Ghana has emerged as the largest gold producer in Africa once again, surpassing South Africa, as the country experienced a significant 32% increase in gold production last year. This achievement marks a remarkable turnaround for Ghana, which had relinquished its top position to South Africa in 2021 following a sharp decline in output.
According to Joshua Mortoti, the President of the Ghana Chamber of Mines, gold output surged from 2.8 million ounces in the previous year to an impressive 3.7 million ounces in 2022. This substantial growth can be attributed to advancements in both the large-scale and small-scale sectors of the industry.
In particular, the large-scale gold sub-sector achieved a historic milestone by recording its highest output ever last year. Mortoti revealed this encouraging news during the annual general meeting of the Ghana Chamber of Mines. He highlighted that a combination of increased output and expanded production at existing mines played a vital role in driving the large-scale sector’s contribution to national gold output up by 13%, reaching 3.1 million ounces in 2022 compared to 2.7 million ounces in 2021.
Moreover, Mortoti shared that member companies of the mines chamber made substantial sales, amounting to over 77,620 ounces of gold, under the Domestic Gold Purchase Programme. This initiative, launched by the Bank of Ghana, aims to bolster the nation’s gold reserves and further stimulate the gold industry.
Ghana’s resurgence as the top gold producer in Africa not only underscores its potential as a significant player in the global gold market but also signals a positive trajectory for the country’s mining sector. With increased production and the adoption of initiatives to enhance gold reserves, Ghana is poised to strengthen its position as a key player in the global gold industry.
