Total gold produced has declined – 2022 EITI Report

According to the 2022 Extractive Industries Transparency Initiative (EITI) Mining & Oil and Gas report, the production of gold in Ghana decreased by 12 percent from 4.577 million ounces in 2019 to 4.023 million ounces in 2020.

The Ghana Manganese Company (GMC) also experienced a significant decline in manganese production, dropping from 5.383 million tonnes in 2019 to 2.358 million tonnes in 2020, a decrease of 56 percent.

On the other hand, bauxite production saw a slight increase, rising from 1.116 million tonnes in 2019 to 1.162 million tonnes in 2020, representing a 4 percent year-on-year growth.

The report also highlighted that receipts from the export of minerals accounted for 48.4 percent of Ghana’s total merchandise export revenue in 2020. Crude oil contributed 20.1 percent, while cocoa contributed 16.1 percent to the country’s export revenue in the same year.

Mineral revenue increased from US$6.678 billion in 2019 to US$6.998 billion in 2020, indicating a 4.8 percent year-on-year expansion. The total number of people employed by large-scale mines in 2020 was 34,363, with 98.7 percent of the workforce being Ghanaians.

The Ghana Extractive Industries Transparency Initiative (GHEITI) Multi-Stakeholder Group (MSG) officially launched the country’s 2020 Mining and Oil/Gas EITI reports. The MSG, consisting of representatives from the government, industry, and civil society, oversees the GHEITI’s activities. The World Bank funded the production of the reports through the Extractive Global Programmatic Support (EGPS) Grant.

The 2020 reports adhere to the 2019 EITI Standard and provide comprehensive information beyond payment reconciliation. They include details on the legal framework, fiscal regime, sector contribution to the economy, production and export data, state participation, revenue allocation, sustainability, license registers, and other requirements of the EITI Standard.

The joint launch of the reports was led by the Minister of State at the Ministry of Finance, who is also the Champion for GHEITI, and the Deputy Minister of Lands and Natural Resources responsible for Mining, Hon. George Mireku Duker.

Source: 3News