Ghana Chamber of Mines claims the mining industry has played a significant role in protecting the cedi from further depreciating im value.
According to the Chief Executive Officer (CEO) of the Chamber, Sulemanu Koney, the cedi’s performance would have been at its worst if not for the extractive industry.
“Trust me, if you didn’t have the mining industry, we would probably be heading to around ¢25 to $1,” he said to counter claims suggesting that the mining industry has not sufficiently impacted the local currency in an interview on Joy News.
He further boasted about the industry’s contribution to the Ghanaian economy, saying a larger chunk of the country’s foreign exchange earnings comes from mining.
“Over the last few years, we’ve had a collaboration with the Bank of Ghana where part of our gold is sold to them as part of their reserves. This has been voluntary, not compulsory, but we still do it,” he explained.
There have been calls for the government to put a ban on mining in Ghana, especially small-scale mining. These calls have, however, been ignored by the government, which says it does not need to do that to fight illegal mining.
With the extractive industry contributing this much to the country’s economy, there is no doubt the government will stay its cause and not place a ban on the mining industry.
