According to the report, the country’s total volume of gold produced fell to 4.023 million ounces in 2020 compared to the 4.577 million ounces produced in 2019.
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Ghana’s gold production drops by 12% – EITI Mining Sector Report
The 2022 mining sector report by the Extractive Industries and Transparent Initiative (EITI) has revealed that Ghana saw a 12% drop in gold production in the 2020.
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The report further revealed that there was a decline in the contribution of the mining and extractive sector to the country’s Gross Domestic Product (GDP).
It saw a marginal drop to 7.6 percent in 2020 as against 2019’s 7.8 percent.
In monetary terms, the real valued added by the sector fell from GHS 13.308 billion in 2029 to GHS 11.449 billion in 2020 representing a 13.97 percent reduction.
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The fall in gold output is attributable to a concurrent contraction in the output of large- and small-scale gold producers.
The quantum of gold attributable to the large-scale sector declined from 2.989 million ounces in 2019 to 2. 847 million ounces in 2020 which translates into a 4.8 percent year-on-year drop in production.
The reduction in the sub-sector’s outputs was mainly due to a string of downturns in the production of most large-scale mines which was in turn explained by a combination of mine-specific factors and spillover effects of COVID-19.
The EITI report states also that proceeds from the export of minerals increased from US$ 6.678 billion in 2019 to US$ 6.998 billion in 2020.
Meanwhile, the production for 2022, is estimated at 2.695 million as at the end of September 2022.
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