Ghana's economy highly sensitive to gold prices - IMF

Read Comments Comments (32)

• Kwame 1 month ago

  So what? Why is the INF sooo confused about this current Ghanaian economy? Our plan to exit the IMF next year June is driving this guy's crazy. They're doing everything possible to keep us in bondage and dictate to us like sl ...
  read full comment

  So what? Why is the INF sooo confused about this current Ghanaian economy? Our plan to exit the IMF next year June is driving this guy's crazy. They're doing everything possible to keep us in bondage and dictate to us like slaves. I don't understand why they're pleading with Ghana to extend the policy to August 2026? We need to get rid of this guy's like Burkina did to France and they came begging and Burkina gave them conditions to fly their airplane to their country. Enough of this nonsense

  reply
• D. TRUTHSAYER 1 month ago

  It is a FACT that
  1. Ghana's economy is "highly sensitive to gold prices"!
  2. As soon as price of gold falls, which will happen sooner or later, the Ghanaian economy will collapse!
  3. The Ghanaian economy, as it is, is a ...
  read full comment

  It is a FACT that
  1. Ghana's economy is "highly sensitive to gold prices"!
  2. As soon as price of gold falls, which will happen sooner or later, the Ghanaian economy will collapse!
  3. The Ghanaian economy, as it is, is a false economy every pun intended!

  reply
• Mame Ama 1 month ago

  Go read the recommendation...shoring up gold reserves is not the entire solution.
  1. If gold price falls, your reserves devalues.
  2.Reduce your imports, if not there will be demand for foreign currency which will lead to d ...
  read full comment

  Go read the recommendation...shoring up gold reserves is not the entire solution.
  1. If gold price falls, your reserves devalues.
  2.Reduce your imports, if not there will be demand for foreign currency which will lead to depreciation of the cedi and pressure on the economy.
  The answer is the government must invest in factories to boost local/ domestic production.

  reply
• Adu 1 month ago

  Investing in factories is not done in 1 or 2 years. It take time.

  Investing in factories is not done in 1 or 2 years. It take time.

  reply
• Mike, Parasi, Kumasi 1 month ago

  Great response! I think people must spare us the lectures on the economic theories they learned in school. In governance, things are different.

  Great response! I think people must spare us the lectures on the economic theories they learned in school. In governance, things are different.

  reply
• Pkay 1 month ago

  Why would the West continue to build their gold reserves? Look around for the countries with high gold reserves and check if they have stopped piling.

  Why would the West continue to build their gold reserves? Look around for the countries with high gold reserves and check if they have stopped piling.

  reply
• GUARANTEED: SKILL THAT WOULD STILL PAY DAILY CASH-OUTS IN 2026 1 month ago

  Do yourself a favour even as you pray; New year follows shortly, prepare towards a better 2026 with a practical skill that puts cash in your hand immediately if your income pauses today. Smartphone repair & accessories is one ...
  read full comment

  Do yourself a favour even as you pray; New year follows shortly, prepare towards a better 2026 with a practical skill that puts cash in your hand immediately if your income pauses today. Smartphone repair & accessories is one of the few skills that still pays daily, even in hard times. Phones break every day. People fix them the same day, that's money changing hands fast. Many unemployed people, even those with jobs — are learning this skill quietly to support themselves, or gifting the book to train siblings, relatives, or community youths. Many are buying copies to empower others this season, instead of giving other gifts that finish. GET Chukky Oparandu’s guide - it breaks it down clearly for beginners: repairs, flashing, accessories sales — the skill opens doors into IT careers. No big capital. Just a skill you earn from once you apply it. If you’re planning ahead for 2026, this is one move people are already making. Rush now, Search “Chukky Oparandu” on Amazon or visit selar.co/m/chukky (French edition "Gagnez de l'Argent en Réparant des Téléphones & Tablettes" Available!). Don’t miss his blockbuster career guide:“IT Career: A Roadmap” ,uu

  reply
• Mahama 24 Hour Economy is Real & West Togoland independence 1 month ago

  It is not rocket science to know that as a country, we are having false economy under my party NDC government.
  
  Whilst it is good practice to pour dollars occasionally to sustain the economy, this has to be seldomly done.
  ...
  read full comment

  It is not rocket science to know that as a country, we are having false economy under my party NDC government.
  
  Whilst it is good practice to pour dollars occasionally to sustain the economy, this has to be seldomly done.
  
