Minerals Production Gold production in Ghana to increase by 3%

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A number of market watchers have projected that gold prices will average $1,245 an ounce in 2017 and $1,303 an ounce in 2018.

The Minerals Commission has projected that gold production will increase by about 3% by the second quarter of 2017.

Chief Executive Officer of the commission Dr Tony Aubynn attributed the possible rise in production to the uncertainties of the policy direction exhibited by the U.S President, Donald Trump. He said this is expected to positively impact gold prices.

“There is a certain level of bullishness in the gold price which is good for Ghana as a key producer of gold. This is driven largely by several factors of uncertainties largely by the U.S. There is a certain level of uncertainty about the policy direction of President Trump.”

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“We expect Gold production to go up slightly and other minerals will also go up. Bauxite and Manganese will go up slightly. Gold might go up by maybe 2 or 3% in terms of production,” he added.

Chief Executive Officer of the Minerals Commission; Dr Tony Aubyn play

Chief Executive Officer of the Minerals Commission; Dr Tony Aubyn

 

Gold prices have seen a drop since 2010, but have seen gradual improvement since last year.

A number of market watchers have projected that gold prices will average $1,245 an ounce in 2017 and $1,303 an ounce in 2018.

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Dr Aubynn said any form of an increase in gold prices will be a positive development for Ghana since it will translate into an increase in revenue.

“The price as it is now is not what it was maybe in 2012 but we are better off now than what it was in 2014. I have a very positive outlook for the first and second quarter,” he said.