Ghana's growing dependence on gold exports has prompted debate on economic resilience and over-reliance on a single commodity. The establishment of the Ghana Gold Board under the Ghana Gold Board Act, 2025 aims to shift from raw extraction to value addition, with a mandate to purchase, assay, refine domestically, ensure supply chain traceability, combat smuggling, and support central bank reserve accumulation. From September 1, 2026, mandatory local refining will require Self-Financing Aggregators to refine gold doré domestically before export, with unrefined doré no longer receiving export clearance.
13 hours ago · Joy Online →
Economist Professor Peter Quartey warns that Ghana remains highly vulnerable to external economic shocks due to dependence on imported fuel and gold exports, with limited buffers to cushion the economy from global disruptions. He identifies Ghana's continued importation of processed fuel as a major concern, noting the country is not processing enough of its own oil and relies too heavily on conventional fuels rather than pursuing green energy transition.
25 September 2026 · Joy Online →
Economist Professor Peter Quartey has warned that Ghana remains highly vulnerable to external economic shocks because the country has limited buffers to absorb global disruptions, particularly given its heavy dependence on imported processed fuel despite being an oil producer. He cautioned that temporary relief from the Bank of Ghana's decision to maintain the policy rate at 14% depends on how global developments unfold.
25 September 2026 · Joy Online →
Economist Professor Peter Quartey says businesses can expect relief from rising borrowing costs in the short term, but cautions the relief may only be temporary and dependent on global developments. He said costs are not expected to rise over the next month or two, but warned that Ghana's limited economic buffers leave it exposed to external shocks.
25 September 2026 · Joy Online →
Economist Professor Peter Quartey supports the Bank of Ghana's decision to hold the policy rate at 14%, saying it is appropriate given inflationary threats including rising global oil prices, utility charges, and fuel costs. However, he acknowledged that while global economic conditions might support a rate hike, doing so would hurt businesses and increase the cost of doing business.
25 September 2026 · Joy Online →