Mining sector retains its position as the leading source of export revenue with $6.6billion in 2022 — Abu Jinapor

By Patience Anaadem, ISD || Contributor
Economy & Investments Mining sector retains its position as the leading source of export revenue with 6.6billion in 2022 — Abu Jinapor
MAR 1, 2023 LISTEN

The Mining sector continues to be one of the main pillars of the economy as it retained its position as the leading source of export revenue.

Export receipts in 2022 from gold alone were over $6.6 billion.

The Minister for Lands and Natural Resources, Mr Samuel Abu Jinapor, who disclosed this during a press briefing in Accra on Tuesday, said four new large-scale mining operations would start production in the next two and a half years, following significant investments in exploration by the Ministry.

“The large-scale mining companies coming on stream are the Newmont Ahafo North project (surface mining), Cardinal Resources in the Talensi District of the Upper East Region, Ewoyaa Lithium Project in the Mfantsiman Municipal and the Azuma Resources Limited in the Nadowli- Kaleo District of the Upper West Region,” he noted.

Mr Abu Jinapor posited that significant investments had also been made in the renovation and expansion of existing mines.

“After reviving the Obuasi mine in 2019, the Bibiani mine, which had been dormant for seven years, has also been revived and production started in October last year. These investments will result in a significant increase in our mineral production and government revenue,” he stressed.

The Minister also indicated that the Ministry was conducting a general review of the 2006 Minerals and Mining Act as well as the 2014 Mining Policy.

"To promote more investment in the sector, we are currently undertaking a general review of the Mining Policy adopted in 2014 and the Minerals and Mining Act which was passed in 2006, to align them with current developments in the mining industry," he stated.