HomecommodityGhana's Gold Production Soars to Record-breaking Four Million Ounces in 2023

Ghana’s Gold Production Soars to Record-breaking Four Million Ounces in 2023

Ghana’s Gold Production Soars to Record-breaking Four Million Ounces in 2023

Gold production in Ghana has increased marginally from 3.7 million ounces in 2022 to four million ounces, according to figures from the Ghana Chamber of Mines.

It is the country’s highest output since the outbreak of the COVID-19 pandemic. 

Bauxite and diamond revenues also saw significant increases, but manganese export proceeds declined slightly.

Manganese production is expected to increase to five million tonnes, bauxite to between 1.2 million and 1.5 million tonnes and diamond exports to between approximately 220,000 and 250,000 carats.

The Chamber of Mines is projecting gold production for 2024 to hit between 4.3 million and 4.5 million ounces.

The president of the Ghana Chamber of Mines, Michael Edem Akafia, announced this at the 96th annual general meeting of the Chamber on Friday (7 June).

Edem Akafia said members of the Chamber realised $5.9 billion in mineral revenue in 2023, repatriating $4.2 billion.

Michael Edem Akafia

“Ghana saw an increase in the production and export of [all] traditional minerals, except manganese,” Akafia said.

“Gold production rose from 3.7 million ounces in 2022 to four million ounces in 2023, an 8.3% increase, driven by the expansion of small-scale mining.

“However, large-scale gold production declined from 3.1 million ounces in 2022 to 2.9 million ounces in 2023.

“Small-scale production saw a significant increase of 70.6%, from 0.66 million ounces to 1.1 million ounces,” he said.

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