While Ghana's glittering gold mines fueled a stunning $11.2 billion in export revenues last year, the nation's industrial landscape is a powerful and complex engine driving far more than just precious metals, from the massive factories feeding West Africa to the controversial mining pits threatening its rivers and forests.
Key Takeaways
- In 2022, Ghana's gold production totaled 4.0 million ounces, representing a 4.6% increase from 2021 and contributing 95% to mineral export revenues of $11.2 billion
- Bauxite mining output in Ghana reached 1.2 million metric tons in 2023, with reserves estimated at 900 million tons primarily in Awaso and Nyinahin
- Manganese production from Nsuta mine hit 1.8 million tonnes in 2022, supplying 35% of global battery-grade manganese needs
- In 2022, Ghana's manufacturing sector grew by 6.8%, contributing 9.2% to GDP with output valued at GHS 45.6 billion
- Food and beverages subsector accounted for 45% of manufacturing value added in 2022, producing 1.2 million tons of processed goods
- Textile and apparel production reached 120 million meters of fabric in 2022, employing 150,000 workers
- Ghana's crude oil production averaged 158,000 barrels per day in 2022, down 5% from 2021 due to Jubilee field decline
- TEN field produced 26,000 bpd in 2022, with proven reserves of 200 million barrels
- Sankofa GTL plant processed 20,000 bpd gas to liquids in 2022, producing 1.5 million barrels naphtha
- Ghana's construction sector grew 7.5% in 2022, valued at GHS 32.4 billion, 12% of GDP
- Road construction projects covered 5,200 km in 2022 under Agenda 111
- Building permits issued for 12,000 residential units in Accra-Tema in 2022
- Ghana's electricity generation capacity reached 5,200 MW in 2022, with thermal 58%, hydro 34%
- Installed solar PV capacity grew to 150 MW in 2022, 50 MW added that year
- Akosombo Dam generated 6,500 GWh in 2022, 75% of hydro output
Ghana's industry is dominated by mining, with growing manufacturing and energy sectors.
Construction
- Ghana's construction sector grew 7.5% in 2022, valued at GHS 32.4 billion, 12% of GDP
- Road construction projects covered 5,200 km in 2022 under Agenda 111
- Building permits issued for 12,000 residential units in Accra-Tema in 2022
- Affordable housing units completed 15,000 in 2022 by State Housing Company
- Cement consumption rose to 9.2 million tons in 2022, driven by infrastructure boom
- Public works expenditure totaled GHS 18 billion in 2022, 40% on roads
- Real estate developments numbered 450 projects in 2022, FDI $500 million
- Bridge construction included 20 major spans totaling 15 km in 2022
- Construction employment reached 1.2 million in 2022, 15% skilled labor
- Steel imports for construction hit 1.5 million tons in 2022, 80% from China/Turkey
- Pokuase Interchange completed in 2022 with 6 lanes, cost GHS 7 billion
- District road improvements covered 3,500 km in 2022 under DDF
- Commercial building completions 2,500 units in 2022, malls and offices
- Irrigation dam projects built 10 new ones in 2022, capacity 50,000 hectares
- Construction machinery imports valued $450 million in 2022, excavators top
- Green building certifications issued to 50 projects in 2022, LEED standard
- Contractor registration grew to 5,000 firms in 2022, 60% category C/D
- Cost overruns averaged 25% on mega projects in 2022 due to inflation
- Women-owned construction firms 15% of total in 2022, up 5%
- Railway construction advanced 100 km on 1,000mm gauge in 2022
- Airport expansions at Kumasi and Tamale completed runways in 2022
- Water supply schemes constructed 500 boreholes in rural areas 2022
- Construction sector credit from banks GHS 12 billion in 2022, 18% growth
- Safety incidents in construction 450 reported in 2022, fatalities 120
- Digital construction tech adoption 30% BIM usage in 2022
Construction Interpretation
The numbers paint a picture of a nation building itself at a breakneck pace—pouring millions of tons of cement and billions of cedis into roads, bridges, and homes—yet still wrestling with the gritty realities of cost overruns, a skilled labor shortage, and the sobering human cost of safety on the job.
