Ghana Regains Position As Top Gold Producer In Africa, President Says

Ghana regains position as top gold producer in Africa, president says

Image Credit: Nana Akufo-Addo/X

Ghana has reclaimed its position as the leading gold producer in Africa, the country’s president Nana Addo Dankwa Akufo-Addo has disclosed.Delivering his penultimate message on the State of the Nation before Parliament in Accra, Ghana’s president said the West African country has now overtaken South Africa with gold production reaching 4 million ounces.

“Last year, Ghana regained her position as the leading producer of gold in Africa, having overtaken South Africa. Our gold production reached an unprecedented 4 million oz, according to preliminary reports,” he told lawmakers in Parliament.

“This is as a result of the progressive policies we have been implementing, which have led to the revival of dormant mines like the Obuasi and Bibiani Mines, and the expansion of existing ones. The reduction in withholding tax on unprocessed gold by small-scale miners, from 3% to 1.5%, has resulted in some 900% increment in gold export from the small-scale sector, over the last two years,” Akufo-Addo added.

The president further emphasized the importance of leveraging on key natural resources to propel the country’s growth.

He cited innovative policy measures such as the gold-for-oil programme as key to accounting for some 30% of Ghana’s total crude oil consumption.

According to reports in December 2023, Ghana regained its spot as the top gold producer in Africa with a 32 percent increase in production of the mineral in 2022.

Gold production output for Ghana was reported at 90,000.000 kg in December 2022, representing a significant increase from the previous year. This was on the back of increased output from operations in Edikan, Chirano, Bibiani, and Obuasi mines.

Globally, Ghana’s currently ranks 10th as the biggest producer of gold.

Meanwhile, as of October 2023, South Africa which once a top gold producer slipped into the eight position in the world, according to Statistica’s estimates for 2022.

In the last two decades, South Africa’s gold output had witnessed some decline despite a year-on-year increase of 2.2 percent as of October 2023.