Ghana’s Mining Industry Generated Over $40 Billion in a Decade — Chamber of Mines Reaffirms Transparency Drive

Accra — The Ghana Chamber of Mines has reaffirmed its commitment to transparency, ethical governance, and responsible disclosure, revealing that the country’s mining industry generated over US$40 billion in mineral revenue between 2014 and 2023.

Delivering remarks at the launch of the Africa Extractives Media Fellowship (AEMF) in Accra, Emma Morrison, Regional Manager for Gold Fields Ghana and Vice Chair of the Chamber’s Public Relations Committee, underscored that transparency remains “the foundation of the mining sector’s social contract with Ghanaians.”

“Our role extends beyond the extraction of minerals — it is about the extraction of trust,” Morrison said. “Transparency helps citizens understand how mineral revenues are generated and reinvested. It reassures investors of ethical governance and affirms our commitment to accountability and national development.”

Transparency Through Data and Disclosure

Between 2014 and 2023, Ghana’s total mineral revenue reached US$40.15 billion, with more than US$29 billion reinvested locally through the Bank of Ghana and commercial banks. The mining industry also committed over US$220 million to corporate social responsibility (CSR) projects across the country.

In 2024 alone, the sector contributed GH¢17.7 billion in fiscal payments to government — a 51.2% increase from GH¢11.7 billion the previous year. Dividends paid to the state surged by over 600% to GH¢1.03 billion, while mineral royalties rose 76.7% to GH¢4.9 billion.

“These figures provide a transparent and verifiable record of our contribution to Ghana’s development,” Morrison said. “Open fiscal reporting is the most effective way to strengthen public confidence and combat misinformation.”

Partnership with the Media for Accountability

Morrison emphasized that transparency alone is not enough — it must be supported by a well-informed media capable of interpreting technical industry data accurately and responsibly.

“Transparency cannot thrive in isolation,” she said. “It depends on journalists who can interpret complex industry data in ways that promote understanding and accountability.”

The Chamber has deepened collaboration with the Ghana Journalists Association (GJA) and Journalists for Business Advocacy, funding training initiatives to build capacity in responsible mining reporting, fiscal literacy, and the mining value chain.

In September, over 40 journalists participated in a workshop in Kumasi focused on responsible extractive industry coverage. The Chamber also organises Mine Tours, allowing journalists to witness first-hand mining operations, safety standards, and environmental management practices.

“These are not just PR exercises,” Morrison said. “They are investments in mutual understanding — because informed reporting strengthens the bridge between industry and society.”

Africa Extractives Media Fellowship: A Shared Vision

The Africa Extractives Media Fellowship (AEMF) — an initiative of Newswire Africa, supported by the Australian High Commission and other partners — was launched to promote accountability and deepen understanding of Africa’s extractive industries.

Morrison described the fellowship as “a vital step toward responsible journalism and open governance.”

“When the media is informed, the public is empowered,” she said. “And that strengthens accountability across the entire extractive value chain.”

A Culture of Openness and Trust

The Chamber reaffirmed its determination to make data transparency a permanent feature of Ghana’s mining governance ecosystem.

“Every cedi of mineral revenue — from royalties to taxes — must be traceable, verifiable, and appreciated for its role in Ghana’s progress,” Morrison stressed. “We are building not just a transparent mining industry, but a more informed society — one where truth replaces speculation and trust replaces doubt.”

The mining sector remains one of Ghana’s strongest revenue pillars, contributing significantly to employment, foreign exchange, and local investment. With transparency now at the heart of its social contract, the Chamber’s stance represents a defining step toward a more accountable, equitable, and sustainable resource economy.

Source: Accra Business News