75% of mining revenue returns to Ghana – Sulemanu Koney refutes claims of offshore hoarding

The CEO of the Ghana Chamber of Mines, Sulemanu Koney, has debunked the notion that Ghana’s mining companies hoard their earnings offshore, revealing that between 70% to 75% of mineral revenue returns to the country annually.

Speaking in an interview on September 19, he clarified the substantial financial contributions that the mining sector makes to Ghana’s economy.

“A lot of money comes back into the country,” Mr Koney stated.

“It’s not true that a lot of firms are holding their money outside. On average, between 70% and 75% of mining revenue comes back into Ghana every year. That is in foreign exchange, and it is used to run the operations of the mines here.”

He added that the funds are critical for maintaining operations and paying for labour, energy, and other consumables.

“Mining is an energy-intensive industry. You need power, diesel, and labour to run these operations. How do you pay for them if the money is sitting offshore? Naturally, the money has to come back,” Mr Koney stated.

The mining sector’s local procurement list also ensures that a significant portion of mining inputs is purchased from local vendors, further contributing to the Ghanaian economy.

Mr Koney explained that some vendors even receive payments in foreign exchange, but only with the approval of the Bank of Ghana.

Addressing sceptics who question the transparency of the sector, Koney argued that such misconceptions stem from a lack of information.

“A lot of people have blocked their minds to what the Ghana Chamber of Mines says, which is why we work with civil society organisations to provide credible information,” he explained.

Mr Koney’s remarks underscore the mining sector’s critical role in bringing foreign exchange into the country and supporting local businesses.

“If this money didn’t come back, imagine what would happen to our cedi. The mining industry’s revenue inflows are keeping things stable,” he affirmed.