SONA2024 Ghana Now Africas 1 Producer of Gold Akufo Addo

President Akufo-Addo has revealed that Ghana has regained its position as the leading producer of gold in Africa.

President Akufo-Addo made the revelation during his seventh State of the Nation Address on Tuesday, February 27, on the floor of parliament.

According to the President, 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)

Nana Akufo-Addo added that, in order to add value to the volumes of production, the government has constructed, through a public private partnership, a four hundred kilogramme (400 kg) capacity gold refinery.Kobina Darlington/