The Ghana Chamber of Mines has revealed that its producing member companies injected over US$5.5 billion into the Ghanaian economy in 2024, reinforcing the mining sector’s critical role in driving national development, job creation, and economic stability.
According to the Chamber’s latest Publish What You Pay report, the US$5.5 billion was distributed across key areas including procurement of goods and services, corporate social investment, fiscal payments, and strategic economic contributions to the Bank of Ghana.
Breakdown of Spending
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US$3.5 billion was spent on the procurement of goods and services. This includes:
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US$2.86 billion for local goods and services (excluding diesel and electricity)
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US$370.4 million on diesel
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US$264 million on electricity
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US$28 million was allocated to corporate social investments, funding education, health, water, and infrastructure initiatives in mining communities.
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US$973 million went into capital expenditure
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US$241 million was used for imported consumables
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US$111.3 million was paid as amortization of loans and interest
Boosting Ghana’s Forex Reserves
In a strategic move to stabilize the Ghanaian cedi and support foreign reserves, mining firms sold 358,218 ounces of gold to the Bank of Ghana under its Domestic Gold Purchase Programme (DGPP). This contributed significantly to the central bank’s efforts to strengthen the local currency and reduce reliance on external sources of forex.
Employment and Compensation
The report highlighted strong local participation in employment within the mining industry:
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11,372 people were in direct employment in 2024
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11,303 of these were Ghanaians, representing over 99% of the workforce
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Only 69 expatriates were directly employed, accounting for just 0.6%
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Mining companies paid a total of US$615 million in compensation to employees
Tax and Revenue Contribution
The mining sector continued to be Ghana’s top contributor to direct domestic tax revenue:
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GH₵17.7 billion was paid in total fiscal contributions by the sector
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This figure represents 24.3% of Ghana’s total domestic tax revenue
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Corporate tax alone accounted for GH₵10.3 billion
In addition to taxes, US$4.9 billion of the total US$7.1 billion in mineral revenue generated by producing companies was returned to Ghana through the Bank of Ghana and commercial banks, providing liquidity and forex support to the local economy.
Leading Export Sector
The mining industry also retained its position as Ghana’s largest source of foreign exchange earnings in 2024:
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It generated US$11.9 billion in export revenue
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This exceeded earnings from oil (US$3.9 billion), cocoa (US$1.9 billion), and remittances (US$6.7 billion)
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Mining accounted for 58.4% of Ghana’s gross merchandise export earnings, according to the Bank of Ghana
Conclusion
The Chamber of Mines emphasized that the figures presented reaffirm the mining industry’s position as a strategic partner in Ghana’s development, not only as a major revenue generator but also as a driver of inclusive socio-economic transformation.
The Chamber noted that these numbers reinforce the mining industry’s position as a strategic partner in Ghana’s development agenda, not just as a revenue generator, but also as a reliable driver of socio-economic transformation.
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