The Ghana Chamber of Mines has pushed back against claims by the CEO of the Ghana Gold Board (GoldBod) that large-scale mining firms repatriate only about 20% of Ghana’s mineral export earnings, calling the figure inaccurate and misleading.
In a statement issued on Saturday, May 2, 2026, the Chamber explained that the widely cited figure reflects only gold bullion and foreign exchange sold directly to the Bank of Ghana, leaving out significant inflows returned through commercial banks.
“The Chamber respectfully submits that this figure is materially misleading,” the statement said.
According to the Chamber, the method used to calculate the 20% captures just one route of foreign exchange inflows and understates the mining sector’s true contribution to the economy.
It clarified that mining companies repatriate export earnings through two main channels: direct sales to the Bank of Ghana and transfers through commercial banks within the country.
A proper assessment, it argued, must include both.
The Chamber further noted that large-scale mining firms hold foreign currency accounts with local banks, using these funds to meet key obligations such as royalties to the government, utility bills, and other local payments.
Some of the foreign exchange is also converted into cedis to pay workers, support local suppliers, fund government agencies, and finance community development projects in mining areas.
Drawing on industry data, the Chamber stated that about 70% of export proceeds from large-scale mining companies are brought back into Ghana through both the central bank and commercial banking systems.
It emphasised that measuring only the forex sold directly to the central bank gives an incomplete and understated picture of the sector’s overall contribution to Ghana’s foreign exchange reserves.
