During his seventh State of the Nation Address to Parliament, President Nana Akufo-Addo announced that Ghana has once again become the leading producer of gold in Africa, surpassing South Africa.
The President revealed that Ghana achieved this milestone by producing an unprecedented four million ounces of gold in 2023, with expectations to reach 4.5 million ounces by the end of 2024, fueled by new gold mine sites identified in various regions.
President Akufo-Addo attributed Ghana’s gold production success to progressive policies implemented by his government, which led to the revival of dormant mines like the Obuasi and Bibiani Mines, as well as the expansion of existing ones. He highlighted the reduction in withholding tax on unprocessed gold by small-scale miners from 3% to 1.5%, resulting in a remarkable 900% increase in gold exports from the small-scale sector over the past two years.
The President also mentioned the introduction of the innovative Gold for Oil Policy, spearheaded by Vice President Dr. Bawumia, which accounts for 30% of Ghana’s total crude oil consumption, leveraging the country’s gold resources.
In addition to the gold sector’s success, President Akufo-Addo addressed the cocoa sector, promising to prioritize cocoa farmers in the upcoming season. He commended his administration’s decision to increase the producer price of cocoa from GH₵800 to GH₵1,300 per bag for the 2023/24 crop season.
Ghana’s gold production not only contributes significantly to its Gross Domestic Product (GDP) but also plays a vital role in driving economic growth and development in the country.
