Ghana Receives $6.998 Billion From Minerals Export  

Accra, Ghana//-Proceeds from Ghana’s export of minerals have increased to $6.998 billion in 2020 from $6.678 billion in 2019.

This represents a growth rate of 4.8 per cent, according to data from the Bank of Ghana (BoG). The mining industry remained the main anchor of Ghana’s trade balance, it added.

It showed that the mining sector was the foremost source of foreign exchange receipts in 2020 as the mineral sector alone accounted for 48.4 per cent of gross merchandise exports in 2020.

“This compares favourably with the 42.6 per cent recorded in 2019 and far outstripped the combined contribution of crude oil and cocoa in 2020 by more than 12 percentage points.

The mining industry continued to support the economy by reducing the pressure on the local currency and its resultant impact on prices and other parameters”,  President of the Ghana Chamber of Mines, Eric Asubonteng, explained at the virtual 93rd Annual General Meeting (AGM) of the Chamber held in Accra.

He revealed that producing member companies of the Chamber returned $3.67 billion out of the mineral revenue of $5.14 billion to the country. This represents 71 per cent of the revenue of producing member companies.

“The proportion of mineral revenue returned exclusively through commercial banks was more than the statutory threshold prescribed in the various Development Agreements as well as the Minerals and Mining Act 2006 (Act 703). This further emphasizes the Chamber’s commitment to supporting the growth of Ghana’s economy”.

African Eye Report

 

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