US$7.1bn mineral revenue was generated in Ghana in 2024
Ghana's mining sector generated US$7.1 billion in mineral revenue, with US$4.9 billion returned to the country through the Bank of Ghana and commercial banks, according to the Ghana Chamber of Mines.
This revenue represents 70.8 percent of the total earnings from the Chamber's producing member companies.
The mining sector also contributed a GH¢17.7 billion (approximately US$2.1 billion based on the current exchange rate) in revenue to the government, a 51.2 per cent increase from 2023.
This was published by the Ghana Chamber of Mines in line with its commitment to promoting transparency and accountability in the extractive sector in relation to mining sector-related payments to the government along with disclosures of expenditure by its producing member companies on key mining inputs and corporate social investments for the year 2024.
The total fiscal payments attributable to the mining and quarrying sector it said amounted to GH¢17.7 billion in 2024, which translates into 24.3 percent of direct domestic tax revenues.
This performance it said reaffirmed the sector's position as the largest contributor to tax revenue from economic activities.
In the same vein, mineral export proceeds remained the largest source of foreign exchange earnings for Ghana in
2024 it said.
The mining sector generated US$11.9 billion in revenue, surpassing the combined export earnings from crude oil (US$3.9 billion) and cocoa (US$1.9 billion), and exceeding inflows from inward remittances (US$6.7 billion).
It said the Bank of Ghana figures show that, the sector accounted for 58.4 percent of gross merchandise export earnings in 2024.
This underscores the mining sector's central role in Ghana's external trade performance.
Out of the US$7.1 billion in mineral revenue generated by the Chamber's producing member companies in 2024, a total of US$4.9 billion was returned to Ghana through the Bank of Ghana and commercial banks. This represents 70.8 percent of their earnings in 2024.
These proceeds remain a major source of foreign exchange liquidity for the domestic financial system.
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The inflows to the central bank comprised forex sales under the Mandatory Surrender Requirement regime and the voluntary forex purchase initiative, while the inflows to the commercial banks were made exclusively through voluntary forex sales.
Additionally, the Chamber's producing member companies sold 358,218 ounces of gold to the Bank of Ghana under its Domestic Gold Purchase Programme (DGPP) in 2024. The Chamber's continued support for the Bank's voluntary forex and gold purchase initiatives significantly contributed to bolstering the Bank's reserve position and enhancing the relative stability of the Ghanaian Cedi.
As part of its efforts to deepen local content and leverage the mining sector to catalyse broad-based socio-economic development, the Chamber's producing members spent US$5.5 billion on procuring goods, services, fiscal obligations, and initiatives.
Of this amount, US$3.5 billion was spent on goods and services and US$28 million on corporate social investments in 2024. Table 1.0 provides a summary of mining sector-related payments and key expenditure of the Chamber's producing mines.
Breakdown:
Total Mineral Revenue:
US$7.1 billion generated by the Ghana Chamber of Mines' producing member companies.
Revenue Returned to Ghana:
US$4.9 billion, representing 70.8% of the total revenue.
Government Revenue Contribution:
GH¢17.7 billion (approximately US$2.1 billion), a significant increase from GH¢11.7 billion in 2023.
Sector's Importance:
The mining sector is the largest contributor to tax revenue and the largest source of foreign exchange earnings for Ghana.
Foreign Exchange:
Mineral export proceeds surpassed combined earnings from crude oil and cocoa, and even inward remittances.
Sector Contribution to GDP:
While the text doesn't explicitly state the sector's contribution to GDP, it mentions the total fiscal payments of GH¢17.7 billion represent 24.3 percent of direct domestic tax revenues, highlighting its fiscal importance.