Ghana’s mining sector realized over GH₵1b in 2016 – GHEITI

Ghana’s mining sector realized GH₵1,588,837,00.47 revenue in 2016, the Ghana Extractive Industries Transparency Initiative (GHEITI) report has said.

Mineral royalty made the highest contribution of GH₵524, 878,885.48, a representation of 35.25 per cent in the total revenue generated within the period.

The report indicates gold exports amounted to $4,345.2 million, as compared to the $3,212.6 million recorded in 2015, and the rise in gold receipt was on account of both price and volume increases.

Mr Kwaku Boa-Amponsem, Managing Partner of Messrs Boas & Associate, who presented the report said, the average realized price increased by 10 per cent to settle at $1,280 per fine ounce, while the volume exported also increased by 39.2 per cent to $3,843,446 fine ounces.

Speaking at stakeholders’ engagement and dissemination workshop on the 2016 GHEITI reports on oil and gas, and mining sector held at Abesim, near Sunyani, Mr Boa-Amponsem said, the Ghana Manganese Company shipped 2,018,254 tonnes of manganese in 2016.

This, according to him translated into a growth rate of 57 per cent relative to the outturn of 1,288,624 tonnes in the previous year.

The Ministry of Finance and Economic Planning with support from the GOGIG organized the workshop, attended by Municipal and District Chief Executives, financial officers and Coordinating Directors drawn from the Municipal and District Assemblies in the region.

Mr Boa-Amposem explained that value of crude oil exported was estimated at $1.345.2 million as compared to the $1,931.3 million exported in 2015, a decrease by 19.9 percent to 29,769,048 barrels in 2016, adding, average realized price of oil also decreased by 3 per cent to $45.2 per barrel.

Purchases and exports of gold by the Precious Minerals and Marketing Company (PMMC) increased significantly from 267,662 ounces in 2015 to 1,570,029 ounces in 2016, he said.

Total small scale production of diamonds was 141,530.14 carts valued at $4,305,483 with exports totaling 143,005.16 yielding an average of $34.48 per carat of diamonds.

Export from timber products also increased from US$209 million in 2015 to a provisional estimate of $254.3 million, reflecting a 21.8 percent increase, whilst the average realized price increased from $568.7 per cubic meter to $644 per cubic meter.

The volume exports, which is made up of non-traditional exports and other minerals – bauxite, diamond and manganese was estimated at $2,046.1 million, which was 9.0 per cent lower than the 2015 outrun.

Source: GNA

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