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 warned that Ghana’s increasing dependence on gold exports poses a significant risk to the country’s long-term economic stability.
In his latest commentary, ‘The Gboako Economic Digest – #001/26’, Dr Boako noted that the IMF observed more than half of Ghana’s exports are now derived from gold, with recent improvements in the external sector being driven largely by exceptionally high global gold prices rather than broad-based economic diversification.
He said the Fund cautioned that this leaves Ghana increasingly vulnerable to future fluctuations in international commodity markets.
Dr Boako further stated that although Ghana remains Africa’s largest gold producer, the IMF questioned why fiscal revenues from the mining sector remain relatively modest.
According to him, the Fund also highlighted weaknesses in transparency and fiscal reporting, suggesting the country is yet to maximise the benefits of its mineral wealth for national development.
He said the IMF’s findings reinforce the need for government to accelerate economic diversification, strengthen governance and improve domestic revenue mobilisation to reduce the country’s exposure to commodity price shocks and build a more resilient economy.