Chamber of Mines disputes GoldBod CEO's claim on forex repatriation by large-scale miners

The Ghana Chamber of Mines has challenged claims by Ghana Gold Board (GoldBod) Chief Executive Officer Sammy Gyamfi that large-scale mining companies repatriate less than 20% of their mineral export proceeds to Ghana. The Chamber described the figure as "materially misleading" in a statement responding to remarks made at a ceremony marking the sale of the Damang Gold Mine's first gold output to the Bank of Ghana through GoldBod. Mr. Gyamfi said that large-scale mining companies "only sold just about 10% of their output, just about 10 tons of the almost 100 metric tons of gold they produced in 2025."

Mr. Gyamfi argued that although large-scale mining firms produced nearly $10 billion worth of gold in 2025, Ghana retained only a small portion of the value generated. He stated that agreements allow some multinational mining firms to retain, "in some cases, 100% of the proceeds of their gold sales outside Ghana. In some cases, 80% retention, 90% retention." The Chamber of Mines said the calculation used by the GoldBod CEO captures only transactions conducted directly with the Bank of Ghana and ignores significant inflows channelled through commercial banks operating in the country. The Chamber said that "approximately 70 per cent of mineral export proceeds from the Chamber's producing members is returned to Ghana through a combination of the central bank and commercial banking channels."

The Chamber distinguished between "gross forex repatriation" and "net forex retention," maintaining that gross repatriation is the appropriate measure. The statement also referenced a previous Bank of Ghana policy that granted the central bank a right of first refusal on foreign exchange intended for sale to commercial banks.