Monday, 17 June

2023: Mining companies channelled $4.2bn to Ghana

A lot of mining giants operate in Ghana

Mining companies repatriated over $4.2 billion to Ghana in 2023, marking just over 1.4% of the previous year’s repatriation value, according to the Ghana Chamber of Mines' 2023 report.

A total of $2.7 billion was routed through local banks, slightly down from $2.73 billion in 2022.

Meanwhile, transfers through the central bank rose from $1.41 billion in 2022 to $1.5 billion in 2023.

Overall, the Chamber’s member companies brought $4.2 billion into Ghana through commercial banks and the Bank of Ghana in 2023.

This repatriation represented 71.3% of their $5.9 billion mineral revenue for the year, a slight decrease from 73% in 2022.

In 2023, mining companies sold $716.97 million to the Bank of Ghana as part of a forex purchase initiative, which grants the central bank the first option to buy any forex exceeding the Mining Sector Returns (MSR) that companies release into the market.

The Domestic Gold Purchase Programme (DGPP) also saw significant growth, with gold sales to the central bank rising from 93,799 ounces in 2022 to 447,492 ounces in 2023, a 377.1% increase.

According to the Bank of Ghana, mineral export receipts improved from $6.8 billion in 2022 to $7.8 billion in 2023.

This 15% revenue growth was driven by increased proceeds from the export of all minerals except manganese.

Looking ahead, Ghana's mineral sector is poised for broad-based growth in 2024, particularly in the production and export of its four traditional minerals.

Gold production is expected to range between 4.3 million and 4.5 million ounces.

The report highlights that new projects, such as Newmont’s Ahafo North and Cardinal Resources’ Namdini Gold Mine, are set to boost production.


These new ventures, along with the output from existing mines, are anticipated to raise the Chamber’s attributable production to between 3.1 million and 3.3 million ounces in 2024.