Ghana’s Mining Sector Shines Despite Challenges – Ghana Chamber of Mines President
The Ghana Chamber of Mines has released its annual report for 2024, highlighting the sector’s resilience and contributions to the country’s economic recovery. According to Michael Edem Akafia, President of the Ghana Chamber of Mines, the sector continues to play a pivotal role in Ghana’s economic growth, despite facing numerous challenges.
Economic Contributions
The mining sector contributed GHC17.7 billion in fiscal payments to the government in 2024, representing a 51.2% increase from the previous year. Gold production soared to 149.8 tonnes, with the small-scale sector contributing 39.4%, the highest in history.
Challenges Facing the Sector
Despite the sector’s impressive performance, the Ghana Chamber of Mines highlighted several challenges that need to be addressed, including fiscal stress, fuel pricing inefficiencies, VAT inefficiencies, permit delays, security concerns, and rail infrastructure.
Call to Action
The Ghana Chamber of Mines is calling for a fair and predictable fiscal regime, competitive operating costs, and robust infrastructure to unlock the sector’s full potential. The Chamber will continue to engage with stakeholders, government, CSOs, and communities to chart a course toward more resilient, inclusive, and sustainable mining practices.
Outlook for 2025
The global economy is expected to slow down further, weighed down by tariff escalations and fiscal tightening. However, the mining sector, particularly gold, is expected to continue driving economic recovery. The Chamber projects gold output to range between 4.4 and 5.1 million ounces, buoyed by increased contributions from Newmont’s Ahafo South Mine and Shandong’s Namdini Mine.
The report highlights the sector’s significant contributions to Ghana’s economy and the need for a supportive environment to ensure continued growth and development. With the right policies and infrastructure in place, the mining sector can continue to drive economic recovery and social development in Ghana.
