The Government of Ghana anticipates annual revenues of $12bn (139.41bn cedis) from small-scale gold mining, if the output from its small-mine and artisanal mining operations is doubled as planned, according to a Bloomberg report.
The recent surge in gold exports, driven by soaring international prices, has been largely attributed to the contributions of small-mine and artisanal production.
To streamline operations and combat illicit trade, the Ghana Gold Board was established this year to oversee all gold transactions, aiming to enhance foreign-currency reserves.
Ghana Gold Board CEO Sammy Gyamfi was quoted as saying: “Our goal is to move above three tonnes [t] a week in purchases, up from about 1.5t a week in January.”
“We expect to be able to bring in about $6bn by the end of this year, but we are confident that we will reach the $12bn in annual inflows from next year.”
Following a debt default in 2022, Ghana has been excluded from international capital markets.
Nevertheless, the country is capitalising on its primary foreign exchange earner amidst rising gold prices, which are currently trading near $3,300/oz, the report said.
Last year, Ghana's gold exports experienced a surge of more than 50%, amounting to $11.6bn, solidifying its position as Africa's leading gold producer.
Despite representing roughly one-third of the nation's gold output, small-scale mining has contributed to an uptick in black market trading.
To address this, the Ghana Gold Board has intensified its gold acquisitions from artisanal miners, as Gyamfi highlighted in an interview in the capital of Accra.
He emphasised that the anticipated revenue growth from small-mine production would positively influence inflation, gross domestic product and the foreign component of Ghana's debt profile.
Earlier this month, the Ghana Gold Board successfully negotiated with nine additional large-scale mining companies to procure 20% of their gold production.
This move is part of the Bank of Ghana's domestic gold purchase programme, aimed at bolstering the country's gold and foreign reserves.
These agreements extend beyond the initial cohort of mining companies involved in the central bank's scheme, marking a significant expansion of the national gold procurement strategy.
