Chamber of Mines demands BoG publish detailed data on Mining Export proceeds

By Prince Antwi May 2, 2026

The Ghana Chamber of Mines has urged the Bank of Ghana to release a comprehensive and disaggregated account of foreign exchange inflows generated by the country’s mining sector.

According to the Chamber, incomplete public data on mineral export proceeds risks misrepresenting the sector’s actual contribution to Ghana’s economy and could undermine informed policymaking and public trust.

In a statement issued on May 2, 2026, the Chamber emphasised the need for transparency in reporting forex inflows from mining activities across all channels.

“The Chamber therefore encourages the publication of a disaggregated and transparent account of mineral sector forex flows across both channels to support informed public discourse,” the statement said.

It explained that large-scale mining firms repatriate export proceeds through two main routes — direct sales of foreign exchange and bullion gold to the central bank, as well as through commercial banks operating in the country.

The Chamber noted that any analysis based solely on transactions with the central bank presents an incomplete picture of the sector’s overall contribution to Ghana’s foreign exchange position.

“The 20 per cent figure reflects only transactions with the Bank of Ghana and is therefore incomplete,” it stated.

The statement further indicated that the central bank already has access to the necessary data to provide a full account of forex inflows, pointing to previous regulatory arrangements with mining companies.

“Until recently, the Bank of Ghana maintained a policy requiring mining companies to grant it a right of first refusal on foreign exchange intended for sale to commercial banks. This policy underscores the recognised role of the commercial banking channel in forex repatriation,” the Chamber explained.

It added that funds repatriated through commercial banks are used to meet critical domestic obligations, including royalty payments to government, utility bills, salaries, payments to local suppliers, and corporate social investments in mining communities.

The Chamber maintained that excluding such flows from official assessments understates the sector’s contribution to Ghana’s economic stability and foreign exchange reserves.

“Accurate measurement of forex flows is essential for sound policymaking, macroeconomic management, and sustaining confidence in Ghana’s mining sector,” the statement added.