Gold exports reached an all-time high in the first half of 2024.

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Martin Ayisi, Chief Executive Officer of the Minerals Commission, reported that gold made up 54% of the total exports, totaling US$5 billion out of the US$9.2 billion exported in the first half of 2024.

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This increase was driven by a sharp rise in gold prices, particularly in the second quarter of 2024, along with a boost in production from both small- and large-scale mining operations.

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In the second quarter, the average price of gold hit a record $2,338 per ounce, marking an 18% increase compared to the previous year and a 13% rise from the previous quarter.

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The average gold price for July is approximately US$2,396 per ounce, with a record high of US$2,482 per ounce achieved on July 17, 2024.

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Mr. Ayisi has forecasted that if gold prices remain at or near July’s average or the second quarter’s level, the annual gold export value could surpass US$10 billion.

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He noted that small-scale mining exports for the first half of the year totaled around US$1.7 billion, representing roughly 36% of the gold exported by mid-year.

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Mr. Ayisi anticipates that, driven by the record high prices, small-scale mining exports might exceed US$3 billion by year’s end.

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According to Mr. Ayisi, the revenue from gold underscores the mining sector’s crucial role in Ghana’s economy.

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He emphasized that the true economic benefits of mining come from value addition, citing examples such as lithium, bauxite, manganese, and local gold refining.

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Mr. Ayisi expressed particular satisfaction with the government’s robust policy on value addition, including the planned $450 million refinery by Ghana Manganese Company, which aims to enhance manganese ore quality from 27% to 40%, create 350 additional jobs, and boost revenue.

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He also highlighted new initiatives focused on local content and participation, ensuring that over US$2 billion spent by mining companies on local supplies and services directly benefits Ghanaians.

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Additionally, he praised the government’s efforts to encourage mining companies to list on the Ghana Stock Exchange to raise capital for projects and lauded the Minerals Income Investment Fund’s role in securing equity stakes in mines, which supports increased state and Ghanaian involvement in the sector.

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Mr. Ayisi urged improved environmental management for small-scale mining, which operates in about 12 regions and supports approximately three million livelihoods, to prevent environmental damage.

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