Chamber of Mines pushes BoG to release comprehensive Mining Forex Data
The Ghana Chamber of Mines has called on the Bank of Ghana to release a comprehensive and detailed breakdown of foreign exchange inflows from the mining sector, cautioning that incomplete data could distort the industry’s true contribution to the economy.
The appeal follows claims attributed to the Ghana Gold Board suggesting that large-scale mining companies repatriate no more than 20 percent of their export proceeds. The chamber disputed the figure, arguing that it reflects only foreign exchange sold directly to the central bank and excludes substantial inflows channelled through commercial banks.
In a statement, the chamber explained that mining firms repatriate export earnings through two main routes: direct forex and bullion sales to the central bank, and transfers through commercial banks operating in Ghana.
It noted that mining companies maintain accounts with local banks, where a significant portion of export proceeds is returned and used to meet domestic obligations. These include foreign currency payments such as royalties to government and payments for utilities like electricity and fuel, which are priced in dollars but paid locally.
The chamber added that part of the forex routed through commercial banks is converted into cedis to finance local expenses, including salaries, supplier payments, obligations to government agencies, and community development projects.
According to the industry body, these conversions enhance the availability of foreign exchange in the domestic market and help stabilise the exchange rate. It estimated that about 70 percent of export proceeds from its producing members are returned to Ghana through a combination of central bank and commercial banking channels.
The chamber also challenged the basis of the 20 percent claim, stressing the need to distinguish between gross repatriation, total inflows, and net retention after external commitments are settled.
It argued that gross repatriation—aligned with balance-of-payments standards—provides a more accurate measure of the sector’s contribution, and that excluding commercial bank flows leads to an understatement of actual inflows.
The group further pointed out that the central bank had, until recently, maintained a right of first refusal on forex intended for sale to commercial banks, highlighting the recognised importance of that channel.
It therefore urged the Bank of Ghana to publish comprehensive data covering all inflow channels to promote transparency, support informed policy decisions, and enhance public understanding.
While disputing the reported figures, the chamber reaffirmed its support for GoldBod’s mandate to strengthen the management of mineral export revenues, particularly within the artisanal and small-scale mining sector.
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