Ghana anticipates that small-scale gold production will generate $12 billion annually if output doubles as anticipated.
Small-scale and artisanal production has played a major role in the country’s increased gold exports as global prices have skyrocketed. The government established a regulator this year.
to manage all gold purchases and sales in an effort to increase foreign exchange reserves and reduce illicit trading.
“Our goal is to move above 3 tons a week” in purchases, up from about 1.5 tons a week in January, said Sammy Gyamfi, the Ghana Gold Board’s chief executive officer. “We expect to be able to bring in about $6 billion by the end of this year, but we are confident that we will reach the $12 billion in annual inflows from next year.”
As gold prices rise, Africa’s largest gold producer, which has been shut out of global capital markets since a debt default in 2022, is abusing its biggest foreign exchange generator.
After hitting several records over the past year, the price of gold is currently trading close to $3,300 an ounce.
Small-scale mining supported an increase in output, which resulted in a more than 50% increase in Ghana’s exports to $11.6 billion last year.
According to Gyamafi, who cited preliminary estimates, the small-scale mining industry, which normally contributes a third of annual output, upped its share to over 40% last year.
He claimed that the small-scale sector, which accounted for 66 tons of the total production of 151 tons in 2024, has also contributed to an increase in black-market trafficking.
In an interview in Accra, the capital, Gyamfi stated that the regulator has increased its purchases of gold from artisanal miners in an effort to combat smuggling.
“It will positively affect inflation and GDP, as well as the foreign component of our debt profile,” he said, referring to the anticipated rise in profits from small-mine output.
Source: newsthemegh.com