Ghana's mining sector is poised for significant growth in 2024, driven by an increase in gold production.Gold output is anticipated to range between 4.3 million and 4.5 million ounces, thanks to higher production from both large and small-scale producers. Large-scale gold mining firms are expected to contribute 3.4 million ounces.

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New projects, such as Newmont's Ahafo North and Cardinal Resource's Namdini Gold Mine, are set to bolster this growth.This announcement was made by the president of the Ghana Chamber of Mines, Mr. Michael Akafia, at the Chamber's annual general meeting in Accra.He highlighted the promising outlook for the mining sector in 2024.The Chamber also projected manganese production to reach 5 million tonnes, and bauxite production to range between 1.

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2 million and 1.5 million tonnes. Diamond exports are expected to increase to an estimated 220,000 to 250,000 carats."This growth is a testament to the sector's resilience and potential for expansion. However, some large-scale mines may experience a reduction in output due to life-of-mine-related factors," he observed.

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The growth in gold production, along with increases in manganese, bauxite, and diamond production, is expected to significantly boost Ghana's economy. In 2023, the mining sector made a substantial contribution to Ghana's foreign exchange supply, with mineral export receipts rising from US$6.8 billion in 2022 to US$7.8 billion in 2023. Gold alone contributed US$7.6 billion to this total.The sector also spent US$7.

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29 billion within the local economy, surpassing mineral revenue, with significant expenditures on non-energy goods and services, electricity, diesel, salaries, taxes, and corporate social investment.Akafia emphasized that, contrary to media reports, a large portion of mineral revenue (59.1%) was paid to the state, higher than the 25.8% recorded in 2022.

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He commended member companies for their resilience amid economic, fiscal, and legal challenges."The mining sector is crucial to Ghana's economy, and the Chamber is committed to ensuring sustainable growth through strategic stakeholder engagements and communication initiatives," he assured.

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He further emphasized that the sector aims to be a model of best practices in sustainable and responsible mining across the continent, significantly contributing to Ghana's economic growth.

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