Mining firms have resumed selling some of their dollar earnings from gold exports to commercial banks.

The move follows a directive from the Bank of Ghana requiring mining companies to sell their export proceeds to commercial banks instead of the Central Bank.

President of the Ghana Chamber of Mines, Michael Akafia, disclosed this in an interview with JOYBUSINESS’ George Wiafe on PM Express Business Edition.

Impact on forex liquidity

Mr Akafia noted that the move has significantly helped to ease the recent forex liquidity challenges faced by commercial banks.

“Have you seen the commercial banks complain recently that they don’t have enough dollars? Our action is helping,” he said.

He further highlighted that the mining sector’s participation in the Domestic Gold Purchase Programme has also contributed significantly to strengthening the Bank of Ghana’s reserves.

According to the Ghana Chamber of Mines’ Publish What You Pay Report for 2024, the sector generated US$7.05 billion in mineral revenue in 2024.

Out of this, US$4.99 billion—representing 70.8 percent—was returned to Ghana’s economy through direct payments, procurement, wages, and social contributions.

BoG Directive

Bank of Ghana Governor Dr John Asiama explained in an interview with JOYBUSINESS that the directive was formally issued to the mining companies in August 2025.

He said the decision is aimed at boosting interbank forex trading and improving liquidity in the banking sector.

“We are hoping that this will provide additional forex support to the commercial banks in addition to what the Bank of Ghana will do,” Dr Asiama said.

Background

The BoG has recently announced a set of measures to stabilise the cedi and curb inflation.

Among these measures is collaboration with mining firms, international oil companies, and their bankers to ensure that all foreign exchange from the voluntary repatriation of export proceeds is channelled through the local market.