Chamber of Mines CEO Refutes Offshore Dollar Hoarding Claims, Cites 75% Repatriation of Mining Revenues to Ghana
Sulemanu Koney, Chief Executive of the Ghana Chamber of Mines, has refuted claims that the country’s mining companies retain their earnings offshore, stating that between 70% and 75% of the sector’s revenues are repatriated to Ghana annually.
Speaking on Joy News’ PM Express Business Edition, Mr Koney underscored the critical role these funds play in sustaining the local economy.
“A lot of money comes back into the country,” Koney remarked, dispelling the notion that firms in the mining sector hoard their foreign exchange earnings abroad.
He stressed that the repatriated funds are essential for running mining operations, which are highly energy-intensive, and for covering expenses such as labour, power, and consumables.
“How do you pay for labour and diesel if the money is sitting offshore?” he asked, reinforcing the importance of these revenue inflows for operational continuity.
In addition to its direct economic contributions, the mining sector’s adherence to a local procurement policy ensures that a significant portion of inputs is sourced from Ghanaian suppliers. Mr Koney noted that while some vendors are paid in foreign currency, these transactions occur with the approval of the Bank of Ghana.
Addressing criticisms of the sector’s transparency, Mr Koney attributed such misconceptions to a lack of information. He reaffirmed the Chamber’s commitment to working with civil society to provide accurate data on the sector’s contributions to the economy.
“If this money didn’t come back, imagine the pressure on the cedi,” he added, highlighting the mining industry’s role in stabilising Ghana’s currency through consistent revenue inflows.
