The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.

Monday, 2nd February 2009 (1460 views)

Ghana has witnessed a four per cent increase in its gold output to 2.6 million ounces during 2008, new figures have revealed.

According to data from the Ghana Chamber of Mines, higher prices boosted total mining revenue by 28 per cent to $2.3 billion (£1.61 billion), compared with the previous year, Reuters reports.

The second largest gold mining country in Africa saw cash costs averaging $651 per ounce last year, with an aggregated realised price of $852 per ounce, the research showed.

Gold accounted for over 95 per cent of all mineral revenues in Ghana in 2008 and many investors predict that it will continue to act as a 'safe haven' for funds in the current global economic downturn, with prices remaining strong, the news source noted.

Mining companies that operate in Ghana include Gold Fields Tarkwa, AngloGold Ashanti Obuasi, Chirano Gold Mines, Golden Star Wassa and Central African Gold.

Located in western Africa bordering the Gulf of Guinea, Ghana was the first sub-Saharan nation of colonial Africa to gain independence in 1957.

 

« Back to Gold News stories