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The Ghana Chamber of Mines has released its latest report on the performance of the mining sector, highlighting its significant contributions to the country's economy. According to Dr. Ign. Kenneth Ashigbey, CEO of the Chamber, the mining sector remains a vital pillar of Ghana's economy, generating GHc17.7 billion in tax revenue and accounting for 24.3% of direct domestic tax revenues in 2024.
The report reveals that the mining sector's tax revenue contribution solidifies its position as the largest contributor to tax revenue from economic activities. Mineral export proceeds reached $11.9 billion, surpassing combined export earnings from crude oil ($3.9 billion) and cocoa ($1.9 billion). This underscores the sector's central role in Ghana's external trade performance, accounting for 58.4% of gross merchandise export earnings in 2024.
Furthermore, $4.9 billion in mineral revenue was returned to Ghana through the Bank of Ghana and commercial banks, representing 70.8% of earnings. Producing member companies also spent $5.5 billion on procuring goods, services, fiscal obligations, and initiatives, with $3.5 billion going towards goods and services and $28 million towards corporate social investments.
Dr. Ashigbey emphasized the importance of harnessing the full benefits of mining beyond direct fiscal contributions, stating,
Mining is about sustainable development and not just rent. We should focus on harnessing the full benefits beyond the direct fiscal contribution."
The CEO stressed that the Ghana Chamber of Mines is committed to promoting transparency and accountability in the extractive sector, and its publication of mining sector-related payments and expenditure is a step towards achieving this goal. The report highlights the sector's significant contributions to the country's economy and its potential for driving sustainable development.
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