Ghana recorded a 6% increase in gold production in 2019 - Report
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Ghana recorded a 6% increase in gold production in 2019 - Report

- Latest reports show that Ghana produced 2.989 million ounces of gold in 2019

- This was a 6% increase from 2.807 million ounces produced in 2018

- Small-scale production decreased to 1.588 million ounces in 2019 from 1.984 million ounces in 2018

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Information available to YEN.com.gh shows that Ghana produced 2.989 million ounces of gold in 2019.

This is a 6% increase, compared to the 2.807 million ounces produced in the preceding year.

According to the Ghana Chamber of Mines’ annual report, small-scale production decreased to 1.588 million ounces in 2019 from 1.984 million ounces in 2018.

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The Chamber’s President, Eric Asubonteng, revealed that the dip in small-scale production led to an overall decline in total gold production to 4.577 million ounces in 2019 from 4.792 million ounces in 2018.

Per a report by the Ghana News Agency, Asubonteng passed these comments during a virtual Annual General Meeting (AGM).

YEN.com.gh understands that the large-scale sector improved on its contribution to national gold production, from 59% in 2018 to 65% in 2019, whereas the small-scale sector accounted for 35% of national gold production in 2019 which was a decline from 41% in 2018.

It was also gathered that the bulk minerals sector, which mines manganese and bauxite, recorded 18% and 10% improvements in output respectively.

The mining sector's total fiscal contribution of 7.7% of domestic revenue in 2019 made it the second-highest contributor after the financial and insurance sectors.

The growth levels recorded in the mining sector were the results of a simultaneous increase in production and price of some minerals, particularly, gold.

In other news, AngloGold Ashanti has recorded an increase in cash flow for the first quarter of the year 2020.

In the same period, the company recorded a fall in production as a result of COVID-19-related stoppages with operations.

The company reportedly experiences challenges with its at Brazilian, Argentinian and South African operations and this led to a fall of 11,000 ounces to 716,000 ounces in the three months to March 31 from 752,000 ounces in the same period in 2019.

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Source: Yen Newspaper

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