Ghana rakes $6.6bn from gold

• Posted on March 1, 2023March 1, 2023
• by Nana Kwesi Coomson
• Comment

Ghana recorded US$6.6 billion in revenue from gold in 2022, making the mining sector the leading source of export revenue for the country.

The Minister of Lands and Natural Resources, Samuel Abu Jinapor, who  announced this at the Ministry of Information’s ‘Meet the Press’ series yesterday, said following that significant investment in exploration, four new large scale mining operations would also start production in the next two years.

He said “mining continues to be one of the main pillars of our economy. The sector retained its position as the leading source of export revenue. An export receipt in 2022 from gold alone was over Six point Six Billion US Dollars (US$6,600,000,000.00).”

He said the Obuasi and the Bibiani Mines, which were revived in 2019, would also result in significant increase in mineral production and government revenue.

The minister, who also touched on the developments of other sectors of the country, said the Minerals Commission has increased the items on the Local Procurement List of goods and services reserved for Ghanaians from 29 to 41, with an additional increment to 50 this year.

According to him, the provision of this goods and services by Ghanaians would help retain about US$3 billion annually for the country which would have been exported.

He further stated that a reduction in withholding tax by government on unprocessed gold by small scale miners, which was introduced in 2015, from three per cent to one point five per cent, has resulted in a massive increment in gold exports from small scale mining, from 3,429.91kg in 2021, to 22,158.25kg in 2022.

Mr. Jinapor mentioned that the first phase of the Appiatse reconstruction project, which began last year, was 40 per cent complete, as government makes effort to provide 124 housing units made up of two to seven bedroom houses, a school block with sanitary facilities, and the construction of roads within the community.

On efforts made by the ministry to deal with illegal mining on water bodies, the minister indicated that the Forestry Commission, with the support the Ghana Armed Forces, have cordoned off all Forest Reserves and Wildlife Protected Areas, to rid them of illegal mining and illegal logging.

Last year, 212 suspects were arrested by the Rapid Response Team of the Forestry Commission for various forest and wildlife offences. These suspects are standing trial at various courts across the country. The team, also, seized and/or decommissioned scores of equipment and forest products, including 44,522 assorted lumber, 54 vehicles and 17 excavators.

He said the ministry in collaboration with the Ghana Police Service have undertaken a number of operations to recover encroached public lands and to prevent them from further encroachment as well.

when he update you on developments in the lands and natural resources sectors of our country under three broad themes, namely, mining, forestry and land, and in so doing, I will present an update on the work of the various agencies and Projects under the Ministry. I will begin with mining.

, four (4) new large scale mining operations will start production within the next two and half years.

The sector retained its position as the leading source of export revenue. Export receipts in 2022 from gold alone was over Six point Six Billion US Dollars US$ 6 billion

600,000,000.00).

By Ebenezer K. Amponsah