‘If not for mining, cedi could be ¢25 to $1’ — Sulemanu Koney on saving local currency

Sulemanu Koney, CEO of the Ghana Chamber of Mines, highlighted the mining sector's critical role in stabilizing the Ghanaian cedi during an interview on PM Express. He stated that without the sector's contributions, the cedi could have devalued to ¢25 per $1.

Koney emphasized that mining significantly boosts foreign exchange earnings, with voluntary gold sales to the Bank of Ghana helping shore up reserves.

He also noted that mining companies contribute to the local economy by paying for labor, energy, and other inputs in cedis, debunking misconceptions about the sector's impact.