Chamber of Mines Disputes GoldBod Claim on Forex Repatriation by Large-Scale Miners
The Ghana Chamber of Mines has rejected claims that large-scale mining companies repatriate less than 20 per cent of their export proceeds, describing the assertion as “materially misleading” and incomplete.
In a press statement issued on May 2, 2026, the Chamber said the widely circulated figure—attributed to the Chief Executive Officer of the Ghana Gold Board (GoldBod)—fails to capture the full scope of foreign exchange inflows generated by the large-scale mining sector.
According to the Chamber, the 20 per cent estimate is based solely on bullion gold and foreign exchange sold directly to the Bank of Ghana, thereby excluding substantial inflows repatriated through commercial banks.
“The cited statistic captures only one channel of forex repatriation and excludes significant inflows through the commercial banking system,” the statement noted, adding that such an approach understates the sector’s contribution to Ghana’s foreign exchange position.
The Chamber explained that large-scale mining firms repatriate export proceeds through two primary channels—direct sales to the central bank and transfers via commercial banks operating within Ghana. It stressed that any comprehensive assessment of mineral export proceeds must incorporate both channels to reflect an accurate picture.
Providing further context, the Chamber indicated that a significant portion of export proceeds routed through commercial banks is used to meet domestic obligations, including the payment of royalties to government, settlement of utility bills such as electricity and fuel, and other foreign currency-denominated transactions within the local economy.
Additionally, some of the repatriated forex is converted into Ghana cedis to support local expenditures such as employee salaries, payments to in-country suppliers, and corporate social investments in host communities. These conversions, the Chamber noted, contribute directly to domestic foreign exchange supply and help stabilise the exchange rate.
Citing industry data, the Chamber revealed that approximately 70 per cent of mineral export proceeds from its producing members are returned to Ghana through a combination of both central bank and commercial bank channels.
On measurement standards, the Chamber underscored the importance of distinguishing between gross forex repatriation—the total inflows returned to the country—and net retention, which accounts for external obligations. It argued that gross repatriation remains the appropriate benchmark for evaluating the mining sector’s contribution to Ghana’s external position, in line with balance-of-payments principles.
The Chamber further pointed to previous Bank of Ghana policies, including the right of first refusal on forex sales to commercial banks, as evidence of the recognised role of the banking system in forex repatriation.
To enhance transparency and inform public discourse, the Chamber called on the central bank to publish a disaggregated account of mineral sector forex flows across both channels.
It concluded by urging stakeholders to adopt a data-driven and comprehensive approach in evaluating export proceeds, noting that accurate measurement of forex inflows is critical for sound policymaking, macroeconomic management, and maintaining investor confidence in Ghana’s mining sector.
