Commodity dependence threatens Ghana's economic future - Professor Bokpin

Professor Godfred Bokpin, a distinguished economist and finance professor at the University of Ghana, has strongly criticised the country's economic framework, pinpointing its overwhelming reliance on primary commodities.

At the Joy Business Economic Forum, he disclosed that Ghana's export earnings remain heavily skewed towards unprocessed commodities, with gold, cocoa, and crude oil accounting for over 70%, a pattern remarkably consistent since 1957.

“Since independence, the sustainability of our economy is still based on primary commodities,” he said.

He noted that the country's over-reliance on primary commodities is a major impediment to sustainable growth and development.

He asserted that Ghana's economy is not resilient, suggesting that short-term gains are largely driven by global factors rather than meaningful changes within the domestic economy.

He mentioned the economy's high exposure to external shocks and underscored the pressing necessity for diversification to ensure long-term stability and growth

DR/MA

Meanwhile, watch as victims of the June 3 disaster decry 10 years of neglect by the state: