Ghana is the second largest gold producer in Africa and ninth largest in the world. In 2016 gold production accounted for 2.5% of world gold production with an outturn of 3,843,446 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 141,000 carats in 2016. Bauxite production since 2001 has been volatile with production of 2,018,000 metric tons in 2016. Ghana’s diamond contribution to the world’s totals was 0.11% in 2016. Oil production began in late 2010, and the Jubilee Field is the only major producing field, estimated to hold about 460 million barrels of crude oil and 568 billion cubic feet of natural gas.In 2015, the total crude oil and gas produced in Ghana were 32.3 million barrels and 44,952 mmscf respectively. Production from the Jubilee Field for 2016 (81% of the total production) has dropped by 27.9 percent compared to production in 2015. The decline was due to technical challenges associated largely with the FPSO Kwame Nkrumah turret bearing failure.
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.