Ghana has regained its position as the leading producer of gold in Africa, according to President Nana Akufo-Addo.
President Akufo-Addo made the revelation during his seventh State of the Nation Address on Tuesday, February 27, on the floor of parliament.
He said the country overtook South Africa, having produced an “unprecedented” four million ounces of gold in 2023.
He added that the amount is expected to rise to 4.5 million by the end of 2024 due to the new gold mine sites identified in the Ahafo, Upper East and Upper West Regions.
“Mr. Speaker, last year [2023], Ghana regained her position as the leading producer of gold in Africa, having overtaken South Africa. Our gold production reached an unprecedented four million ounces (4 million oz), according to preliminary reports.
“This is as a result of the progressive policies we have been implementing, which have led to the revival of dormant mines like the Obuasi and Bibiani Mines, and the expansion of
existing ones”, said the President.
He continued by pointing out that “the reduction in withholding tax on unprocessed gold by small-scale miners, from three percent (3%) to one and a half percent (1.5%), has resulted in some nine hundred percent (900%) increment in gold export from the small-scale sector, over the last two (2) years.”
Against the backdrop of this development, the government, through Vice President Dr Bawumia, launched the novel gold for oil policy.
“Leveraging on these resources, we introduced the innovative Gold for Oil Policy, which accounts for some thirty percent (30%) of our total crude oil consumption”, President Akufo-Addo told members of parliament.
In 2020, gold in Ghana contributed close to around 7.8 billion Ghanaian cedis (GHS), roughly 1.3 billion U.S. dollars, to the country’s Gross Domestic Product (GDP)
However, in the cocoa sector, President Akufo-Addo noted that “he will do right with cocoa farmers” in the coming season.
He lauded his administration’s increment of the producer price of the cash crop from GHc800 to GHc1,300 per bag for the 2023/24 crop season.