Manufacturing
- In 2022, Ghana's manufacturing sector grew by 6.8%, contributing 9.2% to GDP with output valued at GHS 45.6 billion
- Food and beverages subsector accounted for 45% of manufacturing value added in 2022, producing 1.2 million tons of processed goods
- Textile and apparel production reached 120 million meters of fabric in 2022, employing 150,000 workers
- Cement production totaled 8.5 million metric tons in 2022, with GHACEM leading at 4.2 million tons
- Pharmaceutical manufacturing output grew 12% to GHS 2.1 billion in 2022, 70% local content
- Wood processing and furniture subsector produced 500,000 cubic meters of sawn timber in 2022, export value $250 million
- Chemical manufacturing including fertilizers hit 300,000 tons in 2022, serving agriculture needs
- Metal fabrication output valued at GHS 3.8 billion in 2022, including 50,000 tons of steel products
- Plastics and rubber products manufacturing reached 450,000 tons in 2022, 60% for packaging
- Paper and pulp production was 120,000 tons in 2022, with recycling rate at 35%
- Electronics assembly grew to 2 million units in 2022, FDI from China at $100 million
- Leather and footwear production hit 5 million pairs in 2022, exports to ECOWAS $50 million
- Soap and detergents output totaled 250,000 tons in 2022, Unilever Ghana contributing 40%
- Beverage industry produced 1.5 billion liters in 2022, non-alcoholic 55%
- Tobacco manufacturing output was 8 billion sticks in 2022, British American Tobacco dominant
- Paint production reached 150,000 tons in 2022, 80% water-based eco-friendly
- Tyres manufacturing totaled 1.2 million units in 2022, local brands like Nyanza
- Glass manufacturing output 100,000 tons in 2022, mostly bottles for beverages
- Manufacturing capacity utilization averaged 65% in 2022, constrained by power outages
- SME manufacturing firms numbered 25,000 in 2022, contributing 40% to sector output
- Automation investments in manufacturing reached $200 million in 2022, boosting productivity 10%
- Manufacturing employment stood at 450,000 in 2022, 25% female workforce
- R&D spending in manufacturing was 0.5% of sector revenue in 2022, up from 0.3%
- Quality certification (ISO) held by 1,200 manufacturing firms in 2022
- Manufacturing energy costs rose 30% in 2022 due to fuel prices, impacting margins
- Local content in manufacturing reached 55% in 2022 per LCSI survey
Manufacturing Interpretation
While Ghana's manufacturing sector is thirstily chugging along on beverage-driven growth and patching up gaps in local production, it's still wrestling with power outages and energy costs like a determined but occasionally winded boxer.
Mining
- In 2022, Ghana's gold production totaled 4.0 million ounces, representing a 4.6% increase from 2021 and contributing 95% to mineral export revenues of $11.2 billion
- Bauxite mining output in Ghana reached 1.2 million metric tons in 2023, with reserves estimated at 900 million tons primarily in Awaso and Nyinahin
- Manganese production from Nsuta mine hit 1.8 million tonnes in 2022, supplying 35% of global battery-grade manganese needs
- Illegal mining (galamsey) activities destroyed 2,100 hectares of forest cover in 2022, impacting 60 rivers with mercury pollution levels exceeding WHO limits by 500%
- Ghana Chamber of Mines reported $6.5 billion in gold exports from large-scale mines in 2022, with AngloGold Ashanti producing 990,000 ounces
- Diamond production totaled 320,000 carats in 2022 from Akwatia and Birim fields, valued at $15 million, down 10% due to equipment shortages
- Lithium exploration in Lepong and Nkunzokunu areas identified 1.5 million tons of inferred resources in 2023 by Atlantic Lithium
- Iron ore reserves at Sheini stand at 1 billion tons with 55% Fe content, pilot mining produced 200,000 tons in 2023
- Salt production from Songor Lagoon reached 1.1 million tons in 2022, employing 10,000 artisanal workers
- Ghana's mining sector contributed 14.2% to GDP in 2022, employing 450,000 directly and indirectly
- Gold prices averaged $1,800/oz in 2022, boosting Ghana's mining royalties to GHS 3.2 billion
- Newmont's Ahafo mine expanded output to 600,000 ounces annually by 2023, investing $400 million
- Asanko Gold Mine produced 180,000 ounces in 2022 post-restart, with resources of 3.3 million ounces
- Perseus Mining's Edikan mine output was 208,000 ounces in 2022, reserves at 2.4 million ounces
- Mining investments totaled $2.1 billion FDI in 2022, 70% in gold sector
- Ghana's artisanal mining employs 1 million people, producing 30% of gold output informally
- Environmental rehabilitation covered 1,500 hectares in mining areas in 2022 under EPA mandates
- Copper exploration in Ntotoroso yielded 500,000 tons resources at 1.2% grade in 2023
- Mining equipment imports rose 25% to $800 million in 2022, dominated by excavators and drills
- Ghana Gold Board (PMMC) assayed 1.2 million ounces of gold in 2022 for exports
- Obuasi mine by AngloGold produced 420,000 ounces in 2022 after $1 billion refurbishment
- Tarkwa mine output was 520,000 ounces in 2022, lowest cost at $900/oz
- Mining labor productivity averaged 1.2 kg gold per worker in 2022, up 8% YoY
- Ghana exported 4.5 million tons of minerals in 2022, 92% gold by value
- Bauxite export ban lifted in 2023, first shipment 40,000 tons to China
- Ghana's mining tax revenue was GHS 12.4 billion in 2022, 15% of total taxes
- Over 500 mining concessions active in 2023, covering 3% of land area
- Ghana ranked 2nd in Africa for gold production with 130 tonnes in 2022
- Critical minerals like rare earths prospected in 10 regions, potential 200,000 tons
- Mining fatalities dropped to 22 in 2022 from 35 in 2021 due to safety training
Mining Interpretation
Ghana's mining sector sparkles with golden prosperity and multi-mineral promise, yet its gleam is tragically tarnished by the rampant shadow of galamsey, which poisons the very land and rivers that sustain its people.
