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Gold June 06, 2022 08:40:35 PM

Ghana's Gold Output Plunged to Lowest Level in 13 Years

Paul Ploumis
ScrapMonster Author
The announcement to this effect was made by the Mines Chamber.

Ghana's Gold Output Plunged to Lowest Level in 13 Years

SEATTLE (Scrap Monster): The gold output by Ghana fell to the lowest level in 13 years during 2021. The output dropped significantly by 30% during the year. Consequently, the country lost its position as the top gold producing country in Africa.

The announcement to this effect was made by the Mines Chamber. The recent change in taxation coupled with operational challenges was cited as the primary reasons behind the notable decline in gold output.

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The imposition of new tax on small-scale mining operations has resulted in reduced gold output of 2.818 million ounces in 2021, which is the lowest output by the country since 2008. The Ghana gold output had totalled 4.022 million ounces in 2020. Although the output declined sharply by 12% in 2020, the country had managed to retain its spot as Africa’s top gold producer.

The output from large-scale gold producers has declined by 4.44% to 2.72 million ounces, mainly on account of operation-related challenges. The boosted output from Abosso Goldfields Ltd helped to offset production decline.

Meantime, the Mines Chamber expects that the mines will be able to successfully address the challenges, which in turn should result in boosted gold output during 2022. The government’s recent decision to purchase domestically produced gold also should lift output of the yellow metal, it noted.

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