Mining Sector Returns $4.2 Billion to Ghana in 2023

Mining companies repatriated over $4.2 billion to Ghana in 2023, according to the 2023 mining report released by the Ghana Chamber of Mines.

This figure marks a slight decrease from the repatriation value recorded in 2022, which stood at $2.73 billion.

Of the total repatriated funds, $2.7 billion was channeled through local banks, while approximately $1.5 billion was transferred through the central bank.

This represents a marginal decline compared to the previous year’s figures.

The report indicates that the repatriated funds accounted for 71.3% of the Chamber’s producing member companies’ realized mineral revenue in 2023, down slightly from 73% in the previous year.

In addition to repatriation, mining firms sold $716.97 million to the Bank of Ghana under the forex purchase initiative.

Furthermore, there was a significant increase in the volume of gold sold to the central bank under the Domestic Gold Purchase Programme, rising from 93,799 ounces in 2022 to 447,492 ounces in 2023, marking a growth rate of 377.1%.

Overall, receipts from mineral exports showed a positive trend, increasing from $6.8 billion in 2022 to $7.8 billion in 2023, representing a 15% growth attributed to the export of all minerals except manganese.

Looking ahead to 2024, Ghana’s mineral sector is expected to experience broad-based growth in production and exports of traditional minerals, particularly gold.

The production of gold is projected to range between 4.3 million ounces and 4.5 million ounces, with contributions from new productions by some members of the Chamber.

Newmont’s Ahafo North project and Cardinal Resource’s Namdini Gold Mine are anticipated to supplement existing production, boosting the Chamber’s attributable production to a range of 3.1 million ounces to 3.3 million ounces in 2024.