The Ghana Chamber of Mines has rejected claims that large-scale mining companies repatriate less than 20 percent of mineral export proceeds, describing the figure as misleading and incomplete. In a statement issued on Saturday (May 2), the Chamber said the widely cited statistic—attributed to the CEO of the Ghana Gold Board (GoldBod), Sammy Gyamfi—only reflects …
Ghana Chamber of Mines rebuts ‘20%’ forex repatriation claim by GoldBod CEO
The Ghana Chamber of Mines has rejected claims that large-scale mining companies repatriate less than 20 percent of mineral export proceeds, describing the figure as misleading and incomplete.
In a statement issued on Saturday (May 2), the Chamber said the widely cited statistic—attributed to the CEO of the Ghana Gold Board (GoldBod), Sammy Gyamfi—only reflects foreign exchange and bullion sold directly to the Bank of Ghana, ignoring substantial inflows routed through commercial banks.
According to the Chamber, large-scale miners repatriate export earnings through two main channels: direct sales to the central bank and transfers via commercial banks operating in Ghana. It argued that any credible assessment of forex inflows must account for both channels.
The Chamber noted that funds repatriated through commercial banks are used to meet key domestic obligations, including the payment of royalties to government, utility bills, and other services often denominated in foreign currency. Portions are also converted into cedis to pay wages, support community projects, and settle payments to local suppliers—contributing to domestic forex liquidity and exchange rate stability.
Citing industry data, the Chamber stated that about 70 percent of export proceeds from its producing members are returned to Ghana through the combined channels.
It further distinguished between gross forex repatriation—total inflows—and net retention after external obligations, stressing that gross figures are the appropriate measure under international accounting standards.
The Chamber called on the Bank of Ghana to publish more transparent and disaggregated data on mineral sector forex flows to support informed public debate and policymaking.
While reaffirming support for GoldBod’s role in strengthening export revenue flows, particularly in the small-scale mining sector, the Chamber urged stakeholders to adopt a more comprehensive, data-driven approach in evaluating the mining sector’s contribution to Ghana’s foreign exchange position.
