Ghana Chamber of Mines disputes Gold Board claim on export proceeds repatriation
Ghana Chamber of Mines disputes Gold Board claim on export proceeds repatriation
The Ghana Chamber of Mines on Saturday pushed back against a claim by the Ghana Gold Board that large-scale miners repatriate less than 20% of mineral export proceeds, calling the figure “materially misleading” and saying it understates the sector’s foreign exchange contribution.
The Chamber, responding to comments made by the Gold Board’s Chief Executive Officer at a ceremony marking Damang Gold Mine’s first sale to the Bank of Ghana, said the 20% statistic reflects only bullion gold and foreign exchange sold directly to the central bank.
“This approach captures only one channel of forex repatriation and excludes substantial inflows through the commercial banking system,” the Chamber said in a statement.
Large-scale mining companies, it said, repatriate proceeds through two channels: direct sales to the Bank of Ghana and through commercial banks domiciled in Ghana. The latter is used to settle domestic obligations including royalties, payments for electricity and fuel invoiced in foreign currency, employee remuneration, and vendor payments.
Based on industry data, the Chamber said about 70% of mineral export proceeds from its producing members is returned to Ghana through both channels.
The group argued that gross forex repatriation, not net retention, is the appropriate metric for assessing the mining sector’s contribution to Ghana’s foreign exchange position under balance-of-payments accounting principles.
“A complete accounting that includes both channels would yield a materially higher estimate of forex inflows attributable to the large-scale mining sector,” the statement said.
The Chamber noted that the Bank of Ghana until recently maintained a policy requiring mining companies to grant it a right of first refusal on foreign exchange intended for sale to commercial banks, underscoring the role of the commercial banking channel.
It urged the central bank to publish a disaggregated and transparent account of mineral sector forex flows across both channels to support informed public discourse.
“The Chamber respectfully urges stakeholders to adopt a comprehensive and data-driven approach to evaluating mineral export proceeds,” it said. “Accurate measurement of forex flows is essential for sound policymaking, macroeconomic management, and sustaining confidence in Ghana’s mining sector.”
The Chamber said it acknowledges the Ghana Gold Board’s mandate to strengthen Ghana’s mineral export revenue framework and commends its efforts to improve export revenue flows from artisanal and small-scale mining.
The Ghana Chamber of Mines represents companies involved in mineral exploration, production, and processing in Ghana.
