Ghana produces 4.2 million ounces of gold in 2012

Ghana produced 4.2 million ounces of gold in 2012.

Last year, 4.2 million ounces of gold were extracted from the ground in Ghana's gold mines. In 2011, 3.6 million ounces of gold were extracted. This rapid increase has gone up rapidly within 1 year.

Ghana is the second largest producer of gold in Africa. Within a year, gold production has increased by 0.6 ounces. In 2011, 3.6 million ounces were extracted from the ground. In 2012 even for 4.2 million ounces.

This means that gold production has increased by 17% compared to 2011. Partly due to the better equipment for the miners and the efficient machines, more gold could be extracted last year. The gold price averaged around 1668 dollars per ounce in 2012. In 2011, the average price was $1,572 per ounce.

Bauxite, a mineral that is a major ore of aluminum, rose from 410,918 tonnes in 2011 to 662,925 tonnes in 2012, while diamond production fell from 283,368 carats to 215,118 carats.

Ghana Chamber of Mines has a positive outlook for gold production in the coming year. They expect gold to perform well to support the global market. While bauxite and manganese exports will decline due to a drop in demand. 

The Chamber's figures show that a total investment in the mining sector in 2010 was $770 million. The total investment from 2000 to 2010 was $6.2 trillion. As a result, sales increased from $2.93 billion in 2009 to $3.73 billion in 2010. This represents a 27% increase in turnover. This increase is mainly due to the rising gold price.

The mining sector has also experienced some growth in recent years. In 2009 it was 6.8%, in 2010 it had already risen by 4.4% to 11.2%. 

Source: www.bullionstreet.com