Gold production in Ghana, the
continent’s second-largest producer after South Africa, may fall
500,000 ounces this year as declining prices prompted some mines
to suspend operations, the Minerals Commission said.
“We will definitely record lower volumes this year,” said
Krampah. “Some companies have placed their mines under care and
maintenance.”
Ghana’s gold production climbed to a record 4.3 million
ounces in 2012 from 3.6 million ounces the previous year after
prices reached a record in September 2011. Bullion slumped 28
percent in 2013 as some investors lost faith in the metal as a
store of value amid a rally in equities and muted inflation.
The mine suspensions mean “we will be losing about 500,000
ounces of gold annually,” said Krampah.
Ghana produced 107.9 metric tons of gold in 2013, making it
the eighth-biggest producer, according to data from Thomson
Reuters GFMS. Bloomberg competes with Thomson Reuters in selling
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