Ghana’s gold boom masks deep petroleum, governance risks – NRGI cautions 

The Natural Resource Governance Institute (NRGI) has warned that strong gold earnings underpinning Ghana’s improved fiscal outlook mask deep-seated petroleum sector and governance risks, urging the government to implement sustainable reforms to safeguard long-term economic stability.

Speaking in an interview with the Ghana News Agency, Mr Patrick Kwabena Stephenson, the Country Manager of NRGI, said although strong gold exports and favourable international commodity prices had significantly improved Ghana’s fiscal position, structural weaknesses in the petroleum sector and governance gaps required urgent policy attention.

He warned that despite the positive performance, Ghana’s growing dependence on gold posed significant long-term risks, explaining that export earnings were becoming increasingly concentrated in one commodity, exposing the country to future price volatility, like the experience of the petroleum sector.