• INTRODUCTION • GHANA’S ECONOMY • MINING SECTOR OVERVIEW • THE MINING ENVIRONMENT • INVESTMENT OPPORTUNITIES • CONCLUSION
index
• Ghana is a significant gold producer in Africa (second after South Africa) and globally, being the 9th largest producer in the world.
• In 2013, Ghana produced about 4.3 million ounces of gold, only a marginal decline from the 2012 highest ever production in the history of the country.
• Also Ghana has a very strong mining industry that accounts for many minerals, other than gold, such as bauxite, manganese and diamonds.
introduction
• The Services sector remains the largest with a share of 50.6 p e r c e n t o f G D P , f o l l o w e d b y Industry at 28.1% a n d A g r i c u l t u r e 21.3%.
• I n t e r m s o f g r o w t h , t h e Petroleum and Mining sub sectors recorded 37.5% and 1 7 . 6 % r e s p e c t i v e l y , Construction and Electricity.
• Subsectors recorded 13.3% and 8 . 4 % r e s p e c t i v e l y i n t h e I n d u s t r y S e c t o r , w h i l e , Manufacturing grew by 2.5 %, and Water by 2.4 %.
• Estimates for 2013 s h o w e d r e a l G D P growth rate of 7.4%.
• The Services Sector, recorded the highest growth of 9.2%,
• followed by Industry at 9.1%
Ghana´s economy
• The significant investment over the years and consequently mineral outputs led to an increased sector contribu8on to the economy of:
§ 27% of Government revenue as collected by the Domes8c Tax Division in 2012. 19% in 2013 (fall due to decline in gold price)
• Average 40% of total merchandise export earnings over last 10 yrs.
§ Employed 28,000 for large scale and es8mated over 1 million people for small scale mining. And illegal mining contributes to 90 % of the small mining
Data and information
• Royalties of the mineral sector is one of the strongest contributors for the government revenues and taxes. The influence in gold production has affected the country’s economy in such a good way that it has increased its GDP in 2 points. This comes in handy in a country which has an up and coming economy and that has to start to diversify into a non gold-dependent economy as it is a limited resource.
THE MINING ENVIROMENT The mining environment
• Also this country has encountered a war against the different illegal exploiters that have only harmed the environment due to the lack of legal boundaries and regulations different to the big mining companies who are overseen by the government and authorities.
THE MINING ENVIROMENT The mining environment
• Likewise the illegal miners have found themselves in a need of new ways to defend themselves and secure their investments therefore finding themselves contributing to the formation of illegal groups, and r e b e ls w h o f i g h t w i t h fa k e arguments just to be able to protect themselves from the authority regulations.
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THE MINING ENVIROMENT THE MINING ENVIROMENT The mining environment