Minority labels economy a ‘galamsey economy’, questions government’s growth claims ahead of budget review

Speaking ahead of the presentation by Finance Minister Dr Cassiel Ato Forson, Mr Oppong Nkrumah described what he called “galamsey accounting,” arguing that growth linked to gold prices does not necessarily reflect structural improvements in the economy.

The Minority in Parliament has accused the Mahama administration of presiding over what it describes as a "galamsey economy", arguing that Ghana's recent economic gains are being driven by soaring gold prices rather than broad-based growth.”Oppong Nkrumah warned that an economy heavily dependent on gold exports remains vulnerable to external shocks and questioned how the government would sustain growth, foreign exchange earnings and public revenue if international gold prices decline.