Mining: Small scale gold production surges by 70.6%; large scale declines by 4.9% in 2023

Gold production from small-scale mining in Ghana surged by 70.6% in 2023, rising from 0.66 million ounces to 1.1 million ounces, driven by policies such as the reduced withholding tax on unprocessed gold and the Gold for Oil Programme.

The Ghana Chamber of Mines report also noted a decline in large-scale gold production by 6% to 2.9 million ounces, attributed to reduced output from several key mines.

Overall, gold production increased by 8.3% to four million ounces, boosting mineral export receipts from $6.8 billion in 2022 to $7.8 billion in 2023.

The sector is expected to grow further in 2024.