70% mineral revenue in 2017 returned to Ghana – Chamber of Mines – Canada Ghana Chamber of Commerce

70% mineral revenue in 2017 returned to Ghana – Chamber of Mines

To further deepen the foreign exchange market, in 2017, the mining sector, through commercial banks and the Central Bank, returned a total of US$ 2.57 billion of the US$ 3.68 billion mineral revenue into the country.

This represented 70 percent of total mineral revenue in 2017. These facts were contained in the 2017 annual report of the Ghana Chamber of Mines.

Under the amended mandatory surrender requirements, the Bank of Ghana directed that mining companies and other export revenue earners cede the equivalent share of their foreign exchange revenue to commercial banks.

This notwithstanding, it is noted that the BoG continues to be a conduit for ploughing back mineral export proceeds into the country due to some challenges in implementing the policy directive.

The plough back of mineral exports receipts and expenditure are critical pathways by which mining influences the growth of the non-mineral economy and national development.

In the same year, US$ 368.164 million of the returned mineral revenue of US$ 2.57 billion was brought back into the country through the BoG.

This translates into 22 percent of mineral revenue. The remaining US$ 2.20 billion was returned into the country through the commercial banks.

The total expenditure of the producing member companies of the Chamber on goods and services procured from in-country suppliers and manufacturers stood at US$ 1.23 billion in 2017, representing 34 percent outturn in 2016.

Further to this, the proportion of the producing mines’ expenditure of mineral revenue on imported consumables declined from seven percent in 2016 to 6 percent in 2017.

The 2017 share of expenditure translates into US$ 215.6 million.

Therefore, in the last few years, the mining sector pattern of expenditure consistently show year on year increases in demand for locally sourced inputs and steady decline in spending on imported consumables.

Moreover, the mining companies’ statutory payments to the central government totalled US$ 400.4 million in 2017 while compensation payments to employees were US$515.1 million in the same period.

These represent 11 percent and 14 percent of realised mineral revenue respectively.

By Joshua W. Amlanu


Latest Posts

EMPOWERING THE FUTURE: ALINEA FOUNDATION’S WEE-NORTH PROJECT AGM

April 04, 2024

EMPOWERING CHANGE: CANCHAM AND JOY BUSINESS INTERNATIONAL WOMEN’S DAY DIALOGUE

April 04, 2024

IN-HOUSE PRESENTATION

April 04, 2024

EXPLORING FLAVORFUL HORIZONS: A JOURNEY WITH FREDDIE BEVERAGES

April 04, 2024

EXPLORING HORIZONS: INSIGHTS FROM HOLLARD INSURANCE’S JOURNEY

April 04, 2024

UNLOCKING OPPORTUNITIES: SENA CHARTERED SECRETARIES LIMITED’S EXPANSION ENDEAVOR

April 04, 2024

Highlights from CANCHAM Chocolate Day Member Forum 2024

March 01, 2024

TVET Workshop by Canadian High Commission in Collaboration with CANCHAM

March 01, 2024

Unlocking Potential: Insights from Asante-Chirano

March 01, 2024

Empowering Industries: Insights from Rabotec Group

March 01, 2024

How Le PELS Ghana Successfully Constructed the 350-ton Silo Foundation for Cargill Ghana

March 01, 2024

Guiding Your Path to Canada: One Heart Immigration’s Expertise and Exciting Ventures

March 01, 2024

Charting New Horizons: The Journey of CONSHIP

March 01, 2024

Gateway to Canada: Insights from Askia Immigration Consultancy

March 01, 2024

Joe Baaze Enterprise: Connecting Communities with Flour and Sugar

March 01, 2024

Empowering the Future: Africa Skills Hub’s Vision

March 01, 2024

Prescription for Success: Base Pharmacy’s Outlook for 2024

March 01, 2024

Building Beyond Boundaries: Le Pels Ghana Limited’s Expansion Journey

March 01, 2024

ERIS Properties’ Vision for Collaborative Growth

March 01, 2024

Expectations from Nii Plants and Car Rentals

February 01, 2024



Platinum Members