Political stability in Ghana, along with clear regulatory standards, will underpin Ghana’s mining sector in 2010 giving the sector great promise for growth. So says the first quarter 2010 Ghana Mining Report by the research firm, Research and Markets.
Ghana is Africa’s second-largest producer of gold after South Africa as well as being one of the world’s largest producers of manganese ore, bauxite and diamonds and some of the major players in the gold mining industry such as Gold Fields, Newmont Ghana and AngloGold Ashanti all have a significant presence in the country.
According to the report the value of Ghana’s mining industry will more than double over a five-year period, from $0.64 billion in 2009 to $1.68 billion in 2014, with the high price of gold a significant factor in this increase.
The report’s authors took into consideration, data from the country’s statistical agencies and associations, as well the UN’s Industrial Commodity Statistics Database, the US Geological Survey and the World Bureau of Metal Statistics and then used their own proprietary econometric model to forecast future figures and trends.
Gold accounts for over 90 per cent of the country’s revenue. Exports in 2009 were US$ 2.6 billion, compared to US$2.2 billion in 2008. Gold output was 2.6mn oz (up 4% y-o-y) selling at an average realised price of US$852 per oz. Manganese revenue was up by a 69%, to US$62.34mn, while bauxite revenue was flat, at US$19.81mn.
The President of the Ghana Chamber of Mines, Jurgen Eijgendaal, said that 2009 would be a mixed year for Ghana's mining industry. He expects gold to perform well, while bauxite and manganese exports could fall as a result of a decline in demand.
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