The Ghana Chamber of Mines has called on the Bank of Ghana to publish a comprehensive and disaggregated account of foreign exchange inflows from the mining sector, warning that incomplete data could distort the industry’s contribution to the national economy.
In a statement issued on May 2, 2026, the Chamber stressed that transparent reporting of mining sector forex inflows is critical for informed policymaking and maintaining public confidence.
It argued that current narratives, which focus largely on transactions involving the central bank, do not fully capture the scale of inflows generated by the sector.
“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.” - Chamber of Mines
Dual Channels of Forex Repatriation
According to the Chamber, large-scale mining companies repatriate export proceeds through two primary channels: direct transactions with the central bank and through commercial banks operating within Ghana.
It explained that any analysis limited to inflows handled by the central bank provides only a partial view of the sector’s contribution. “The 20 per cent figure reflects only transactions with the Bank of Ghana and is therefore incomplete,” the Chamber clarified.
The group further noted that the central bank already has access to comprehensive data on these flows, citing previous regulatory arrangements that required mining firms to grant the Bank of Ghana a right of first refusal on foreign exchange intended for sale to commercial banks.
The Chamber emphasised that forex inflows routed through commercial banks play a crucial role in supporting the domestic economy.
These funds are used to meet key obligations, including royalty payments to government, utility bills, salaries, payments to local suppliers, and investments in mining communities.
By excluding such flows from official calculations, the Chamber warned that the sector’s overall economic impact is understated, potentially leading to misinformed policy decisions.
Call for Accurate Data and Policy Alignment
The Chamber maintained that accurate measurement of mining sector forex inflows is essential for sound macroeconomic management and sustaining investor confidence.
“Accurate measurement of forex flows is essential for sound policymaking, macroeconomic management, and sustaining confidence in Ghana’s mining sector.” - Chamber of Mines
The call comes amid heightened scrutiny of Ghana’s foreign exchange dynamics, with stakeholders increasingly pushing for greater transparency to support economic planning and reinforce confidence in key export sectors.
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