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Gold is vital to Ghana economic health

The gold mining industry is crucial to Ghana's financial success.

That's according to the governor of the Bank of Ghana, Dr Paul A Acquah, who said that the country's mineral deposits have allowed for a robust economy, the Accra Daily Mail reports.

"The mining industry has been an important pillar of economic activity and international trade in Ghana," he said, noting that during times when investment in mining dried up, the wider economy also suffered.

"The growth experience of the domestic mining industry has mirrored closely that of the Ghanaian economy against the backdrop of the weak economic conditions that prevailed during these periods."

This is not surprising when gold's place in the country is put into context. Around 37 per cent of Ghana's total exports are accounted for by mineral exports, while gold accounts for more than 90 per cent of these.

Around 15,000 local people are employed in the formal mining sector, with a further 500,000 finding work in small scale gold, diamond and other projects.

Earlier this month, mining firm Azumah Resources discovered a new four-kilometre gold anomalous corridor in Ghana.
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