The growing demand for mineral extracts has been paralleled by an expansion of the economically active population in Ghana, in that, around 11.3 thousand people were employed in the mining industry in 2022, and more than 34 thousand employees in 2020.
Petroleum and natural gas are the main exported mineral fuels. Even with the reduction in Ghana's crude oil prices in recent years, the quantity of oil exported generally increased. Overall, mineral fuels and distillation products occupy a greater portion of goods exported.
Overall, the coronavirus (COVID-19) pandemic has had diverse effects on mining in Ghana. Transactions made with other countries of the world have achieved lower values since the onset of the outbreak. For instance, returns on oil trade have decreased. Nonetheless, the mineral-rich West African country attracted investment inflows reaching more than one billion U.S. dollars in 2020.
Booming gold production
Tarkwa mine is not only a leading gold mine in Ghana in terms of its production volume, but also one of the largest in Africa. Over the last decade, the production of gold has generally been rising. Between 2019 and 2020, AngloGold Ashanti's Obuasi gold mine had ore reserves of nearly nine million ounces, and mineral resources reached over 29 million ounces. At the national level, more than eight metric tons of the precious metal were reported as official reserves. In the whole of Africa, the volume of gold produced each year puts the region in the spotlight, along with the Americas and Asia.Export trade in minerals
Not only does Ghana produce large volumes of minerals, but it also engages in the export of the latter. The amount of gold exported in 2021 reached 5.3 billion U.S. dollars. In 2019, it stood at 10.9 billion U.S. dollars, which was the highest value reported since 2010. Also, as a large exporter of manganese ore, the country has traded the metal over the years.Petroleum and natural gas are the main exported mineral fuels. Even with the reduction in Ghana's crude oil prices in recent years, the quantity of oil exported generally increased. Overall, mineral fuels and distillation products occupy a greater portion of goods exported.
Government benefits from mining
Despite the falling share of mineral rents in terms of Gross Domestic Product (GDP), the mining industry has made major contributions to Ghana's revenue. Government income from manganese reached roughly 201.4 million U.S. dollars in 2022. In addition, revenue from gold and bauxite amounted to around 7.2 billion and 38 million U.S. dollars, respectively.Overall, the coronavirus (COVID-19) pandemic has had diverse effects on mining in Ghana. Transactions made with other countries of the world have achieved lower values since the onset of the outbreak. For instance, returns on oil trade have decreased. Nonetheless, the mineral-rich West African country attracted investment inflows reaching more than one billion U.S. dollars in 2020.
