Ghana Gold Production Soars: Output Jumps To 32% In 2022 To Return Country To Top Spot In Africa

Ghana Gold Production Soars: Output Jumps To 32% In 2022 To Return Country To Top Spot In Africa

  • Ghana has reclaimed the number spot in gold production in Africa after beating South Africa as gold production figures are released for 2022
  • Per the latest figures, Ghana's gold production shot up impressively to 3.7 million ounces in 2022, compared to 2.8 million ounces in 2021
  • Essentially, an increase in gold production by both large and small-scale miners in Ghana triggered an upsurge in production figures

Ghana has beaten South Africa to become Africa's biggest producer of gold after recording a 32% increase in gold production in 2022.

President of Ghana Chamber of Mines Joshua Mortoti disclosed on Friday, June 9, 2023, that data show gold output in Ghana rose to 3.7 million ounces in 2022 from 2.8 million ounces in 2021.

Ghana reclaims gold production top spot from South Africa.
Workers mine gold in a pit (L) and gold bars on display. Source: Getty Images.
Source: Getty Images

Growth in gold production among both large and small-scale miners in Ghana led to a surge in production figures.

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"The large-scale gold sub-sector recorded its highest output in the country’s history in 2022,” Mortoti disclosed at the annual general meeting of the chamber of mines.

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Increased expansion of production at large-scale mines pushed up figures

Mortoti also disclosed that the existing large-scale mines expanded production in the year under review to also push up production.

The expansions increased large-scale sector contribution to national gold production by 13%, that is production increased to 3.1 million ounces in 2022, compared to 2.7 million ounces in 2021.

Some 77,620 ounces of gold have been sold under the Domestic Gold Purchase Programme.

The programme is a Bank of Ghana initiative aimed at boosting gold reserves.

Gold-for-oil policy could collapse Ghana’s downstream petroleum sector

Meanwhile, has reported in a separate story that COPEC-GH's Duncan Amoah has asked the government to roll back on its Gold-for-Oil policy because of the imminent threat it poses to the country's petroleum sector.

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He said at a forum held at the British High Commission in Accra on Tuesday, March 14, 2023, that the policy could also increase the pump price of fuel by more than 50%.

He explained that fuel goes through only three channels to get to the pump, however, under the Gold-for-Oil policy the channels are at least five, presenting an opportunity for players at each stage to add their profit margins to the final price.

Duncan also explained that the different channels of the Gold-for-Oil policy create a major disruption to the globally accepted system and could discourage IOCs from bringing their cargo to Ghana.

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