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Bank of Ghana wants mining companies to retain part of their earnings in the country
The Governor of Bank of Ghana (BoG), Dr Ernest Addison, encouraged the companies to repatriate their earnings into the country.
Governor of the Bank of Ghana, Dr Ernest Addison
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He said that the mining companies must abide by the retention agreement they have in order to help Ghana’s economy.
Dr Addison was speaking at the 4th Ghana Mining Industry Awards. He encouraged the companies to 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.
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He emphasised that the large-scale gold producing companies must abide by the BoG’s regulation on the repatriation of receipts from the exports of commodities.
According to him, this will contribute significantly to “our country’s macroeconomic fundamentals which as you can see benefited us sincerely in 2017 with the stability that we saw in the performance of the currency.”
Dr Addison further 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.
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