Ghana is set to surpass $10 billion in gold exports by the end of 2024, according to the Chief Executive Officer of the Minerals Commission, Mr. Martin Ayisi. This forecast is driven by record-breaking gold prices and increased production across both small- and large-scale mining operations.For the first half of 2024, gold exports contributed a substantial 54% to the total export value of $9.2 billion, amounting to $5 billion.

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This surge is attributed to an average gold price of $2,338 per ounce in the second quarter, marking an 18% increase year-on-year and a 13% rise quarter-on-quarter. The price peaked at a record $2,482 per ounce on July 17, 2024, with July's average standing at approximately $2,396 per ounce.Mr. Ayisi projected that if gold prices remain consistent with July's averages, the full-year export value could exceed $10 billion.

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He also highlighted that small-scale mining exports totaled about $1.7 billion for the first half of the year, representing 36% of the total gold exports. Given the high prices, small-scale gold exports could surpass $3 billion by year-end.Emphasizing the importance of the mining sector to Ghana's economy, Mr. Ayisi noted that gold revenue underscores the sector's role as a cornerstone of national economic stability.

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He stressed that the real economic benefits of mining come from value addition. He pointed to the development of local refining capabilities, such as the Ghana Manganese Company's $450 million investment in a new refinery to enhance manganese ore quality and create 350 jobs.Mr.

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Ayisi also praised the government's initiatives to bolster local content and participation in the mining sector, which include ensuring that over $2 billion spent by mining companies on local supplies and services benefits Ghanaians. Furthermore, he acknowledged efforts to encourage mining companies to list on the Ghana Stock Exchange and the role of the Minerals Income Investment Fund in acquiring equity stakes in mines.

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Addressing environmental concerns, Mr. Ayisi called for improved environmental management of small-scale mining operations, which are active in about 12 regions and support around three million livelihoods, to prevent ecological damage.

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