The Ghana Chamber of Mines has released its 2023 Mining Report, revealing that mining companies repatriated a total of $4.2 billion from Ghana in 2023, a 1.4% increase from the previous year.
According to the report, $2.7 billion was channelled through local banks, slightly lower than the $2.73 billion recorded in 2022. The Central Bank received $1.5 billion, a marginal increase from the $1.41 billion transferred in 2022.
The report stated, “On the whole, the Chamber’s producing member companies repatriated $4.2 billion into the country through the commercial banks and the Bank of Ghana in 2023. Relative to their realized mineral revenue of $5.9 billion in 2023, the repatriated funds of the Chamber’s producing member companies translated into 71.3% of their forex earnings.”
The report also highlighted that member companies sold $716.97 million to the Bank of Ghana under the forex purchase initiative in 2023, and the volume of gold sold to the Central Bank under the Domestic Gold Purchase Programme (DGPP) increased by 377.1% to 447,492 ounces.
Data from the Bank of Ghana showed a 15% growth in mineral revenue, from $6.8 billion in 2022 to $7.8 billion in 2023, attributed to increased proceeds from the export of all minerals except manganese.
Looking ahead to 2024, the report predicted broad-based growth in the production and exports of the four traditional minerals, with gold production expected to range between 4.3 million ounces and 4.5 million ounces.
The report noted, “Fresh production from Newmont’s Ahafo North project and Cardinal Resource’s Namdini Gold Mine will supplement the planned production of the existing producing member companies’ mines, which will increase the attributable production of the Chamber to a range of 3.1 million ounces to 3.3 million ounces in 2024.”
