THE GHAN A C H A MBE R OF M INES 2019 In du s t ry S t a t ist ics Da t a GHA N A C H A M B E R O F M I N E S 20 1 9 FA C T O I D Pa g e 7 20 1 9 M e a n wh il e un f a vou r a ble d ev elo pment s i n Chi n a In d o n esia S o uth A f rica a n d M ex ico blig h ted th e a ppr ec ia ble gro wt h i n m in e p roduc ti o n in th e o th er m a j o r g o ld m in in g j urisdic tio n s suc h a s W est A f rica wh ich wa s th e pr im a ry eng in e o f gr o wt h in 2 0 1 9 The co n tra ctio n in o u tput o f th e a f o re m e n ti o n ed co un trie s p lun ged g lo ba l m in e pr o d uc tio n d o w n wa rd s t o 3 4 6 3 to n n es i n 2 0 1 9 f rom 3 5 0 9 to n n es in 2 0 1 8 a d ip of 1 pe r c ent The pr ice o ut turn o f go ld in 2 0 1 9 h a d a m ixe d a n d d is pr o porti o n a te i m pa ct o n th e tra d iti o n a l cla s ses o f d ema n d f o r go ld The a pplica ti o n o f go ld in th e f a br ica tio n o f j ewe ll er y a n d tec h n o l o gy a s well a s d ema n d by ce n tra l ba n k s a n d o t h er f in a n c ia l in st it uti o n s w h ic h tend t o be in ve rs ely re la ted to pr ice d ec li n ed a s t h e yel l o w m eta l be ca m e less a f f o r d a ble In co n tra st i n ve st m e n t d ema n d f o r g o ld w h ic h va rie s in d ire ct ly wi t h in ter est ra tes o n th e eq uit y m a rke t in cr ea sed a s in ve st o rs to o k a d va n ta ge o f th e pr ice d rive n pr o f it o pportun iti es in t h e bull io n m a rke t The ex pa n si o n in in ve st m ent d ema n d wa s in suff ic ient to o f f set th e co n tra ctio n in t h e o th er types o f d ema n d l ea d in g to a yea r on yea r d ec li n e in a gg re ga te d ema n d f o r go ld Da ta f rom th e Wo r ld G o ld Coun c il sug gest s th a t gl o b a l d ema n d f o r go ld d ec re a sed by a pe rc enta ge to 4 3 3 5 to n n es i n 2 0 1 9 f rom 4 4 0 1 to n n e s in 2018 T h e d ema n d f o r g o ld f o r f a br ica tio n o f j ewe ll er y d ec li n ed f rom 2 2 4 0 to n n es in 2 0 1 8 to 2 1 0 7 to n n es in 2 0 1 9 o n th e ba ck o f th e t w in pr o bl em of g o ld pr ice in d uce d d ec li n e in re a l in co m e a n d sl o wdo w n in l o ca l ec o n o m ie s In ve st m e n t d ema n d f o r go ld wh ic h co m pr is es pur c h a ses o f go ld ba rs go ld coi n s m ed a ls a n d ex cha n g e tra d ed f un d s E TFs re spo n d d iff er entl y to t h e h ik e i n pr ice o f th e yello w m eta ls T h e d ema n d f o r go ld ba rs a n d coi n s d ec li n ed to a ten yea r l o w o f 8 7 0 to n n es i n 2 0 1 9 f rom 1 0 9 3 to n n es i n 2 0 1 8 On th e o th er h a n d d ema n d f o r E TFs wh ich te n d to c o rr ela te pos iti ve ly wi th th e pr ice o f go ld i n cr e a sed by 4 2 6 pe r ce n t f rom 7 6 to n n e s in 2 0 1 8 to 4 0 1 to n n es in 2 0 1 9 T h e si gn if ica n t g row t h in d e m a n d f o r E TFs d is pla ce d th e d ec li n e in d ema n d f o r go ld ba rs a n d coi n s to in cr ea se to ta l in ve st m e n t d em a n d f o r go ld f rom 1 1 6 9 to n n es i n 2 0 1 8 to 1 2 7 1 to n n es in 2 0 1 9 Furth er m o re t h e d e m a n d f o r go ld a s a re ser ve cur re n cy by ce n tra l ba n k s a n d o t h er f in a n cia l i n st i tuti o n s re d uce d m a rgin a ll y f rom 6 5 6 to n n es i n 20 1 8 to 6 5 0 to n n es in 2 0 1 9 a s a re sul t o f th e sl o wdo wn in pur cha ses by Chi n a a n d R uss ia wh ich cou n ter ba la n ce d th e in cr ea se in d ema n d by o th er coun tr ies suc h a s P o la n d a n d Tur key M ea n wh il e th e r ela tively h ig h pr ices o f g o ld a n d wea k gl o ba l ec o n o m ic gr o wt h s h ra n k t h e d ema n d f o r go ld in te ch n o l o g ica l a pplica tio n s f rom 3 3 4 to n n e s in 2 0 1 8 to 3 2 6 to n n es in 2 0 1 9 2 1 M I N I N G I N G H AN A G hana s ge o l og i ca l l ands ca pe t e em s wi t h a v ar i e t y of m i n er a l s w i t h t h e c o m m er c i al l y e xpl o i t ed on es b ei ng g ol d d i a m ond m a ngane se a nd bauxi t e In 2 0 1 9 go ld a cc o u n ted f o r 9 3 2 8 pe r ce n t o f gro ss m in er a l r ev en ue wh il e t h e re spec tive s h a re o f m a n ga n ese ba ux ite a n d d ia m o n d we re 6 1 7 pe r ce n t 0 5 4 pe r ce n t a n d 0 0 1 pe r ce n t The m a in m eth o d s o f m i n i n g i n t h e c o un tr y a re un d er gro u n d a n d o pe n pit m in in g A ll uvia l m in i n g is a ls o p o pula r in t h e s m a ll s ca le sector Fo ll o w in g a pe ri o d o f ge n er a l ec o n o m ic d ec li n e G h a n a s m i n i n g i n d ust r y re cover e d o n th e ba ck o f m a rke t ba s ed a d j ust m e n t po li cies re c o m m e n d ed by th e I n ter n a ti o n a l M o n eta ry Fun d a n d Wo rld B a n k T h e S truc tura l A d j u st m e n t P rog ra m m e S A P a m o n g st o th er s a bol is h ed re s tricti o n s i n f o re ig n