Gideon Boako: IMF warns Ghana’s gold dependence leaves economy dangerously exposed

The Deputy Ranking Member of Parliament’s Finance Committee and Member of Parliament for Tano North, Dr Gideon Boako, says the International Monetary Fund (IMF) has warned that Ghana’s increasing dependence on gold exports poses a significant risk to the country’s long-term economic stability.

In his latest commentary, “The Gboako Economic Digest – #001/26,” Dr Boako noted that the IMF observed more than half of Ghana’s exports are now derived from gold, with recent improvements in the external sector being driven largely by exceptionally high global gold prices rather than broad-based economic diversification.

Dr Boako further stated that although Ghana remains Africa’s largest gold producer, the IMF questioned why fiscal revenues from the mining sector remain relatively modest.