The Ghana Chamber of Mines has challenged key claims made by Joe Jackson in his widely circulated presentation, “Ananse Stories about the Economy of Ghana,” cautioning that methodological inconsistencies could lead to misleading conclusions about the mining sector’s contribution to the economy.
In a statement issued on April 10, 2026, the Chamber acknowledged Mr. Jackson’s efforts to stimulate debate on exchange rate volatility but stressed the need for analytical rigor in assessing the relationship between mineral exports and domestic value retention.
At the center of the disagreement is Mr. Jackson’s estimate that only 46.2% of mineral export earnings are retained within Ghana. The Chamber argues that this figure is based on a flawed comparison between total sector-wide export revenues and in-country expenditure data drawn only from large-scale mining firms that are members of the Chamber.
According to the Chamber, this “scope mismatch” results in a systematic understatement of the sector’s actual contribution, as it excludes other players while simultaneously including their output in the export total.
The statement further highlighted the omission of the small-scale mining sector, which reportedly accounted for about 40% of Ghana’s gold exports in 2024. The Chamber noted that excluding this segment from domestic expenditure calculations significantly distorts any assessment of how much value is retained locally.
“For any retention metric to be credible, it must consistently incorporate both large-scale and small-scale mining activities,” the statement emphasized.
While illustrating that inclusion of small-scale mining could significantly raise the retention ratio, the Chamber also cautioned against overreliance on aggregate figures such as export values and expenditure. It argued that such measures may not accurately reflect the true domestic value added, which it described as the “gold standard” for evaluating economic contribution.
The Chamber warned that policy conclusions drawn from incomplete or inconsistent data could misdiagnose the causes of exchange rate pressures and lead to ineffective interventions.
It reiterated its commitment to constructive engagement on Ghana’s economic challenges, calling for more comprehensive and internally consistent analyses to guide policymaking and strengthen long-term economic resilience.
The Chamber’s response follows growing public debate sparked by Mr. Jackson’s presentation, which links mining sector retention levels to cedi instability and broader macroeconomic concerns.
By: Christian Kpesese
