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.

Manufacturers of sachet water packaging materials have called on the government to provide urgent support to sustain the industry, after deciding to maintain current prices despite escalating production costs.

The appeal was made by President of the Ghana Plastic Manufacturers’ Association, Ebbo Botwe, during a press conference held in Accra on Wednesday, April 8, 2026.

Mr. Botwe disclosed that producers had initially considered increasing prices due to the rising cost of polymers used in manufacturing sachet packaging. However, the association resolved to hold prices steady in recognition of sachet water as an essential commodity relied upon by millions of Ghanaians.

“We are incurring losses by maintaining the old prices, but given that sachet water is a basic necessity for over 33 million Ghanaians, we have chosen to absorb the shock in the national interest,” he stated.

He added that the decision to maintain current prices would remain in effect for at least one to two months, despite mounting financial pressure on manufacturers.

Mr. Botwe expressed hope that the Minister for Trade, Agribusiness and Industry would relay the industry’s concerns to the President, with a view to securing relief measures to cushion producers.

The association further indicated that the move is expected to ease pressure on sachet water producers and help stabilise prices for consumers in the short term.

The Chief Executive Officer of MTN Ghana, Stephen Blewett, has been awarded 21,382 shares in MTN Group valued at approximately R4.12 million (US$252,000), under the company’s Performance Share Plan 2010.

In the same scheme, Chief Financial Officer Antoinette Kwofie received 13,660 shares worth about R2.63 million (US$160,000). Both executives serve as directors of Scancom Ghana PLC, the operator of MTN’s business in Ghana.

According to a group announcement issued on April 7, 2026, the share awards were transacted on March 31, 2026, at a market price of R192.50 per share. The incentives are subject to performance conditions and will vest over a three-year period.

Also benefiting locally, Sugentharen Perumal, a director of Scancom Ghana PLC, received 35,436 shares valued at approximately R6.82 million (US$415,000).

Broader Group Awards

Across the wider group, senior executives received significantly larger allocations under the same long-term incentive scheme.

MTN Group President and CEO Ralph Mupita was awarded 207,633 shares valued at about R39.97 million (US$2.43 million), the largest allocation disclosed. Group Chief Financial Officer Tsholofelo Molefe received 111,931 shares worth approximately R21.55 million (US$1.31 million).

Senior Vice President for Markets, Ebenezer Asante, was granted 120,880 shares valued at R23.27 million (US$1.42 million).

Other beneficiaries include Ferdinand Moolman, who received shares worth R20.13 million, as well as Paul Norman and Yolanda Cuba, whose allocations were valued at R10.84 million and R12.07 million respectively.

Vesting Terms and Compliance

MTN indicated that all recipients have met the company’s Minimum Shareholding Requirements. The awards, classified as off-market share allocations, will vest on December 10, 2028—an accelerated timeline aligned with the original grant date of December 10, 2025.

The company noted that all beneficiaries hold direct beneficial interests in the shares.

The announcement was published via the Johannesburg Stock Exchange News Service, with Tamela Holdings Proprietary Limited serving as lead sponsor and J.P. Morgan Equities Proprietary Limited acting as joint sponsor.