The Ghana Chamber of Mines has disputed claims attributed to the Chief Executive Officer of the Ghana Gold Board (GoldBod) that large-scale mining companies repatriate no more than 20% of Ghana’s total mineral export proceeds, describing the figure as “materially misleading.”
Responding to the claim in a statement issued on Saturday, May 2, 2026, the Chamber said the widely publicised figure only reflects bullion gold and foreign exchange sold directly to the Bank of Ghana.
According to the chamber, the claim failed to account for substantial export proceeds repatriated through commercial banks operating in Ghana.
“The Chamber respectfully submits that this figure is materially misleading,” the statement said.
The chamber added that the methodology used to arrive at the 20% figure captures only one channel of foreign exchange repatriation and significantly understates the contribution of the large-scale mining sector to Ghana’s foreign exchange reserves.
Ghana Chamber of Mines also explained that mining companies repatriate export proceeds through two established channels: direct sales of foreign exchange and bullion gold to the BoG, and transfers through commercial banks domiciled in Ghana.
It argued that any credible assessment of the mining sector’s forex contribution must account for both channels.
Large-scale mining firms, the Chamber noted, maintain foreign currency accounts with local commercial banks, where export proceeds are used to settle key domestic obligations, including royalty payments to the Government of Ghana, utility payments such as electricity and fuel, and other in-country contractual commitments.
Additionally, some of the repatriated forex is converted into Ghana cedis to finance employee salaries, payments to local suppliers, government agencies, and corporate social investment projects in mining communities.
Based on industry data from its producing members, the Chamber said approximately 70% of mineral export proceeds generated by large-scale mining companies are returned to Ghana through a combination of the central bank and commercial banking channels.
The Chamber stressed that the appropriate benchmark for measuring the sector’s contribution is gross forex repatriation, not only forex sold directly to the central bank.
It further maintained that excluding the commercial banking channel creates an incomplete picture of the mining sector’s actual contribution to Ghana’s foreign exchange position.
