• About
  • Advertise
  • Privacy Policy
  • Contact
Tuesday, October 14, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

Gold production leads the mining sector’s recovery post-COVID-19

Stephen M.Cby Stephen M.C
December 14, 2020
Reading Time: 3 mins read
Stephen M.Cby Stephen M.C
in Sub Top Stories, Extractives/Energy, Sub Top Stories1
0
Gold production leads the mining sector's recovery post-covid-19

gold bars

A report by the Oxford Business Group (OBG) has revealed that gold production would continue to be the main driver of growth of the mining sector post-COVID-19, since compared to many other export commodities, it was not significantly impacted by the pandemic.

The report indicates that Ghana’s mining sector has been largely dominated by gold production and its performance during this COVID era has been outstanding.

As at 2018, Ghana outpaced South Africa as the continent’s largest producer of gold and maintained that feat in 2019, it was also the eighth largest producer in the world in both years and at the same time remains the main export commodity by value. Statistics from the Ghana Chamber of Mines indicate that gold production expanded by 6 percent from 2.808 million ounces in 2018 to 2.989 million ounces in 2019.

RelatedPosts

Newmont Partners Government in the Sunyani–Ntotroso–Acherensua Highway Rehabilitation

NPA Boss Urges Swift Implementation of 24-Hour Economy in Petroleum Sector 

Petroleum Hub Nears Deal with Egyptian Consortium for Energy 

 During the heightened periods of the pandemic, most of the country’s 14 large-scale gold mining companies continued work as planned, as mining was exempted from the lockdown. Although, some mining sites confirmed a number of COVID-19 infections, which resulted in quarantining of workers and therefore disrupted production, industry operators and the Ghana Chamber of Mines ensured continuity of work by adopting the use of mechanization, digitalization and automation in activities and less of labour involvement as well as ensuring the strict observance of COVID-19 protocols.

Accordingly, this accelerated production and increased efficiency. While the price of oil and other commodities sank low in the first three quarters of 2020, the pandemic-induced global economic decline and associated uncertainties resulted in a spike in gold prices as many people began turning their liquid assets into more non-liquid forms such as precious metals (gold) due to its advantage of being a safe asset (store of value) despite periods of global instability. This means that the price of gold is less likely to fluctuate readily during economic downturns, thus is able to keep owners’ investment secured over a long period of time.

Furthermore, data from the World Bank predicted that prices of precious metals are expected to be 13 percent higher in 2020 than in 2019. Further, the resilience may provide an increasing source of revenue for the government in the tough year ahead.

ADVERTISEMENT

Statistics from the Ghana Chamber of Mines showed that Ghana collected GHS 1.1 billion in mineral royalties in 2019, and proceeds from the exports of minerals rose from $5.70 billion in 2018 to $6.678 billion in 2019, making up a 16 percent expansion in mineral revenue largely occasioned by improvements in gold, manganese and bauxite.

In 2020 a similar amount of GHS1.1 billion in mineral royalties was anticipated in the budget, unlike other revenue sources, it was revised to GHS1 billion during the budget review, which is close to the original expected amount. The government can therefore offset revenue shortfalls that are expected to continue in the other sectors, the report states.

These notwithstanding, what still remains a great challenge and which requires utmost attention is the fact that, for more than 100 years now, there is still no locally owned large-scale gold mining company in the country. Therefore, government must place more focus on partner with local private mining companies to raise up such large-scale mining companies.

READ ALSO: Ghana’s Manufacturing holds promise- OBG

Tags: goldOxford Bunsiness Group
Please login to join discussion
Previous Post

FT cites Imani for ground-breaking cocoa chain work

Next Post

PRINCE DAVID OSEI ADDRESSES CRITICS OVER HIS CAMPAIGN FOR NPP

Subscription Form

Related Posts

Newmont Partners Government in the Sunyani–Ntotroso–Acherensua Highway Rehabilitation
Extractives/Energy

Newmont Partners Government in the Sunyani–Ntotroso–Acherensua Highway Rehabilitation

October 14, 2025
second meeting of the Steering Committee
Extractives/Energy

NPA Boss Urges Swift Implementation of 24-Hour Economy in Petroleum Sector 

October 14, 2025
high-level meeting between the PHDC and representatives of the consortium
Extractives/Energy

