Ghana Chamber of Mines Demands Full Mining Export Data from Bank of Ghana

The Ghana Chamber of Mines has urged the Bank of Ghana (BoG) to publish a comprehensive and detailed account of foreign exchange inflows from Ghana’s mining sector. The Chamber argues that current incomplete public data risks misrepresenting the sector's vital contribution to the national economy.

This call comes amid recent discussions about mineral export proceeds. The Chamber believes that clear accounting of mining-related foreign exchange inflows is crucial for informed policymaking and building public trust. They stressed that solely focusing on central bank transactions provides an incomplete picture of the mining sector’s real foreign exchange contribution.

Ghana’s mining sector is a significant source of foreign exchange and government revenue. However, data transparency issues can obscure its full impact on the national economy, influencing investment decisions and macroeconomic planning. The Bank of Ghana itself recorded an operating loss of GHS 10.5 billion in 2023, following a GHS 52.2 billion loss in 2022, highlighting the importance of accurate foreign exchange management to national financial stability.

A statement issued on May 2, 2026, explained, “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.” Large-scale mining companies repatriate export proceeds through two established channels. These include direct sales of foreign exchange and bullion gold to the Bank of Ghana and transactions conducted through commercial banks operating in Ghana.

The Chamber stated that the '20 percent figure', often cited, only reflects transactions with the Bank of Ghana and is therefore incomplete. They further argued that the Bank of Ghana should already possess the necessary data for a full account of mining sector foreign exchange flows. This is due to previous regulatory arrangements between the central bank and mining companies.

Until recently, the Bank of Ghana required mining companies to offer it a right of first refusal on foreign exchange intended for sale to commercial banks. This policy underscores the recognized role of commercial banking in foreign exchange repatriation. Proceeds repatriated through commercial banks fulfill essential domestic obligations.

These obligations include royalty payments to the government, utility payments, salaries, payments to local suppliers, and corporate social investments in mining communities. The Chamber emphasized that excluding these flows from public calculations undervalues the sector's contribution to Ghana’s economy and its foreign exchange stability. Accurate measurement of foreign exchange flows is essential for sound policymaking, macroeconomic management, and maintaining confidence in Ghana’s mining sector.

This demand for transparency could lead to a more accurate assessment of the mining sector's financial impact. Policy discussions around mineral royalties, resource allocation, and foreign exchange stability will benefit from this clearer data. The market and government decision-makers will closely watch the Bank of Ghana's response to this call for greater financial openness.