Recent reports highlight significant developments in Ghana's economic sectors, particularly in oil and gas, while also addressing challenges in mining. Madam Justina Owusu-Banahene, the Bono Regional Minister, noted that the oil and gas sectors have shown remarkable growth. In contrast, the mining sector's GDP contribution has fluctuated, falling from GH₵11.449 billion in 2020 to GH₵10.105 billion in 2021, before rebounding to GH₵13.025 billion in 2022 [9f5c0c58].
A notable factor affecting the mining sector was the introduction of a 3% Withholding Tax, which led to a dramatic 91.7% decrease in gold production in 2021. However, the government's decision to halve this tax to 1.5% resulted in a staggering 569% increase in small-scale gold output in 2022 [9f5c0c58]. This shift underscores the importance of tax policies in influencing production levels and economic contributions from the mining sector.
In terms of exports, mineral export proceeds accounted for 36% of total merchandise exports in 2021 and increased to 39% in 2022. The upstream oil and gas sector contributed 4.89% to Ghana's GDP and 6.91% to government revenue in 2021. The total crude oil exports for 2022 reached 67,458,206 barrels, valued at approximately US$2,910.6 million [9f5c0c58].
Dr. Steve Manteaw emphasized the need for Ghana to channel mineral revenues into investments rather than consumption, advocating for a strategic approach to harnessing these resources for sustainable economic growth [9f5c0c58]. This perspective aligns with ongoing discussions about the importance of resource management in fostering long-term economic stability in Ghana.
In the context of these developments, the Gold for Oil program, which was previously highlighted as a stabilizing force for the economy, continues to play a crucial role in managing foreign reserves and addressing trade deficits. The Bank of Ghana's efforts to enhance the program's efficiency by transferring its management to a commercial bank are seen as vital steps in improving economic resilience [94e31086].
Overall, while Ghana's oil and gas sectors are thriving, the mining sector faces challenges that require careful policy adjustments and strategic investments to ensure balanced economic growth across all sectors [9f5c0c58].