Gold exports expected to hit $10 billion by end of 2024

The Chief Executive Officer (CEO) of the Minerals Commission, Mr Martin Ayisi, has disclosed that gold exports hit a record high in the first half of 2024.

He reported that out of the total exports of $9.2 billion for the first half of 2024, gold accounted for 54% amounting to $5 billion.

He attributed this to rising gold prices and increased production from both small- and large-scale operations. Gold prices averaged $2,338 an ounce in the second quarter, 18% higher than the previous year and 13% higher than the first quarter.

In July, the average gold price was about $2,396 an ounce, reaching a new record of $2,482 on July 17, 2024. Mr Ayisi predicted that if prices remain around this level, full-year gold exports could reach or exceed $10 billion.

Small-scale mining contributed significantly, with exports of $1.7 billion in the first half, accounting for 36% of gold exports. He forecasted that small-scale exports could exceed $3 billion by year-end.

He emphasised that mining remains a key pillar of Ghana's economy but noted that real benefits lie in value addition and cited examples in lithium, bauxite, manganese and local gold refining.

The CEO noted a new 450-million-dollar manganese refinery project by Ghana Manganese Company, which will upgrade ore grade and create 350 jobs. He mentioned new measures to enhance local content and participation in the mining sector, ensuring that over US$2 billion spent by mining companies on supplies and services goes to Ghanaians.

Mr Ayisi noted the government's efforts to encourage mining companies to list on the Ghana Stock Exchange and praised the Minerals Income Investment Fund for taking equity stakes in mines to boost state and Ghanaian participation.

He called for improved environmental management of small-scale mining operations, which occur in about 12 regions and support around three million livelihoods, to prevent environmental damage.