Mining sector repatriated $4.2 billion to Ghana in 2023 - Report

The 2023 mining report released by the Ghana Chamber of Mines has revealed that mining companies repatriated over $4.2 billion to Ghana.

This represents a 1.4% increase in the value of repatriation compared to 2022.

The boost in revenue is primarily attributed to higher export proceeds from various minerals, with manganese being the only exception.

The report also highlighted that a substantial portion of the repatriated funds, $2.7 billion, was processed through local banks.

“On the whole, the Chamber’s producing member companies repatriated US$4.2 billion into the country through commercial banks and the Bank of Ghana in 2023,” the report stated.

“The 15 per cent growth in mineral revenue was ascribed to the increase in proceeds from the export of all minerals, except manganese,” it highlighted.

Additionally, the mineral sector is expecting a positive trend in the production and export volumes of the four traditional minerals, including gold.

Projections for gold indicate a trading range of 4.3 to 4.5 million ounces this year.

SA/OGB

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