According to Mr. Samuel Abu Jinapor, the Minister of Lands and Natural Resources, the gold production landscape in Ghana has undergone a significant transformation. The output of large-scale mining companies has witnessed a substantial increase, soaring from 2.2 million ounces in 2012 to an impressive 3.08 million ounces in 2022.
In parallel, the small-scale sector has also made a remarkable stride, with gold exports soaring from 98,001 ounces to an astounding 655,656 ounces during the same period. As a result, Ghana’s overall gold output surged from 2.82 million ounces in 2021 to an impressive 3.74 million ounces in 2022.
In a press statement released yesterday, as seen by the Ghanaian Times, the minister attributed this remarkable feat to the government’s visionary policies and collaborative programs, enacted under the leadership of President Nana Addo Dankwa Akufo-Addo. The strategic partnership with the Ghana Chamber of Mines has been instrumental in driving Ghana’s resurgence as Africa’s leading gold producer.
The statement highlighted several key factors that contributed to Ghana’s resounding success. Notably, the revival of the AngloGold Ashanti Obuasi Mine and the Bibiani Mine, thanks to President Akufo-Addo’s proactive intervention, played a pivotal role in Ghana’s triumphant return.
The AngloGold Obuasi Mine achieved an astonishing 132% increase in gold production in 2022 compared to the previous year, while the Bibiani Mine, which had remained dormant for seven years, contributed over 52,000 ounces to the country’s overall gold output.
In a broader context, African countries are taking substantial strides to fortify their gold reserves, positioning themselves advantageously amidst global economic uncertainty. Against the backdrop of persistent geopolitical tensions and concerns over inflation, the allure of gold as a safe-haven asset has intensified.
Meanwhile, Business Insider Africa’s recent article revealed the updated rankings of the top 10 African countries with the largest gold reserves in 2023, based on data from Statista. These rankings shed light on the evolving landscape of gold holdings across the continent, as African nations embrace strategic moves to safeguard their economies and navigate the ever-changing global economic terrain.
As African nations strengthen their gold holdings, they position themselves to navigate the ever-changing global economic landscape with resilience and fortitude. The enduring allure of gold as a reliable store of value offers stability and confidence to both governments and investors alike as they strive to safeguard their economies against potential shocks.
