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Ghana’s Gold production soars to 4M ounces in 2023

Ghana’s gold production rose by 8.3 percent to 4 million ounces in 2023, up from 3.7 million ounces the previous year, according to data from the Ghana Chamber of Mines. This growth marks the highest output since the outbreak of the COVID-19 pandemic.

Fine Gold bars

The production increase was driven primarily by the significant expansion in the output of small-scale miners, which compensated for the decline in the large-scale sub-sector production.

Small-scale gold production surged by 70.6 percent, rising from 0.66 million ounces in 2022 to 1.1 million ounces in 2023. In contrast, the large-scale sub-sector saw a decline, with output decreasing by 4.9 percent from 3.1 million ounces in 2022 to 2.9 million ounces in 2023.

Looking ahead, gold production in Ghana is forecast to reach between 4.3 and 4.5 million ounces in 2024. This expected increase is driven by new projects such as Newmont’s Ahafo North and Cardinal Resource’s Namdini Gold Mine, which are anticipated to contribute significantly to the country's gold output.

In addition to gold, other minerals are also expected to see increased production. Manganese production is projected to rise to 5 million tonnes, bauxite output is expected to reach between 1.2 million and 1.5 million tonnes, and diamond exports are forecasted to be between 220,000 and 250,000 carats.

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This robust performance underscores Ghana's significant role in the global mining industry and its potential for continued growth in the coming years.

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