Ghana earns over $4.5b from 2014 gold exports – Minister

Ghana earns more than $4.5 billion from gold exports in 2014, the Minister of Lands and Natural Resources says, according to a Ghana News Agency (GNA) report.

The GNA cites the Minister, Nii Osae Mills as saying in 2014, the mining sector contributed 16 per cent of government revenue and in terms of total merchandise exports; the sector contributed 35 per cent in 2014.

“It is worthy of note that since 1991, the mining sector has been the single largest contributor to total merchandise export with gold accounting for 95 per cent of the mineral portfolio. In 2014, Ghana produced over 4.18 million ounces of gold, which resulted in export revenues of over $4.5 billion dollars,” he said.

Meanwhile, in 2013 Ghana recorded low earnings from gold exports during the first ten months of 2013, according to the Bank of Ghana. Earnings from gold fell by 12% to $4.2 billion.

The central bank noted that the decline in price of the commodity on the world market partly contributed to the low earnings. Ghana is Africa’s number two gold producer.

By Emmanuel K. Dogbevi