The Government has acknowledged that Ghana’s heavy reliance on gold exports presents a significant long-term economic risk, with the precious metal now accounting for more than two-thirds of the country’s export earnings.
Finance Minister Dr. Cassiel Ato Forson said while the concentration of export revenue in gold exposes the economy to fluctuations in global commodity prices, the government has no option but to maximise returns from the sector as it works towards diversifying the economy.
Speaking on Citi FM’s Breakfast Show after presenting the 2026 Mid-Year Budget Review, Dr. Forson admitted the risks associated with the country’s export structure but stressed that economic diversification would take time.
“This we are aware of. It is indeed a risk, but it’s also an advantage today. It is not something we can fix in two months. It requires planning, action and resources to address it in the medium term,” he said.
According to the latest Bank of Ghana data as of July 2026, gold contributed 68.3 percent of Ghana’s export earnings, while cocoa accounted for 12.5 percent, crude oil 9.4 percent, and non-traditional exports 9.8 percent.
The figures underscore Ghana’s continued dependence on gold, leaving the country’s foreign exchange earnings and fiscal performance vulnerable to swings in international gold prices.
Dr. Forson defended government’s strategy, arguing that interventions by the Ghana Gold Board (GoldBod) have significantly increased formal gold exports by curbing smuggling, particularly within the artisanal and small-scale mining sector.
According to him, without GoldBod’s monopoly purchasing framework, nearly half of Ghana’s current gold exports would have been smuggled out of the country.
“You need to take advantage of what you produce first and plan to diversify in the medium term. Without the intervention of GoldBod, half of the 68.3 percent would have been lost because it would have been smuggled out of the country,” he stated.
The Finance Minister disclosed that government is developing a comprehensive economic transformation programme, dubbed the “New Economy”, aimed at reducing Ghana’s dependence on gold over the next three years.
He explained that the strategy would focus on expanding value addition and increasing investment in sectors where Ghana has a competitive advantage, including agriculture and industrial commodities such as palm.
“We are working beyond cocoa. We are looking at palm and other strategic sectors where Ghana has an advantage. The plan is to invest more—about one percent of GDP—to diversify the economy and boost exports,” Dr. Forson said.
The remarks come against the backdrop of a strong export performance in the first half of 2026. Ghana’s total exports surged from US$8.51 billion in March to US$18.29 billion in June, driven largely by gold exports, which climbed from US$5.26 billion to US$12.5 billion during the period.
Cocoa exports increased from US$1.65 billion to US$2.29 billion, while oil exports rose from US$753 million to US$1.71 billion.
The increase in exports helped widen Ghana’s trade surplus from US$4.53 billion to US$8.81 billion, contributing to the stability of the cedi.
However, despite the strong trade performance, Ghana’s external reserves weakened over the same period. Gross International Reserves declined by US$1.2 billion, from US$14.16 billion in March to US$12.94 billion in June, while import cover fell from 5.7 months to 5 months.
Imports also more than doubled to US$9.48 billion, driven mainly by higher spending on petroleum products, machinery, industrial inputs and consumer goods, highlighting the broader challenges facing the economy despite robust export earnings.
