Mr. Chairman, Ghana has a long tradition of gold mining with actual gold production in 2010 reaching 104.39 metric tons. The country also accounted for 36% of total world gold output and it is the second largest gold producer in Africa after South Africa. Ghana is also the third-largest African producer of aluminum metal, manganese ore and a significant producer of bauxite and diamond.
A number of countries like Australia, Canada, Sweden, the United States of America and South African have depended on the exploration and extraction of minerals for their economic development.
In Ghana, the mineral sector has made noteworthy contributions to foreign exchange earnings and Gross Domestic Product (GDP). Currently, Ghana’s mining sector contributes approximately 40% of Gross Foreign Exchange earnings and accounts for approximately 5.2% of GDP. Indeed, mining remains a key industry for the growth and development of the Ghanaian economy.