Ghana’s recent economic growth has been driven largely by soaring global gold prices rather than government policy interventions, Ranking Member on Parliament’s Economy and Development Committee Kojo Oppong Nkrumah said on Wednesday, ahead of the 2026 Mid-Year Budget Review.
The opposition New Patriotic Party (NPP) lawmaker challenged the government’s expected presentation of first-quarter economic performance, arguing that headline growth figures do not reflect broad-based improvements across the economy.
Speaking before Finance Minister Dr. Cassiel Ato Forson presents the mid-year budget review to Parliament on Thursday, Oppong Nkrumah said the reported 6.4% first-quarter growth was heavily concentrated in the mining sector.
“Industry’s growth rate jumped from 1.9 to 6.9% in one quarter, yes, but if you double click it shows you that it is on the back of gold mining and export earnings hitting a record US$31.1 billion in 2025,” he said.
The Ofoase-Ayirebi Member of Parliament argued that Ghana’s improved economic indicators were being supported by historically high international gold prices rather than structural reforms implemented by the government.
“The government will tout the first quarter growth of about 6.4% to say that the economy is performing, it is rebounding, there is higher growth. But go into the details,” he said.
Oppong Nkrumah questioned the sustainability of the current growth trajectory, warning that a decline in global gold prices could expose weaknesses in the economy.
“If gold returns to its five-year average price, what will our growth figure be? What will the trade surplus be? What will the primary balance be? Where will they get forex to continue pumping onto the market?” he asked.
He called on the Finance Minister to include a sensitivity analysis in the Mid-Year Budget Review to demonstrate how Ghana’s economy would perform under different international gold price scenarios.
The government is expected to present the Mid-Year Budget Review to Parliament on Thursday, outlining the country’s fiscal performance and revised economic outlook for the remainder of 2026.
Source: asaaseradio.com
