Ghana's growth story is being driven by gold prices - Oppong Nkrumah claims

The New Patriotic Party (NPP) has urged Ghanaians to look beyond the headline economic growth figures expected to feature in the 2026 Mid-Year Budget Review, arguing that the country's recent performance has been fuelled largely by soaring gold prices rather than government policy.

Ahead of Finance Minister Dr Cassiel Ato Forson's presentation to Parliament on Thursday, July 23, Ranking Member on Parliament's Economy and Development Committee, Kojo Oppong Nkrumah, said the government's projected emphasis on first-quarter GDP growth does not present the full picture.

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According to the Ofoase-Ayirebi MP, the reported 6.4% growth in the first quarter was driven mainly by the mining sector, particularly record earnings from gold exports.

"Industry's growth rate jumped from 1.9 to 6.9% in one quarter, yes, but if you double-click, it shows you that it is on the back of gold mining and export earnings hitting a record US$31.1 billion in 2025," Mr Oppong Nkrumah said.

He argued that the figures reflect favourable global commodity prices rather than structural improvements in Ghana's economy.

"The government will tout the first-quarter growth of about 6.4% to say that the economy is performing, it is rebounding, there is higher growth. But go into the details," he said.

Oppong Nkrumah also questioned whether the current economic performance could be sustained if international gold prices fall.

"If gold returns to its five-year average price, what will our growth figure be? What will the trade surplus be? What will the primary balance be? Where will they get forex to continue pumping onto the market?" he asked.

He called on the Finance Minister to include a sensitivity analysis in the Mid-Year Budget Review to demonstrate how Ghana's economy would perform under different global gold price scenarios.

NA/BAI