Ghana earned $2.3 billion from its mining sector in 2008, the third quarter report on the countryï¿½s mining sector released by a research company has said.
The research company which is known as Companies and Markets says Ghana derives the bulk of its external revenue from gold mining, which accounts for over 90 per cent of the countryï¿½s total mineral exports.
Apart from gold, Ghana also produces significant quantities of bauxite and diamonds. The country is also counted among the top five nations across the globe for its manganese ore production.
Ghana is home to some of the biggest names from the global extractive industry, namely Gold Fields (Ghana), Newmont Ghana and South Africaï¿½s AngloGold Ashanti.
According to the report, gold revenues stood at $2.2 billion, with output of 2.6 million ounce, selling at an average price of $852 per ounce.
Manganese revenue was up by a stellar 69 per cent, to $62.34 million, while bauxite revenue was essentially flat, at $19.81million, the report added.
According to the report, stakeholders in the mining sector claim that regulations pertaining to compensation need to be updated, and that the price levels for valuing crops, livestock and landed property have not been reviewed for a number of years.
They also point out that in other African countries, such as Tanzania, the state pays the compensation and not the miner.
Meanwhile, in another report by Business Monitor International, a market survey company which was published in March 2009, Ghanaï¿½s mining industry is expected to be worth $3.14 billion in 2013 from $1.03 billion in 2008.
Source: Business Guide
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