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Report: Ghana Earned $4.2 Billion from Mining Exports in 2023

This repatriation represented 71.3% of their $5.9 billion mineral revenue for the year, a slight decrease from 73% in 2022.

Mining companies repatriated over $4.2 billion to Ghana, making a 1.4% increase from the previous year’s repatriation value, as revealed in the Ghana Chamber of Mines’ 2023 report.

In 2023, $2.7 billion was channelled through local banks, a slight decrease from the $2.73 billion recorded in the previous year. Also, transfers through the central bank saw an increase from $1.41 billion in 2022 to $1.5 billion in 2023, a jump of nearly 7%.

In total, the Chamber’s member companies contributed a total of $4.2 billion to Ghana’s economy in 2023.

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

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This repatriation represented 71.3% of their $5.9 billion mineral revenue for the year, a slight decrease from 73% in 2022.

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As part of a foreign exchange purchase initiative, mining companies sold $716.97 million to the Bank of Ghana in 2023, giving the central bank priority to purchase any excess foreign exchange generated by the sector, beyond the required Mining Sector Returns (MSR).

Also, the Domestic Gold Purchase Programme (DGPP) experienced remarkable growth, with gold sales to the central bank surging from 93,799 ounces in 2022 to 447,492 ounces in 2023, representing a staggering 377.1% increase.

According to the Bank of Ghana, mineral export receipts improved from $6.8 billion in 2022 to $7.8 billion in 2023.

The revenue increase of 15% was attributed to the growth in export earnings from all minerals, excluding manganese, which saw a decrease in export proceeds.

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

Looking ahead, Ghana’s mineral sector is poised for broad-based growth in 2024, particularly in the production and export of its four traditional minerals. Gold production is expected to range between 4.3 million and 4.5 million ounces.

Also, the report highlighted upcoming projects, including Newmont’s Ahafo North and Cardinal Resources’ Namdini Gold Mine, which are set to enhance gold production in the region.

The anticipated production from new ventures, combined with the output from existing mines, is expected to boost the Chamber’s attributable production to a range of 3.1-3.3 million ounces in 2024, representing a significant increase.

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