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Mining sector-Ghana’s largest source of forex earnings

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The Chief Executive Officer of the Ghana Chamber of Mines, Mr. Sulemanu Koney has said, the Mining sector contributes significantly to the Socio-economic development of Ghana.

According to him, fiscal contributions by the mining sector increased from 2.16 billion Ghana Cedis in 2017 to 2.36 billion Ghana Cedis in 2018 representing a growth of 9.3 per cent.

He said, relative to the other economic sectors, the mining sector accounted for nearly 14 percent of domestic revenue mobilized by the Ghana Revenue Authority in 2018.

The CEO revealed this during the 2019 Inter-Mines First Aid and Safety Competition held at Kenyasi No. 2 in the Asutifi North District of the Ahafo Region.

Mr. Sulemanu Koney also disclosed that, in 2018, the mining sector accounted for about 39 per cent of Gross Foreign exchange receipts, making it the country’s largest source of forex earnings.

”In nominal terms, the realized mineral revenue reported by the producing member companies of the chamber was USD 3.8 billion. Out of this, the realized revenue, the producing member companies of the Chamber returned 74.7 per cent into the country’’. He added.

Story filed by Dauda Zul-kiful

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