Ghana Chamber of Mines Demands Full Forex Disclosure from Bank of Ghana, Says Mining Sector’s True Contribution Is Being Understated

Industry body says relying on central bank data alone distorts the picture  and the Bank of Ghana already has the figures to set the record straight

The Ghana Chamber of Mines has formally called on the Bank of Ghana to publish a detailed, disaggregated breakdown of foreign exchange inflows from the country’s mining sector, warning that selective or incomplete data is distorting public understanding of how much the industry actually contributes to Ghana’s economy.

In a statement dated May 2, 2026, the Chamber said that any assessment of mining sector forex flows that focuses exclusively on transactions with the central bank presents a fundamentally incomplete picture  and risks undermining both sound policymaking and public confidence in 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,” the statement read.

Two Channels, One Incomplete Number

At the heart of the Chamber’s argument is how large-scale mining companies repatriate export proceeds  a process that runs through two distinct channels: direct sales of foreign exchange and bullion gold to the Bank of Ghana, and transactions conducted through commercial banks operating within Ghana.

The Chamber contends that a widely cited figure  which pegs the mining sector’s forex contribution at 20 per cent captures only the central bank channel and therefore falls short of the full picture.

“The 20 per cent figure reflects only transactions with the Bank of Ghana and is therefore incomplete,” the statement stated bluntly.

Proceeds channelled through commercial banks, the Chamber explained, are used to fund a range of critical domestic obligations  including royalty payments to government, utility bills, staff salaries, payments to local vendors and corporate social investments in mining communities. Excluding these flows, it argued, materially understates the sector’s role in supporting Ghana’s foreign exchange position.

Bank of Ghana Already Has the Data, Chamber Says

The Chamber’s call carries added weight given its assertion that the Bank of Ghana is not starting from scratch — the central bank, it says, already holds the relevant data needed to produce a complete account, owing to previous regulatory arrangements.

“Until recently, the Bank of Ghana maintained a policy requiring mining companies to grant it a right of first refusal on foreign exchange intended for sale to commercial banks,” the statement noted, adding that this policy itself underscores the recognised and established role of the commercial banking channel in forex repatriation.

The implication is direct: the data exists, the institutional history is there, and the Bank of Ghana is well-positioned to publish a full and tranparent account without delay.

A Call for Accuracy, Not Just Advocacy

The Chamber framed its demand not as a defence of industry interests but as a prerequisite for responsible economic governance.

“Accurate measurement of forex flows is essential for sound policymaking, macroeconomic management, and sustaining confidence in Ghana’s mining sector,” it said.

With Ghana’s economy in a period of fragile recovery and foreign exchange stability remaining a key concern, the Chamber’s push for transparent data reporting strikes at a broader question: how well do official figures actually capture the real economic footprint of the country’s largest export industry?

For now, the Chamber says, the answer is not well enough.