Cedi would have been GH¢25 to a dollar if not for mining – Chamber of Mines CEO

The Chief Executive of the Ghana Chamber of Mines, Sulemanu Koney, has stated that the mining sector has contributed significantly to the stabilization of the cedi.

According to him, the mining industry’s contribution to the economy has saved the cedi from depreciating further than it already has.

In a Joy News’ interview on September 19, he said the cedi would have been GH¢25 to $1 by now if not for mining adding that this has contributed largely to the growth of the economy.

“Trust me, if you didn’t have the mining industry, we would probably be heading to around ¢25 to $1,” he was quoted by myjoyonline.com.

The CEO noted that despite the misconceptions surrounding the industry, their contributions have not gone unnoticed.

“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,” Koney explained.

According to him, “Countries that don’t mine gold often have huge reserves, but that’s because they play in a different space. Mining companies are not in that business. We bring the foreign exchange into the country to run our operations.”

Koney said that mining companies play a huge role in the sustainability of the economy by purchasing various inputs, including labour, energy, and consumables, all of which are paid for in cedis.

“You have to pay for labour, energy, and other inputs locally. How do you do that if you don’t bring money into the country? Naturally, a significant portion of revenue comes back,” he added.