Gold dependency threatens Ghana’s Economic resilience – Gideon Boako

The Deputy Ranking Member of Parliament’s Finance Committee and Member of Parliament for Tano North, Dr Gideon Boako, says the International Monetary Fund (IMF) has raised concerns about Ghana’s growing reliance on gold exports and the potential impact on the country’s long-term economic outlook.

In his latest economic commentary, “The Boako Economic Digest – #001/26,” Dr Boako said the IMF noted that gold now accounts for more than half of Ghana’s total exports, with recent improvements in the external sector largely supported by unusually high international gold prices rather than significant diversification of the economy.

According to him, the Fund warned that such dependence exposes Ghana to risks associated with possible declines or instability in global commodity prices.

Dr Boako also highlighted the IMF’s concern that despite Ghana’s status as Africa’s leading gold producer, government revenue generated from the mining sector remains relatively low.

He said the IMF pointed to gaps in transparency and weaknesses in fiscal reporting within the sector, raising questions about whether the country is receiving maximum value from its mineral resources.

The Tano North MP said the assessment underscores the need for government to pursue stronger economic diversification strategies, improve governance in the mining industry and enhance domestic revenue collection.

He added that addressing these issues would help reduce Ghana’s vulnerability to external shocks linked to commodity price movements and support the creation of a more sustainable and resilient economy.

Prince Antwi

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