The Ghana Chamber of Mines has pushed back against claims that large-scale mining companies repatriate less than 20 per cent of their export proceeds, describing the figure as “materially misleading” and incomplete.
In a press statement issued on May 2, 2026, the Chamber responded to remarks attributed to the Chief Executive Officer of the Ghana Gold Board (GoldBod), which suggested that the bulk of mineral export revenues were not returned to Ghana by major mining firms.
According to the Chamber, the 20 per cent figure reflects only foreign exchange and bullion sold directly to the Bank of Ghana, ignoring significant inflows routed through commercial banks within the country.
“The cited statistic captures only one channel of forex repatriation and excludes substantial inflows through the commercial banking system,” the statement noted.
The Chamber explained that large-scale mining companies repatriate export earnings through two primary channels: direct transactions with the central bank and transfers via commercial banks domiciled in Ghana. It emphasized that a proper assessment of the sector’s contribution must account for both.
It further revealed that a significant portion of export proceeds brought in through commercial banks is used to meet domestic obligations, including the payment of royalties to government, electricity and fuel costs, and other services often denominated in foreign currency.
Additionally, some of the foreign exchange is converted into Ghana cedis to support local expenditures such as salaries, payments to local suppliers, and community development projects—moves that contribute directly to domestic forex liquidity and exchange rate stability.
Citing industry data, the Chamber indicated that approximately 70 per cent of mineral export proceeds from its producing members are returned to Ghana through a combination of these channels.
The statement also highlighted the importance of distinguishing between gross forex repatriation—the total inflows—and net retention, which reflects what remains after external obligations are settled. It argued that gross repatriation is the appropriate benchmark for evaluating the sector’s forex contribution, in line with international accounting standards.
The Chamber called on the central bank to publish a more detailed and transparent breakdown of mineral export proceeds across both repatriation channels to enhance public understanding and policy discussions.
Reaffirming its support for GoldBod’s mandate, the Chamber urged stakeholders to adopt a data-driven approach to assessing the mining sector’s economic impact, emphasizing that accurate reporting is critical for effective policymaking and maintaining investor confidence.
By: Christian Kpesese
