The Ghana Chamber of Mines has called on the Bank of Ghana (BoG) to publish a comprehensive and disaggregated account of foreign exchange inflows from Ghana’s mining sector, arguing that incomplete public data risks distorting the sector’s contribution to the national economy.
The call comes in response to recent claims on mineral export proceeds, with the Chamber insisting that transparent accounting of mining-related forex inflows is essential to support informed policymaking and public confidence.
“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.
It explained that large-scale mining companies repatriate export proceeds through two established channels — direct sales of foreign exchange and bullion gold to the Bank of Ghana, as well as through commercial banks operating in Ghana.
According to the Chamber, any assessment that focuses solely on transactions with the central bank presents an incomplete picture of the mining sector’s true contribution to Ghana’s foreign exchange position.
“The 20 per cent figure reflects only transactions with the Bank of Ghana and is therefore incomplete,” it stated.
The Chamber further argued that the Bank of Ghana should already possess the relevant data needed to provide a full account of mining sector forex flows, citing previous regulatory arrangements between the central bank and mining companies.
“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.
It added that proceeds repatriated through commercial banks are used to meet key domestic obligations, including royalty payments to government, utility payments, salaries, payments to local vendors, and corporate social investments in mining communities.
The Chamber stressed that excluding these flows from public calculations understates the sector’s contribution to 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.
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Source: www.myjoyonline.com