Ghana is the largest gold producer in Africa and the eighth largest in the world as of 2020. In 2018, gold production accounted for over 2.5% of world gold production with an outturn of almost 5 million oz up from 2015 outturn of 3,623,740 oz. Diamond production has been on a decline. Production in 2009 of 376,000 carats has slowed to 100, 328 carats in 2018. Bauxite production since 2001 has been volatile with the production of 1,011,302 metric tons in 2018.
Oil production began in late 2010 from the only field - the Jubilee Field which is estimated to hold about 460 million barrels of crude oil and 568 billion cubic feet of natural gas. According to the 2018 GHEITI Report, Ghana’s oil production in 2018 was 62.7 million barrels coming from the three main commercial fields, Jubilee, TEN and Sankofa-Gye Nyame. Associated gas produced from the 3 field amounted to over 90,000 mmscf respectively in 2018.
Ghana is endowed with mineral resources such as gold, diamonds and manganese, oil and gas. The Jubilee Field, discovered in 2007, is the largest offshore oil discovery in West Africa over the last decade, estimated to hold between 600 million and 1.5 billion barrels.