The Ghana Chamber of Mines has rejected claims by Sammy Gyamfi, CEO of the Ghana Gold Board, that large-scale mining firms repatriate less than 20% of their export earnings.
The Chamber described the figure as misleading, arguing it only reflects gold and foreign exchange sold directly to the Bank of Ghana, while ignoring significant inflows through commercial banks.
According to the Chamber, mining companies return earnings through two main channels: sales to the central bank and transfers via local commercial banks.
These funds are used for royalties, salaries, fuel, utilities, supplier payments, and community investments, while also supporting Cedi stability.
Industry data cited by the Chamber suggests that about 70% of mineral export proceeds are repatriated through both channels combined.
The disagreement highlights ongoing debates over how much value Ghana retains from its gold sector, as government pushes reforms to boost foreign exchange reserves and maximize local benefits.
