Ghana records $780m investment inflows into mining sector in 2011

…As mining companies make $4.7b in mineral revenue

Ghana’s mining sector received investment inflows of $780 million in 2011, the Chamber of Mines has said citing official figures from the Minerals Commission.

The 2011 investment was up from $770 million the sector recorded in 2010.

“According to the Minerals Commission, the total investment inflow into the mining sub-sector in 2011 was $780 million, compared to $770 million recorded in 2010,” the Chamber said in its latest mining report which showed that the mining industry performed reasonably well in 2011.

The mining sub-sector grew by 14.3% in 2011 as compared to the 8.3% it recorded in 2010, according to data from the Ghana Statistical Service (GSS). The industry contributed about 40% of total mechanized export in 2011.

According to the Chamber of Mines, the total mineral revenue of its producing member companies rose from $3,724,847,388 in 2010 to $4,778,502,161 in 2011 representing an increase of 28% primarily on account of the increased price of gold and manganese in the period.

The mining sector maintained its position as the leading contributor to Ghana’s revenue collections. The sector accounted for approximately GH¢1 billion of revenue collections representing 27.61% of total Ghana Revenue Authority (GRA) collections in 2011, the report indicated.

By Ekow Quandzie