  Market forces must dictate the exchange rate and that .means tgat if we are consuming what we produce, tgen we do not need much dollars. But as an NDC government, we are not thinking forward and boosting the economy with self reliance practices started by preceeding governments.
  
  The business of IMF is not to .make our country feel good. Part of their job is to sell dollars and with BRICS countries slowly ditching the dollar and China refusing to buy dollars, Ghana must be smart and institute practices tgat will well wet the appetite for locally produced products. We must stop pouring dollars to shore up tge Cedi.
  
  If we are not careful tge Cedi will be 25 Cedis to a dollar in tge ext 6 months or 12 months

  reply
• Agbeli Kumordziì 1 month ago

  IMF wish Ghana screwed up and cone back to IMF
  Is not going to happen
  We can choose eating fari to avoid IMF wicked business

  IMF wish Ghana screwed up and cone back to IMF
  Is not going to happen
  We can choose eating fari to avoid IMF wicked business

  reply
• Kobie 1 month ago

  Which country isn't sensitive to the price of it's main commodity? Same way oil producing countries are sensitive to oil price so will Ghana be to gold price.

  Which country isn't sensitive to the price of it's main commodity? Same way oil producing countries are sensitive to oil price so will Ghana be to gold price.

  reply
• These criminals are repeating their criminal activities again 1 month ago

  Just as GoldMan Sachs manipulated gold prices in the early 90s during Clinton's time just to collapse Ashanti Gold to take it over on a silver platter with the help of Sam Jonah, they are mulling ways and means to collapse go ...
  read full comment

  Just as GoldMan Sachs manipulated gold prices in the early 90s during Clinton's time just to collapse Ashanti Gold to take it over on a silver platter with the help of Sam Jonah, they are mulling ways and means to collapse gold prices to hurt Ghana's economy. The current government must be vigilant. If they engage in any crime to hurt Ghana's economy, seize and Nationalize Newmont and Amy American multi national extracting gold in the country. Go the way Mali, Tanzania and Niger have gone to gain more for your natural resources

  reply
• These criminals are repeating their criminal activities again 1 month ago

  Just as GoldMan Sachs manipulated gold prices on the commodity market in the early 90s during Clinton's time for the sole purpose of collapsing Ashanti Gold to take it over on a silver platter with the help of Sam Jonah, they ...
  read full comment

  Just as GoldMan Sachs manipulated gold prices on the commodity market in the early 90s during Clinton's time for the sole purpose of collapsing Ashanti Gold to take it over on a silver platter with the help of Sam Jonah, they are mulling ways and means to collapse gold prices to hurt Ghana's economy. Ghana had always held a golen share in Ashanti gold through which the Government of Ghana could veto any decision Ashanti gold took that was not in the interest of Ghana. The multinational manipulators hated that golden share rule, and they had discussions about it daily on TV. At this time gold deposit in South Africa was dwindling ,and they saw Ghana as the only African country they could get the commodity from. They developed ways and means to make gold an unattractive product by bidding down the price to reduce it artificially. They engaged in this manipulation with the full help of Sam Jonah whom they rewarded after they succeeded in taking over Ashanti Gold. The current government must be vigilant. If they engage in any crime to hurt Ghana's economy, seize and nationalize Newmont and any American multi national extracting gold in the country. Go the way Mali, Tanzania and Niger have gone to gain more for your natural resources

  reply
• Naysayers 1 month ago

  IMF is not our friend. They have never been

  IMF is not our friend. They have never been

  reply
• Arnold Gbetsimu 1 month ago

  VERY VERY VERY VERY MUCH TRUE.
  THEY BROUGHT PAMSCAD,it didn't work
  SAP..it didn't work,,ERP,it didn't work HIPIC... FIASCO
  WHY.?WHY SHOULD AMERICA MUST ALWAYS BE A SOLE PROFITAKER?
  AU IS TOOTH LESS

  VERY VERY VERY VERY MUCH TRUE.
  THEY BROUGHT PAMSCAD,it didn't work
  SAP..it didn't work,,ERP,it didn't work HIPIC... FIASCO
  WHY.?WHY SHOULD AMERICA MUST ALWAYS BE A SOLE PROFITAKER?
  AU IS TOOTH LESS

  reply
• Don't mind the IMF 1 month ago

  Every argument made centers on the gold reserves Ghana is accumulating.
  Their assessment is that a 30% drop will harm Ghana however gold is expected to rise further on 2026.
  Again, US, Canada, Russia, China, etc have had s ...
  read full comment

