Thursday, November 15th 02:12 PM IST

Ghana Gold production to hit new high in 2012

# Ghana gold refinery  # Bank of Ghana  # Ghanian cedi.  

According to the Bank of Ghana, exports of gold amounted to $1.5 billion in the first three months of 2012.

ACCRA(BullionStreet): West African nation Ghana said it's gold production is likely to hit a new high this year.

According to Ghana's Natural Resources ministry, production is expected to cross 110 metric ton mark this year from last year's 102 metric tonnes.

The ministry said an amount of $2.5 billion has been invested in mining in Ghana in the last three years.

Gold contributed 1 billion Ghanian cedi, representing 27.61 per cent of total collection of the Ghana Revenue Authority in 2011. It also contributed 42 per cent of total merchandise export within the same period.

According to the Bank of Ghana exports of gold amounted to $1.5 billion in the first three months of 2012.

About 28,000 people were employed in Ghana's mining sector, while mineral royalties returned to the mining communities in the Western, Ashanti and Brong Ahafo Regions from 2009 to 2011 stood at 41 million Ghanian cedi.

The Ministry is facilitating the passage of the Mineral Development Fund Bill to help to address developmental issues in mining communities and also considering a windfall tax.

Ghana is the seventh highest gold producer in the world. The country moved from the eighth place in 2010 to seventh in 2011 globally in terms of gold output.

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