Oil and Gas
- Ghana's crude oil production averaged 158,000 barrels per day in 2022, down 5% from 2021 due to Jubilee field decline
- TEN field produced 26,000 bpd in 2022, with proven reserves of 200 million barrels
- Sankofa GTL plant processed 20,000 bpd gas to liquids in 2022, producing 1.5 million barrels naphtha
- Natural gas production hit 110 million standard cubic feet per day in 2022 from Jubilee and TEN
- Oil exports revenue totaled $5.8 billion in 2022, 70% fiscal oil revenue share
- Ghana National Gas Company expanded Atuabo plant to 150 MMSCFD processing in 2023
- Offshore Cape Three Points block drilled 5 wells in 2022, discovering 100 million barrels oil equivalent
- LPG production reached 150,000 metric tons in 2022, domestic penetration 40%
- Petroleum Commission licensed 45 companies in upstream sector in 2022
- Oil rig count averaged 12 in 2022, utilization 85%
- Ghana joined OPEC+ as observer in 2023, production quota discussions for 160kbpd
- West Cape Three Points block (ENI/Vitol) produced first oil in 2023 at 10,000 bpd potential
- Pipeline infrastructure expanded 200km in 2022 for gas distribution
- Refinery output at Tema was 1.2 million tons products in 2022, 60% diesel
- Petroleum imports cost $4.5 billion in 2022, 90% refined products
- Oil block bid round 2022 awarded 4 blocks, signature bonuses $150 million
- Seismic data acquisition covered 15,000 sq km offshore in 2022
- Gas flaring reduced to 5% of production in 2022 per regulations
- Local content in oil sector reached 25% employment in 2022
- FPSO Kwame Nkrumah processed 50 million barrels cumulative by 2022
- Pecan field appraisal confirmed 50 million barrels in 2022 by Aker Energy
- Oil service contracts valued $1.2 billion in 2022, 40% local firms
- Midstream storage capacity 2.5 million barrels in 2022 at Tema and Takoradi
- Downstream retail outlets numbered 6,500 in 2022, 20% new entrants
- Biofuel blending mandate 1% in 2022, expanding to 2% in 2023
- Oil theft losses estimated at 5,000 bpd in 2022
Oil and Gas Interpretation
While Ghana's oil narrative in 2022 involved juggling declining fields with promising new discoveries, its real balancing act was trying to fuel its own economy when nearly all its refined petroleum had to be bought at great expense from abroad.
Utilities
- Ghana's electricity generation capacity reached 5,200 MW in 2022, with thermal 58%, hydro 34%
- Installed solar PV capacity grew to 150 MW in 2022, 50 MW added that year
- Akosombo Dam generated 6,500 GWh in 2022, 75% of hydro output
- Bui Dam output 800 GWh in 2022, affected by low inflows
- Thermal plants at Takoradi and Tema produced 12,000 GWh in 2022, gas-fired dominant
- Electricity access rate improved to 85.4% nationally in 2022, rural 83%
- Grid losses reduced to 20% in 2022 from 25% via smart meters
- Renewable energy share in mix 2.5% in 2022, target 10% by 2030
- ECG distributed 15 TWh to consumers in 2022, peak demand 2,500 MW
- NEDCo served 4 million customers in north with 2.5 TWh in 2022
- Power outages averaged 20 days/year per customer in 2022
- Electricity tariffs hiked 50% in 2022, average 0.15 USD/kWh residential
- Off-grid solar systems installed for 500,000 households by 2022
- Wind power pilot at 5 MW in 2022 at Prestea
- Battery storage systems 20 MWh commissioned in 2022 for peak shaving
- Water production 450 million cubic meters in 2022 by GWCL
- Urban water coverage 75% in 2022, GWCL serving 2.5 million people
- Rural water points 25,000 functional in 2022, 85% reliability
- Wastewater treatment capacity 50 million liters/day in 2022, Accra 70%
- PURC regulated utilities revenue GHS 25 billion in 2022
- Energy efficiency programs saved 500 GWh in 2022 via CFL distribution
- Submarine cable for power import 100 MW from Cote d'Ivoire in 2022
- Smart grid pilots in 10 districts covered 100,000 meters in 2022
- Utility FDI $1.5 billion in 2022, mostly IPPs thermal
- Consumer complaints resolved 95% in utilities sector 2022
Utilities Interpretation
While Ghana's energy sector has impressively electrified the nation and is finally getting its grid in order, it remains soberingly dependent on fickle rivers and expensive gas, hinting that its ambitious renewable future must be powered by something more reliable than hope.
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