second quarter, then the full-year outlook for gold could hit US$10 billion or more.

The Chief Executive Officer noted that the exports from small-scale mining for the first half of this year are about US$1.7 billion and accounted for about 36% of the gold exported by mid-year.

He predicted that on the back of the record price, exports from small scale mining may be higher than US$ 3 billion by the end of 2024.

According to Mr. Ayisi, the revenue from gold goes to reinforce the fact that the mining sector remains the pillar of Ghana’s economy.

Mr. Ayisi, however, indicated that the real benefits of mining to the economy are value addition. He cited the case of lithium, bauxite, manganese and even the local refinery of gold.

He was particularly happy about manganese and the strong policy of the government on value addition.

Explaining further, he said the Ghana Manganese Company shall construct a 450-million-dollar refinery to refine manganese ore. This will upgrade the grade from 27 to 40 per cent, create an additional 350 jobs, and contribute to revenue.

The CEO also referred to the new measures that have been put in place in the area of local content and local participation to ensure that over two billion dollars that is spent by the mining companies on local supplies and services are undertaken by Ghanaians.

He further mentioned the efforts being made by the government to ensure the mining companies on the Ghana Stock Exchange raise capital for mining projects, and lauded the work of the Minerals Income Investment Fund to take equity stakes in mines, all to enhance state and Ghanaian participation in the mining sector.

Mr. Ayisi called for better environmental management of small-scale mining operations, which is carried out in about 12 regions in Ghana and supports about three million livelihoods, to ensure the operations do not damage the environment.

A Daily Guide Report