  Every argument made centers on the gold reserves Ghana is accumulating.
  Their assessment is that a 30% drop will harm Ghana however gold is expected to rise further on 2026.
  Again, US, Canada, Russia, China, etc have had significant gold reserves for over hundred years. Whether the price goes up or down in the short term, Ghana should continue to grow her reserves because over the long term gold is a winner.
  Gold used to be under $1000 per ounce. See where it is now

  reply
• NADAA2 1 month ago

  This is the only article on GhanaWeb where the contributors seem to be educated and knowledgeable.
  GREAT
  
  Yes, which country is not sensitive to it's primary export products?
  
  The IMF was, is, will never be our friend in ...
  read full comment

  This is the only article on GhanaWeb where the contributors seem to be educated and knowledgeable.
  GREAT
  
  Yes, which country is not sensitive to it's primary export products?
  
  The IMF was, is, will never be our friend in the long term!
  The earlier we throw off the IMF yoke, the better for the country.
  So, Mahama, pay off ALL THE IMF DEBTS so we can experience TRUE EMANCIPATION.

  reply
• GOLDEN 1 month ago

  TIME TO ENFORCE STRICT ACCOUNTABILITY AND TRANSPARENCY,PERIOD!!!!!!!!!!!!
  WITH SO MUCH GOD-GIVEN NATURAL RESOURCES,THERE IS NO NEED FOR GHANA TO BORROW FROM FOREIGN COUNTRIES, WHO DEMANDS VERY HIGH INTEREST RATES!!!!!!

  TIME TO ENFORCE STRICT ACCOUNTABILITY AND TRANSPARENCY,PERIOD!!!!!!!!!!!!
  WITH SO MUCH GOD-GIVEN NATURAL RESOURCES,THERE IS NO NEED FOR GHANA TO BORROW FROM FOREIGN COUNTRIES, WHO DEMANDS VERY HIGH INTEREST RATES!!!!!!

  reply
• Bh 1 month ago

  Fool...so what?

  Fool...so what?

  reply
• Forlifive 1 month ago

  Imf this imf that why?? They should leave us alone. Ndc is not npp to always go begging for arms to ran the country

  Imf this imf that why?? They should leave us alone. Ndc is not npp to always go begging for arms to ran the country

  reply
• Mohammed Tolon. 1 month ago

  We opened our doors to the predator called IMF to devour. All we need to get rid of their dictates and unfavorable focuses is to live within our means, be truthful and sacrificial to the state. Abolishing Article 71, the Coun ...
  read full comment

  We opened our doors to the predator called IMF to devour. All we need to get rid of their dictates and unfavorable focuses is to live within our means, be truthful and sacrificial to the state. Abolishing Article 71, the Council of State, and reducing the size of government can save the nation from approaching any financial institution including the IMF and their harsh conditionalities. Gold does not drink water or eat food. If we capitalise the state in other worldly demanding products and they orchestrate prices and we hold our our gold in our reserves what can they do ?

  reply
• Mame Ama 1 month ago

  THERE YOU GO...WHEN THE GOVERNMENT PLAYS PATRY POLITICS, HATRED AND ENVY THIS IS WHAT THE OUTCOME WILL BE.. THE ECONOMY SUFFERS, THE PEOPLE SUFFER AND NOOO PROGRESS/DEVELOPMENT IS MADE. THE ANSWER TO OUR ECONOMY IS FACTORIES, ...
  read full comment

  THERE YOU GO...WHEN THE GOVERNMENT PLAYS PATRY POLITICS, HATRED AND ENVY THIS IS WHAT THE OUTCOME WILL BE.. THE ECONOMY SUFFERS, THE PEOPLE SUFFER AND NOOO PROGRESS/DEVELOPMENT IS MADE. THE ANSWER TO OUR ECONOMY IS FACTORIES, BOOST DOMESTIC PRODUCTION, REDUCE IMPORTS!!!. ANYONE WHO THINKS THE 1D1F INTITIAVIE WAS NOT THE BEST INTITIAVIE...IS NOT WISE AT ALL AND DOES NOT SEEK THE INTEREST OF THE COUNTRY. JUST ONE FACTORY CAN PROVIDE JOBS AND REDUCE IMPORTS. INSTEAD OF FOCUSING ON INTITIAVIES LIKE THIS WHICH WE BENEFIT THE WHOLE COUNTRY..WE ARE BUSY FIGHTING EACH OTHER OVER POLITICAL PARTY AND TRIBE ALLEGENCE...ITS SOOO SAD.

