The Institute of Economic Research and Public Policy (IERPP) has called for stronger accountability in the management of Ghana’s public resources, warning that attracting foreign investment alone will not guarantee sustainable economic growth.
The call comes after Ghana reportedly recorded US$2.62 billion in Foreign Direct Investment (FDI) in 2025, a development the Institute described as an encouraging indication of continued investor interest in the country.
However, IERPP Executive Director, Prof. Isaac Boadi, said the positive investment figures must be considered alongside the reported losses associated with the Domestic Gold Purchase Programme (DGPP).
Recent discussions on the programme have put the estimated losses at about GH¢22 billion, equivalent to approximately US$1.7 billion.
Prof. Boadi said the reported loss represented nearly 65 per cent of the FDI Ghana attracted during the period, highlighting the need for the country to pay greater attention to the management of resources already available to it.
“Certainly, we should acknowledge Ghana’s capacity to draw US$2.62 billion in foreign direct investment. It is a sign that in spite of the economic challenges we are experiencing, international investors still have confidence in the opportunities in Ghana,” he said.
He, however, cautioned against celebrating new capital inflows without equally examining significant losses occurring within the economy.
According to him, the comparison between the two figures was intended to illustrate the scale of the reported DGPP losses and not to suggest that Ghana’s FDI had been lost or that the entire US$1.7 billion loss could be attributed to GoldBod.
He stressed that the reported US$1.7 billion represented losses associated with the DGPP as a programme and should not be directly attributed in its entirety to the Ghana Gold Board.
The Institute nevertheless believes that all costs and fees associated with the programme, including those involving GoldBod, must be subjected to detailed public scrutiny.
“The question is, are we paying enough attention to how well we manage and protect the resources that we already have in our economy?” Prof. Boadi asked.
IERPP said FDI remained critical to Ghana’s economic transformation because it could create jobs, facilitate technology transfer, expand productive capacity, support infrastructure development and generate foreign exchange.
However, the Institute cautioned that foreign capital could not replace prudent management of domestic resources.
Prof. Boadi likened the situation to filling a bucket with water while allowing a large hole at the bottom to remain open.
“It would be good news that more water is being poured into the bucket, but the greater responsibility is to ask why we are allowing such a significant amount to escape,” he explained.
IERPP is therefore demanding greater transparency over the reported DGPP losses, including a clear breakdown of the sources of the losses, costs incurred, revenues generated, GoldBod-related fees and charges, and the ultimate impact on the state’s finances.
The Institute also urged Parliament, accountability institutions, civil society organisations, think tanks and the media to subject the figures to rigorous scrutiny.
Prof. Boadi said Ghana must avoid selective interpretation of economic indicators, arguing that positive developments should be celebrated while negative figures must also prompt difficult questions.
“There should be no selective enthusiasm when it comes to Ghana’s economic numbers. When the figures are positive, we must celebrate them; when the figures reveal significant losses, we must ask difficult questions. Both are necessary for a credible economic conversation,” he said.
IERPP further argued that lasting investor confidence would depend not only on Ghana’s ability to attract foreign capital but also on the strength of its institutions, transparency in public financial management and its ability to safeguard economic resources.
Prof. Boadi said Ghana needed both investment and accountability to achieve sustainable economic transformation.
“We must celebrate Ghana attracting US$2.62 billion in FDI. But at the same time, we must have the courage to ask why a reported US$1.7 billion loss under the domestic gold programme is equivalent to almost two-thirds of that inflow,” he said.
“Ghana needs both investment and accountability. One without the other cannot deliver sustainable economic transformation,” he added.
