Mining firms operating in Ghana have resumed the sale of part of their dollar earnings from gold exports to commercial banks. The decision follows a directive from the Bank of Ghana instructing mining companies to channel their export proceeds through local banks rather than the Central Bank.
The announcement was made by the President of the Ghana Chamber of Mines, Michael Akafia, in an interview with JOYBUSINESS’ George Wiafe on PM Express Business Edition. He explained that the move has been instrumental in easing the recent forex liquidity challenges experienced by commercial banks.
Mr. Akafia stressed that the intervention has ensured a steady supply of foreign currency, helping banks meet the growing demand of businesses and individuals. “Have you seen the commercial banks complain recently that they don’t have enough dollars? Our action is helping,” he noted.
He further highlighted that the mining sector’s active role in the Domestic Gold Purchase Programme has also bolstered the Bank of Ghana’s reserves. According to him, this dual effort not only stabilizes the financial system but also supports the country’s broader economic resilience.
The return to commercial bank sales is expected to deepen liquidity in the forex market, reduce pressure on the cedi, and enhance confidence in Ghana’s financial system.