The Ghana Chamber of Mines has urged the Bank of Ghana (BoG) to publish a detailed and transparent breakdown of foreign exchange inflows from the mining sector, warning that incomplete data could misrepresent the industry’s true contribution to the economy.
This call follows recent claims about mineral export earnings, with the Chamber stressing that clear and comprehensive reporting is necessary to support informed policymaking and strengthen public trust.
“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 issued on May 2, 2026 said.
The Chamber explained that large-scale mining companies bring export earnings back into the country through two main channels: direct sales of foreign exchange and bullion gold to the Bank of Ghana, and transfers through commercial banks operating in Ghana.
It argued that focusing only on transactions with the central bank gives an incomplete view of the sector’s overall foreign exchange contribution.
“The 20 per cent figure reflects only transactions with the Bank of Ghana and is therefore incomplete,” it stated.
According to the Chamber, the Bank of Ghana already has access to the necessary data to present a full picture, pointing to past policies that required mining companies to offer the central bank first refusal on foreign exchange intended for sale to commercial banks.
“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 statement noted.
The Chamber added that foreign exchange brought in through commercial banks is used to meet key local obligations, including royalty payments to the government, utility bills, salaries, payments to local suppliers, and community development projects in mining areas.
It emphasized that leaving out these flows from public data understates the mining sector’s real impact on Ghana’s economy and foreign exchange stability.
“Accurate measurement of forex flows is essential for sound policymaking, macroeconomic management, and sustaining confidence in Ghana’s mining sector,” it added.
