Three new gold mines under construction - President Akufo-Addo
Three new gold mines under construction - President Akufo-Addo

Three new gold mines under construction; 45 million ounces expected annually - Prez Akufo-Addo 

President Nana Addo Dankwa Akufo-Addo has disclosed that a gold mine is under construction in each of the Ahafo, Upper East and Upper West regions

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The President, who was making his State of the Nation Address today [Tuesday, February 27, 2024], intimated that with the new mines, the country’s gold production is expected to increase to some 4.5 million per annum.

He stressed that to add value to such production volumes, his government has constructed a 400kilogramme (kg) capacity gold refinery
through a public-private partnership, adding; “we are in the final stages of negotiations for a London Bullion Market Association (LBMA) Certificate.”

“For our green minerals, including lithium, we have put in place a policy for their exploitation and management, to ensure beneficiation across the value chain of these critical minerals,” President Akufo-Addo added. 

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The President also noted that Ghana had already regained its position as the leading producer of gold in Africa, having overtaken South Africa. 

He said the nation’s gold production reached an unprecedented four million ounces according to preliminary reports. 

According to the President, the attained feat was as a result of the progressive policies his government had been implementing, which had led to the revival of dormant mines like the Obuasi and Bibiani Mines, and the expansion of existing ones. 

“The reduction in withholding tax on unprocessed gold by small scale miners, from three per cent to 1.5 per cent, has resulted in some 900 per cent increment in gold export from the small-scale sector, over the last two years,” he added. 

President Akufo-Addo stressed that leveraging on these resources, his government introduced the Gold for Oil Policy, which accounted for some 30 per cent of the country’s total crude oil consumption.

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