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Retain part of your earnings in Ghana - BoG to mining companies

Dec. 3, 2018, 1:25 p.m.

The Bank of Ghana (BoG) has reiterated calls for mining companies to abide by the retention agreement to help retain some foreign currencies in the country.

The agreement is aimed at preventing mining companies from keeping all their earnings outside the country after selling their products.

Speaking at the 4th Ghana Mining Industry Awards, Governor of the Bank of Ghana, Dr. Ernest Addison urged mining companies to abide by the agreement and repatriate their earnings into the country.

“At the Bank of Ghana we are interested in repatriation of foreign exchange. We are quite happy to note the improvements in the overall repatriation of export earnings to the country. We encourage the chamber to adhere strictly to the retention agreement even as our domestic financial system improves”, he said.

He stressed that large-scale gold producing companies must adhere to the BoG’s regulation on the repatriation of receipts from the exports of commodities.

This, he said will contribute significantly to “our country’s macro-economic fundamentals which as you can see benefited us sincerely in 2017 with the stability that we saw in the performance of the currency.”

He stated that it is an obligation that is bidding on all mining companies to bring back part of their earnings into the country.

Dr. Addison announced that Ghana’s major export commodities – oil, gold and cocoa – have been posting strong performances over the last two years.

“Ghana has swung from a country that recorded trade deficits to one that is currently recording trade surplus,” he said.