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Business News of Monday, 23 August 2021

Source: www.ghanaweb.com

Gold mining industry is the utmost beneficiary of coronavirus pandemic – GMWU

Gold soared above two thousand dollars an ounce towards the end of 2020 Gold soared above two thousand dollars an ounce towards the end of 2020

• The global gold mining industry has received the best share of the coronavirus pandemic

• Gold soared above two thousand dollars an ounce towards the end of 2020

• The precious metal has since maintained its stability at the start of 2021


The Ghana Mineworkers Union (GMWU) has stated that the global gold mining industry has been a key beneficiary of the Coronavirus pandemic.

General Secretary of the Union, Abdul-Moomon Gbana stated that precious metal since the beginning of 2020 has witnessed an unprecedented break-through in its pricing.

According to a statement read on his behalf by the deputy general secretary of Union at a National Executive Council (NEC) held meeting in Tarkwa, Abdul-Moomon Gbana revealed that gold soared above two thousand US dollars an ounce (US$2,000/oz) toward the tail-end of 2020 with the precious metal maintaining a rather relative stability at the start of 2021.

He therefore urged mining companies in Ghana to take advantage of the price boom as well as invest in their infrastructure and expansion of operations and equipment.

“Following the colossal gains most mining companies made last year and the positive outlook demonstrated this year, we expect that mining companies will take strategic advantage of the price boom – and by extension increased margins from last year – to invest in modern infrastructure and expand existing ones,” Gbana urged.

He explained that pandemic on the hand has rendered the relevance on of gold as hedge and accelerated its performance on the pricing market.

Gbana however reiterated the need for key investment in the gold mining industry which will in turn create decent jobs and extend the life of mining firms.