Skip to content

Emerging Brand Africa

Home » Ghana Beats South Africa to Reclaim Spot as Africa Top Gold Producer 

Ghana Beats South Africa to Reclaim Spot as Africa Top Gold Producer 

Ghana Beats South Africa to Reclaim Spot as Africa Top Gold Producer

The Republic of Ghana has reclaimed the position of Africa’s leading producer of gold, according to a government official. 

In a statement seen by Emerging Brand Africa, the Ghanaian Ministry of Lands and Natural Resources announced that large-scale gold production in the country stood at 3.08 million ounces in 2022 compared to the 2.72 million ounces produced in 2021.

Further, the Ministry noted that Ghana’s overall gold output increased from 2.82 million ounces in 2021 to 3.74 million ounces in 2022 to claim Africa’s top spot. 

Ghana’s increased production of gold in 2022, the statement read, was attributable to policies and measures put in place by the current administration led by President Nana Akufo Addo. 

In particular, the government cited the revival of AngloGold Ashanti Obuasi and the Bibiani mines as factors that contributed to the accelerated production. 

“The revival of these two mines, the expansion of output by some existing mines and the reduction of the withholding tax on unprocessed gold by small-scale miners, which was introduced in 2015, from 3% to 1.5% have contributed significantly to Ghana’s new position,” the statement read in part. 

Additionally, the statement noted that gold export from the small-scale sector jumped by 570% in 2022 as compared to 2021. 

Ghana’s New Mining Operations 

Regarding the future of the Ghanaian gold mining sector, the government projected further escalation in the production of the precious mine in what it termed as the “bulwark of the Ghanaian economy”.

Three new large scale mining operations are set to commence in three regions of the country as part of the concerted efforts to accelerate gold production.

This even as the government commits to leveraging the gold mining sector to stabilize the country’s currency and provide cheaper oil for its citizens through the Gold4Oil Policy.

According to Visual Capitalist, in 2022, China, Russia, and Australia produced about 31% of the world’s gold, with each producing more than 300 tonnes.