A latest report published by the Business Monitor International (BMI) has predicted the worth of Ghana Mining Sector could jump to US $3.8 billion within four years since the production of Bauxite and Gold expected to see mild growth.
Ghana Mining Sector Gold
The report is consistent with the estimates of Ghana Chamber of Mines, the main body of mining association.
Ghana mining sector mainly receives revenue from Gold production, since the nation is second largest gold producer in Africa. Last year the value of mineral output was closed at US $3.3 bn.
“Ghana is set to remain Africa’s second-largest gold producer, after South Africa, as investment continues to flow into the mineral-rich country…We expect gold to be the main driver of growth, but see bauxite playing a growing role,” the report reads.
Mining Plant Ghana in Ghana mining sector
The gold production accounts a major portion of country’s external revenue. The output shares up to 90 percent of Ghana’s total mining exports. Beside Gold, Bauxite also weights a remarkable mining output whereas Manganese and Diamond also backs mineral export, though in small quantities.
According to Chamber of Mines analysis, mineral output increased in the first half of 2014 but revenues dropped due to lower export prices from Gold, Bauxite, Diamond and Manganese.
However, Mr. Daniel Owiredu, former President of the Ghana Chamber of Mines, has a little bit different view, he noted that the 2014 could observe a downfall in terms of Gold production as temporary shutdown of AngloGold Ashanti’s Obuasi Mine for rehabilitation purposes as well as output at Golden Star’s Wassa Mine also projected to decline due to ongoing rationalization of production.
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