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In 2023, Ghana produced around 4.2 million ounces of gold, contributing to approximately 4% of the world’s total output. The main gold-producing regions are Ashanti, Western, and Eastern regions, with major players including Newmont, Gold Fields, AngloGold Ashanti, and Kinross Gold. Gold exports in 2022 accounted for about 12.3% of Ghana's GDP.
Ghana became the largest gold-producing country in Africa after overtaking South Africa in 2019. [28] The country is also the second-largest cocoa producer (after Ivory Coast). [29] Ghana is rich in diamonds, manganese or manganese ore, bauxite, and oil. Most of its debt was cancelled in 2005, but government spending was later allowed to balloon.
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This institution was the precursor to the Ghana Chamber of Mines. [4] [5] Following Ghana's independence on 6 March 1957, the name of the Chamber was changed to the Ghana Chamber of Mines to reflect the nation's new status. The Chamber underwent several transformations, including a special resolution on 6 May 1960, which altered its form and ...
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VALCO smelts alumina to produce aluminium ingots at its smelter at Tema.Locally, a major Ghanaian customer of VALCO is Aluworks.While one motivation for establishing the plant was the local availability of bauxite in Ghana, the major raw material of alumina, VALCO has for many decades imported alumina to produce aluminum.
The remaining materials were further burned or dumped nearby. [11] The workers, children and adults alike, sell the metal scraps to earn a living. [14] A half a sack of copper or aluminium will sell for about ₵700, amounting to about ₵8‑10 Ghana cedis per day (US$4‑6). [21]
Some economists recommended that Ghana devalue its currency, the cedi, to make its cocoa price more attractive on the world market, but devaluation would also have rendered loan repayment in United States dollars much more difficult. [1] Moreover, such a devaluation would have increased the costs of imports, both for consumers and nascent ...