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Ghana has regained her position as leading producer of gold in Africa – Nana Akufo-Addo

He made this statement when he delivered the State of the Nation Address (SONA) on the floor of Parliament on Tuesday, 27th February 2024

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President of the Republic of Ghana, Nana Addo Dankwa Akufo-Addo has said that gold production has reached four million ounces (4 million oz), according to preliminary reports which caused Ghana to regain her position as the leading producer of gold in Africa, having overtaken South Africa.

He made this statement when he delivered the State of the Nation Address (SONA) on the floor of Parliament on Tuesday, 27th February 2024.
This, he reiterated, is a result of the progressive policies implementation, which have led to the revival of dormant mines like the Obuasi and Bibiani Mines, and the expansion of existing ones.

The President noted that the reduction in withholding tax on unprocessed gold by small-scale miners, from three per cent (3%) to one and a half per cent (1.5%), has resulted in some nine hundred per cent (900%) increment in gold export from the small-scale sector, over the last two (2) years.

“Leveraging on these resources, we introduced the innovative Gold for Oil Policy, which accounts for some thirty per cent (30%) of our total crude
oil consumption”.

Nana Akufo-Addo acclaimed that currently, three (3) large-scale mines are under construction in Ahafo, Upper East and Upper West Regions, with Cardinal Namdini set to pour its first gold in the Upper East Region in the last quarter of this year, 2024.
“With these new mines, our gold production is expected to increase to some four point five million ounces (4.5 million oz) annually”, he added.

The President emphasized that to add value to these volumes of production, the government has constructed, through a public-private partnership, a four hundred kilogramme (400kg) capacity gold refinery, and is in the final stages of negotiations for a London Bullion Market Association (LBMA) Certificate.

Touching on Ghana’s green minerals, including lithium, he said the government has put in place a policy for their exploitation and management, to ensure beneficiation across the value chain of these critical minerals.

His Excellency further stated that, as it has been widely reported, Newmont Corporation, the world’s largest gold-producing company, which operates two huge mines in the country and is constructing a third, has announced its intention to sell its Akyem Mine in the Eastern Region, the third largest mine in the country, which produced some four hundred and twenty thousand (420,000) ounces of gold in 2022.

The President continued, that as part of the Government’s policy to indigenize the mining sector, the government will engage with Newmont to give priority to Ghanaian investors who will want to acquire the mine, to ensure that mineral resources better benefit the Ghanaian people.

He intimated that to spur Ghana’s industrialization, the State is implementing the Four Project Agenda of the Ghana Integrated Aluminum Development Corporation (GIADEC), with Projects 1 and 2 having, already, taken off, and last month, Ghana signed an agreement for the implementation of Project.

The government he noted is also, in the concluding phase of discussions for the establishment of a four hundred and fifty million US dollar (US$450 million) refinery to refine the manganese the country produces.

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