Petroleum Hub Nears Deal with Egyptian Consortium for Energy 

October 14, 2025
Cedi Stages Stunning Comeback: Rises to GH¢11.9 Per Dollar, Wipes Out Third Quarter Losses
Economy

Cedi Stages Stunning Comeback: Rises to GH¢11.40 Per Dollar, Wipes Out Third Quarter Losses

October 14, 2025
Green City Project
Extractives/Energy

Mahama Unveils Ambitious Green City Project 

October 14, 2025
President John Dramani Mahama
General News

Ghana Becoming Africa’s Most Friendly Business Destination – Mahama Woos Chinese Investors in Beijing

October 14, 2025
ORAL Prosecutions: Allow AG To Hasten Slowly – Yendi MP
Uncategorized

ORAL Prosecutions: Allow AG To Hasten Slowly – Yendi MP

by Emmanuel Tibila BoasahOctober 14, 2025
Newmont Partners Government in the Sunyani–Ntotroso–Acherensua Highway Rehabilitation
Extractives/Energy

Newmont Partners Government in the Sunyani–Ntotroso–Acherensua Highway Rehabilitation

by Bless Banir YarayeOctober 14, 2025
Trump Rebuffs Putin’s Offer To Aid Israel-Iran Conflict Mediation
Asia

Trump Announces Phase Two of Gaza Ceasefire Plan

by Comfort AmpomaaOctober 14, 2025
Volta Region Readies for 24-Hour Economy Policy Program
Economy

Volta Region Readies for 24-Hour Economy Policy Program

by Michael Teye-Bio NaduteyOctober 14, 2025
December in Ghana 2025 Launched to Unite Diaspora and Boost Tourism
Entertainment

December in Ghana 2025 Launched to Unite Diaspora and Boost Tourism

by Silas Kafui AssemOctober 14, 2025
NDPC Chair Dr. Nii Moi Thompson, launching the 2024 National Annual Progress Report (APR) on the implementation of the Agenda for Jobs II (2022–2025)
General News

Ghana Makes Bold Strides: NDPC Unveils 2024 National Progress Report on Agenda for Jobs II

by Evans Junior OwuOctober 14, 2025
ORAL Prosecutions: Allow AG To Hasten Slowly – Yendi MP
Newmont Partners Government in the Sunyani–Ntotroso–Acherensua Highway Rehabilitation
Trump Rebuffs Putin’s Offer To Aid Israel-Iran Conflict Mediation
Volta Region Readies for 24-Hour Economy Policy Program
December in Ghana 2025 Launched to Unite Diaspora and Boost Tourism
NDPC Chair Dr. Nii Moi Thompson, launching the 2024 National Annual Progress Report (APR) on the implementation of the Agenda for Jobs II (2022–2025)

Recent News

ORAL Prosecutions: Allow AG To Hasten Slowly – Yendi MP

ORAL Prosecutions: Allow AG To Hasten Slowly – Yendi MP

October 14, 2025
Newmont Partners Government in the Sunyani–Ntotroso–Acherensua Highway Rehabilitation

Newmont Partners Government in the Sunyani–Ntotroso–Acherensua Highway Rehabilitation

October 14, 2025
Trump Rebuffs Putin’s Offer To Aid Israel-Iran Conflict Mediation

Trump Announces Phase Two of Gaza Ceasefire Plan

October 14, 2025
Volta Region Readies for 24-Hour Economy Policy Program

Volta Region Readies for 24-Hour Economy Policy Program

October 14, 2025
December in Ghana 2025 Launched to Unite Diaspora and Boost Tourism

December in Ghana 2025 Launched to Unite Diaspora and Boost Tourism

October 14, 2025
NDPC Chair Dr. Nii Moi Thompson, launching the 2024 National Annual Progress Report (APR) on the implementation of the Agenda for Jobs II (2022–2025)

Ghana Makes Bold Strides: NDPC Unveils 2024 National Progress Report on Agenda for Jobs II

October 14, 2025
Subscription Form
The Vaultz News

Copyright © 2025 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2025 The Vaultz News. All rights reserved.