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COVID-19: Gold will offer Ghana’s economy hope

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Former Chief Executive Officer of the Minerals Commission, Dr. Toni Aubynn, has indicated that, the price of gold in the era of the COVID-19 pandemic offers a great hope to the Ghanaian economy.

He made these assertion during a webinar on how mining could help to alleviate the adverse impact of the pandemic on African economies and revenue mobilization for African governments moving forward.

According to Mr. Aubynn the mining sector has remained firm and as such is well-positioned to support the economy against the negative effects of the pandemic.

“You have industry that contributes significantly to the economy and fortunately for us, our flagship mineral, gold, has been seeing a significant uptake in price. So Ghana may be in a position to sort of cushion its fiscal side, as well as, the balance of payment side,”
he stated

Mr. Aubynn believes gold, which forms about 90 percent of the value of all minerals mined in the country, will serve as a key contributor to Ghana’s economy, in terms of revenue.

Chief Executive Officer of Ghana Chamber of Mines, Sulemanu Kone also said he expects gold prices to remain firm.

He added that, Ghana needs to shift from how much the sector gives in terms of revenue to how the whole economy can be catalyzed around mining to support the economy.He also stated that,the sector should be made attractive to investors through value addition and making it sustainable and attractive.

The Theme for the Webinar was Mining, a Key Fiscal Revenue Contributor to Africa’s Post Covid-19 Economy, the event was organised by G&G and Associates,a private legal firm and a firm advocate of local content in mineral resource management in Africa and Africa MaxMining Services Company (AMSC), a mining solutions provider.

Gold has soared roughly 30percent in 2020 with more gains predicted in the current economic climate. Its price on the international market has averaged about US$1,800/ounce this year.

A lot of market watchers expecting it to close the year at a milestone mark of US$2,000/ounce, when there is a cure for the disease

Paa Kweku Eshun|Talksafrica.com

Written by EDITORIAL STAFF

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