Business News

Minerals Commission Foretells 3% Growth in Gold Production


The Minerals Commission is projecting an increase of about 3% in gold production by the second quarter of this year.

The commission attributes this to the uncertainties of the policy direction exhibited by the U.S President, Donald Trump– which is expected to positively impact gold prices.

“There is a certain level of bullishness in the gold price which is good for Ghana as a key producer of gold. This is driven largely by several factors of uncertainties largely by the U.S.  There is a certain level of uncertainty about the policy direction of President Trump,” Chief Executive Officer of the Minerals Commission, Dr. Tony Aubynn said.

“We expect Gold production to go up slightly and other minerals will also go up. Bauxite and Manganese will go up slightly. Gold might go up by may be 2 or 3% in terms of production,” he added.

Gold prices have seen a drop since 2010, but have seen gradual improvement since last year.

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Some market watchers have forecasted gold prices a to average $1,245 an ounce this year and $1,303 an ounce in 2018.

Dr. Aubynn maintained that any increase will be a positive development for Ghana since it will translate into an increase in revenue.

“The price as it is now it is not what it was may be in 2012 but we are better off now than what it was in 2014. I have a very positive outlook for the first and second quarter,” he said.


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