Ghana, which the colonists (British, German, Dutch and French) had called “Gold Coast” (Côte-de-l’Or) and who made their fortune, still bears his nickname very well. This English-speaking country nestled in West Africa, on the Gulf of Guinea, had lost its place as the leading African gold producer in 2021, snatched by South Africa. Ghana quickly regained its rank in 2022 and still maintains it. The precious metal is even number 1 in exports, beating the combined revenues of cocoa and crude oil. And the latest figures are frightening…
Ghana’s gold exports grew 16.6% year-on-year to $1.3 billion for the first two months of this year. The latest monetary policy report published at the end of March 2024 also indicates that the volumes of gold marketed also increased, by 14%, to stand at 683,281 troy ounces (21 tonnes). According to the document, the country owes this improvement to the increase in the quantities of gold produced, especially those of small extraction units. Ghana is also benefiting from the rise in prices on the world market.
The results for 2023 were already excellent, with a 15% increase in exports, to $7.6 billion. In volume Ghana sold 4.12 million troy ounces (128 tonnes) last year, compared to 3.7 million troy ounces (117 tonnes) in 2022. The 2023 figures could be exceeded this year.
Gold has been rising exponentially in recent months on the markets, with a peak of $2,400 per ounce in April 2024. Forecasts are for more than $2,500 per ounce by the end of the year. The increase in Ghanaian production in 2024, in this context of soaring prices, could raise gold exports to unprecedented levels in the coming months.
Note that the yellow metal weighed 45% of the country’s overall revenues in 2023. Many foreign companies are jockeying to exploit gold in Ghana, including the American Newmont, the Canadian Galiano Gold and Asante Gold, the Australian Perseus Mining or the South African company AngloGold Ashanti. It remains to know the country’s share, the amounts which are actually paid to public coffers. This is the Achilles Heel of African countries. Some are fighting to put an end to the dispossession but the task is difficult, very difficult…
