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We don’t hide minerals export proceeds – BoG Governor

 

 

 

The Governor of the Bank of Ghana (BoG), Dr Ernest Addison, has told the Public Accounts Committee (PAC) of Parliament that the central bank does not hide information about proceeds accrued from the exportation of minerals including bauxite.

The Chair of PAC, Mr James Klutse Avedzi, raised the issue of bauxite receipts on Wednesday, 24 June 2020 during the Committee’s interaction with the central bank Governor after one member alleged that the bank had not disclosed some bauxite receipts.

Responding to the issue, Dr Addision said: “We have always disclosed how much we receive from all exports. It might not be in the statement of foreign exchange receipts and payment of the Bank of Ghana, but for the banking system as a whole, we do that in the balance of payment.”

He added: “Bauxite is reflected in the commercial bank receipts which are captured in the balance of payment, not in the statement of foreign exchange receipt and payment by the Bank of Ghana”.

“The policy of non-surrender to the commercial banks started in 2017”, he said.

“The treatment of manganese and timber, bauxite and all of that is that we never really reported that from the Bank of Ghana as part of the flows coming to the Bank of Ghana”, Dr Addison added.

“These were already being surrendered to the commercial banks. So, it is only in the case of gold that there was a change in policy to allow the gold mining companies to also repatriate to their bankers rather than repatriate to the central bank.”

Source: Class FM

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. In addition to his media ventures, Solomon serves as a Brand Ambassador for Alabuga, a prominent Russian industrial company, representing their interests and expansion across Africa. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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