BUSINESS IN GHANA

Africa’s second largest producer  of Gold Ghana, production of gold rose to 64 percent in the first quarter of 2012 as higher prices led companies to boost operations in the country, according to the country’s minerals commission. Output in the period rose to 1.53 million an ounces, Chief Executive Officer Ben Aryee said the Prices rose to an average of $1,689 an ounce in the first quarter from $1,389 an ounce for the same period a year earlier, according to data compiled by Bloomberg. The higher rate makes it profitable for mining companies to mine low-grade ore. Ben Aryee said Bauxite rose to 180,519 tons in the first quarter from 93,776 tons a year earlier. Diamond output fell to 80,988 carats from 94,602 carats while manganese production declined to 401,250 tons from 481,965 tons. Companies including AngloGold Ashanti Ltd., Newmont Mining Corp.  and Gold Fields Ltd. operate in the West African nation. South Africa is still the continent’s top gold producer. The Ghana Chamber of Commerce and Industry, GCCI has dismissed reports it has not participated in most international trade fairs this year due to inadequate funding. The Chamber is reported to have failed to organize international events for and on behalf of local businesses due to its inability to access the requisite funding from appropriate agencies. But in an interview with Kapital news, 1st Vice President, Prosper Adabla explains, the chamber is on the contrary, fully resourced and has participated in most international conferences this year.