You are here: HomeBusiness2020 11 06Article 1102438

Business News of Friday, 6 November 2020


Gold production in Ghana projected to increase by 9% in 2021 - Fitch Solutions

File photo: [Gold Vault] File photo: [Gold Vault]

The rate of gold production in Ghana is projected to witness a growth of about 9 percent in 2021, global market analysis agency, Fitch Solutions has said.

According to a report by Fitch Solutions, this will become the largest growth rate for gold production experienced by Ghana.

The market analysis firm explained the projection will impact positively on the volume of gold production to 4.65 million for Ghana.

Also, this will aid Ghana to sustain its spot as Africa’s largest gold producer in 2021. Ghana currently leads South Africa in terms of gold production capacity after the latter lost its position in 2019 to Ghana.

“A significant growth in Gold production in Ghana will be driven by the Phase 2 completion of AngloGold Ashanti’s Obuasi Project,” the agency noted.

Meanwhile, AngloGold Ashanti in December 2019 at its Obuasi mine poured its first gold during Phase 1 of the project.

The firm also in October 2020, reported a progress account indicating 68.4 percent of the project was completed.

AngloGold Ashanti at the present aims to accomplish a stable state of operation in 2021. This will then lead to a rise in Ghana’s gold production by roughly 350-400k oz per year during the first 10 years of its Obuasi’s mine life.