The Government of Ghana anticipates to rake in at least 12 billion U.S. dollars from small-scale gold mining, if the output from its small-mine and artisanal mining operations is doubled as planned, according to a Bloomberg report.
The recent surge in gold exports, driven by soaring international prices, has been largely attributed to the contributions of small-mine and artisanal production.
To address this, the Ghana Gold Board has intensified its gold acquisitions from artisanal miners, as Gyamfi highlighted in an interview in the capital of Accra.
He emphasised that the anticipated revenue growth from small-mine production would positively influence inflation, gross domestic product and the foreign component of Ghana’s debt profile.
Earlier this month, the Ghana Gold Board successfully negotiated with nine additional large-scale mining companies to procure 20% of their gold production.
This move is part of the Bank of Ghana’s domestic gold purchase programme, aimed at bolstering the country’s gold and foreign reserves.
These agreements extend beyond the initial cohort of mining companies involved in the central bank’s scheme, marking a significant expansion of the national gold procurement strategy.
“Ghana to double small-scale gold mining output, expects $12bn annual revenue” was originally created and published by Mining Technology, a GlobalData owned brand.