  reply
• @RealNapo 1 month ago

  Kwasiato let intelligent and responsible chums comment

  Kwasiato let intelligent and responsible chums comment

  reply
• Mensah 1 month ago

  We have Agriculture Manufacturing and other minerals to mine in Ghana.Lets heed advice and stop being a Galamsey economy.Even the Gilf Stayed are diversifying their economics to reduce reliance on Oil
  Saudi Arabia UAE Qat ...
  read full comment

  We have Agriculture Manufacturing and other minerals to mine in Ghana.Lets heed advice and stop being a Galamsey economy.Even the Gilf Stayed are diversifying their economics to reduce reliance on Oil
  Saudi Arabia UAE Qatar are building other sectors

  reply
• Arnold Gbetsimu 1 month ago

  When will this people leave us alone?

  When will this people leave us alone?

  reply
• @ Arnold 1 month ago

  When we stop messing up our economy with short term fixes and running to them with cup in hand they will leave us alone.

  When we stop messing up our economy with short term fixes and running to them with cup in hand they will leave us alone.

  reply
• Adu 1 month ago

  In summary they ar urging us to sell our gold and keep it online dollar reserves or hedge the price of gold in the reserve against price decrease in the future.

  In summary they ar urging us to sell our gold and keep it online dollar reserves or hedge the price of gold in the reserve against price decrease in the future.

  reply
• Nene 1 month ago

  Shylock mentality
  IMF can't you live without speaking about Ghana.
  You haven't seen anything yet.
  This is just the begining

  Shylock mentality
  IMF can't you live without speaking about Ghana.
  You haven't seen anything yet.
  This is just the begining

  reply
• Samuel Attafuah 1 month ago

  DEFINITELY, ALTERNATIVE ECONOMIC LINKAGES MUST BE SOUGHT BEFORE WHAT THIS BW -INSTITUTION IS SAYING BECOMES OUR REALITY. BECAUSE, THEY HAVE MANIPULATIVE POWER TO STEER THINGS THEIR WAY. Sharp Alertness!

  DEFINITELY, ALTERNATIVE ECONOMIC LINKAGES MUST BE SOUGHT BEFORE WHAT THIS BW -INSTITUTION IS SAYING BECOMES OUR REALITY. BECAUSE, THEY HAVE MANIPULATIVE POWER TO STEER THINGS THEIR WAY. Sharp Alertness!

  reply
• Dr who 1 month ago

  Ghana's Gold-for-Reserves program through Q3, mainly from artisanal gold transactions. Its too risky to expand due to the volatility of the gold would the price drop without any back up plan place could spell disaster for t ...
  read full comment

  Ghana's Gold-for-Reserves program through Q3, mainly from artisanal gold transactions. Its too risky to expand due to the volatility of the gold would the price drop without any back up plan place could spell disaster for the Ghana economy. Surely this is a fair assessment by IMF

  reply
• Arnold Gbetsimu 1 month ago

  Wickedness galore.imf please back off Ghana.
  1.Pamscad-- fiasco..2.ERP-- fiasco..3..SAP- fiasco HIPIC-FIASCO.
  WHAT AGAIN?
  LEAVE US ALONE

  Wickedness galore.imf please back off Ghana.
  1.Pamscad-- fiasco..2.ERP-- fiasco..3..SAP- fiasco HIPIC-FIASCO.
  WHAT AGAIN?
  LEAVE US ALONE

  reply
• KjT 1 month ago

  I have this question to ask! Is IMF running our economy for us ? Why they’re always in our business? Ghana should pay them whatever we owed them and let them leave us alone to run our country! I’m tired of hearing their m ...
  read full comment

  I have this question to ask! Is IMF running our economy for us ? Why they’re always in our business? Ghana should pay them whatever we owed them and let them leave us alone to run our country! I’m tired of hearing their mouths in our issues. They’re parasites.

  reply
• Mubarak Gh 1 month ago

  Receiving a word of advice is always better than a slap for a cautious,they may not always be right,but we truly have to diversify our economy we really want to grow into industrialist nation.

  Receiving a word of advice is always better than a slap for a cautious,they may not always be right,but we truly have to diversify our economy we really want to grow into industrialist nation.

  reply