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Business News of Saturday, 2 June 2018


Ghana gold production hits 2.81 million ounces - Chamber

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Mining companies operating in the country produced 2.81 million ounces of gold, last year, representing 11 percent increase over the 2016 figure of 2.54 million ounces.

Mr. Kwame Addo-Kufuor, President of the Ghana Chamber of Mines, who announced this, said that saw the total revenue of the companies go up to US$3.68 billion – a 13 percent rise.

The sector’s fiscal receipts mobilized by the Ghana Revenue Authority (GRA) came to GH¢2.16 billion during the period.

Compared with the previous year’s total of GH¢1.65 billion, it showed an increase of 31 percent.

Mr. Addo-Kufuor said this confirmed the mining sector’s position as the foremost source of direct domestic revenue to the GRA.

He encouraged local entrepreneurs to increase their participation in the value chain.

This was important considering the fact that the companies spent US$1.23 billion on goods and services from suppliers and manufacturers.

That represented 34 percent of mineral revenue they made for the year.

Ghana is Africa’s second largest gold producer after South Africa.

Mining firms operating in the country include Newmont Mining Corporation, Gold Fields, Anglogold Ashanti and Asanko Gold.

Manganese production, last year, also increased to three million tonnes, from two million, the year before.

The production of diamond, however, declined to 86,924 carats from 143,000 carats the previous year.

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