Ghana Chamber of Mines is calling on the Bank of Ghana (BoG) to release a comprehensive and disaggregated account of all foreign exchange inflows stemming from the nation’s large-scale mining sector to rectify public misconceptions.
This formal request follows a series of claims suggesting that mining firms repatriate only a fraction of their export proceeds, a narrative the Chamber describes as “materially misleading” because it ignores critical transaction channels.
By pushing for a full data release, the Chamber aims to ensure that the public and policymakers have access to the complete picture of the industry’s multi-channel contribution to the national economy.
“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. Accurate measurement of forex flows is essential for sound policymaking, macroeconomic management, and sustaining confidence in Ghana’s mining sector.”
Ghana Chamber of Mines
The Chamber clarified that the current 20 percent repatriation figure cited by some stakeholders only accounts for bullion gold and foreign exchange sold directly to the central bank.
This narrow metric fails to capture the significant volumes of foreign currency channeled through domestic commercial banks, which mining companies use to meet substantial local obligations.
These obligations include the payment of mineral royalties to the government, electricity and fuel costs, and the procurement of goods from local suppliers.
Consequently, the Chamber insists that a transparent breakdown is necessary to show how the remaining 80 percent of proceeds often labeled as “unrepatriated” actually enters the Ghanaian economy via the commercial banking system to support the local currency and domestic business ecosystem.
Bridging the Data Gap for National Accountability
The push for detailed disclosure is rooted in the fact that the Bank of Ghana already possesses the necessary data to provide this clarity.
For years, the central bank maintained a “right of first refusal” policy on foreign exchange intended for sale to commercial banks, meaning every dollar repatriated through the private banking sector is tracked and regulated.
By withholding the disaggregated data of these commercial bank transfers, the regulator inadvertently allows for a “distorted perception of the sector’s contribution,” according to industry experts.
The Chamber argues that publishing these figures would prove that approximately 70 percent of mineral export proceeds are returned to Ghana, rather than the lower figures often quoted in political and economic debates.
Enhancing Transparency Through Granular Reporting
In a spirit of thorough assessment of industry standards, publishing a full breakdown of mining forex would enhance transparency by eliminating the “information asymmetry” that often leads to hostile regulatory environments.
When the BoG provides a granular view detailing direct sales to the apex bank versus liquidity provided to commercial banks it allows for a “verification of the sector’s socio-economic footprint.”
This level of transparency acts as a safeguard against corruption and tax evasion, as it aligns the reported export values with the actual inflows seen in the banking sector.
Furthermore, such openness builds public trust, demonstrating that the “vast majority of mineral wealth is not siphoned abroad” but is actively circulating within the Ghanaian economy to pay for salaries, social investments, and government revenues.
Impact on Policy and Economic Stability
From the perspective of an extractive industry observer, the demand for a full forex breakdown is a strategic move to stabilize the investment climate.
Unverified claims about low repatriation rates often trigger calls for “draconian windfall taxes or restrictive capital controls” that could deter future exploration and investment.
By making this data public, the BoG would provide the empirical evidence needed for “evidence-based policymaking,” ensuring that legislative decisions are not based on incomplete data sets.
Ultimately, the Chamber maintains that a transparent reporting framework will reveal the mining sector as a primary anchor of Ghana’s foreign exchange stability, rather than a drain on national resources.
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