Fitch projects Ghana gold output recovery after a sharp decline in 2021

Ghana is expected to record a 4% growth in gold output this year following a massive drop last year, which saw the country surrendering its top position to South Africa, according to local media reports citing Fitch Solutions.
The growth would be driven by new gold mining projects coupled with the integration of artisanal miners into the country's formal gold mining sector.
Ghana gold production dropped by 29.9% to just above 2.8 million ounces in 2021 from 4.02 million ounces in 2020.
The Ghanaian Times reports the decline in output was despite a 16% rebound in production for 2021 that had been projected by the Ghana Chamber of Mines.
Ghana’s gold output reached 4.57 million ounces in 2019, which shows that there had been a decline in production for two consecutive years. 
The 2021 gold output was the lowest for the West African country since 2008.
The Chamber cited the drop in output to low investments in the sector as well as taxes and levies imposed on mining firms.
The taxes and levies imposed on mining firms are making exploration investments into the country's mining sector unattractive.
Meanwhile, the research arm of Fitch Ratings also said that an increase in global commodity prices will boost Ghana’s export earnings.
"Supply disruptions and risk-off sentiment following Russia's invasion of Ukraine have increased prices of crude oil and gold - Ghana's two leading export commodities (together accounting for roughly a third of total exports) - and in turn Ghana's export earnings," said Fitch Solutions.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished