2023-06-09 16:19:18
Joshua Mortoti, head of the Chamber of Mining Companies in Ghana, said on Friday that the country recorded a 32 percent increase in gold production last year, which enabled it to regain the lead in gold producers in Africa.
Ghana lost the position to South Africa in 2021 after a massive drop in its production.
Its gold production rose to 3.7 million ounces in 2022, compared to 2.8 million ounces in the previous year.
Murtoti attributed the increase to the expansion of production from existing mines.
He explained that the Chamber of Mining companies sold more than 77,620 ounces of the precious metal as part of the local program to buy gold, a program launched by the Central Bank to enhance reserves.
It is noteworthy that Ghana is suffering from severe debt distress, which it must restructure after it stopped paying last December, while the government is counting on a three billion dollar loan from the International Monetary Fund to support its battered economy and return to global financial markets.
The exacerbation of the debt crisis (amounting to $ 34 billion) was the result of a set of internal policies that led to a state of domestic suffocation with the escalation of the cost of living crisis and in light of the turmoil over government spending banks that focused on infrastructure (including the controversial National Cathedral project) without projects Generate investment returns that revive the economy.
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