Finance Minister Dr Cassiel Ato Forson has blamed Ghana’s dependence on raw commodity exports for the repeated economic crises that have affected the country despite more than three decades of economic growth.
He said the country's reliance on gold, cocoa and oil has exposed the economy to global price changes, making it difficult to sustain growth and improve the living conditions of ordinary Ghanaians.
LIVESTREAMING: Dr Ato Forson presents 2027 Budget to Parliament
Dr Forson made the remarks on Thursday, November 12, 2026, during his presentation of the 2027 Budget Statement and Economic Policy to Parliament, he said although Ghana recorded an average GDP growth rate of 5.2 percent over the period under review, the performance did not reflect the economic difficulties experienced by many households.
“GDP growth averaged 5.2 per cent. That record tells us that Ghana is capable of economic expansion, but it also conceals the volatility within that growth,” he said.
The Finance Minister explained that periods of high commodity prices has boosted government revenue and confidence, but falling prices and weak fiscal management often pushed the economy into difficulties, leading to high inflation, rising interest rates and reduced investment.
He noted that extractive industries accounted for about 16 percent of GDP growth over the last decade, while unemployment stood at approximately 12.8 percent in January 2026.
According to him, the figures expose a major weakness in Ghana’s economic structure, where the country can record growth without enough jobs and opportunities reaching its people.
“The result is an economy that can post growth figures whilst leaving too many citizens outside the promise of that growth,” he stated.
Dr Forson also pointed to the 2022 economic crisis as evidence of the dangers of depending on temporary commodity gains to support long-term government spending.
He said excessive expenditure, weak revenue mobilisation and costly borrowing pushed the country into debt distress.
He recalled that by the end of 2022, inflation had reached 54.1 percent, the primary balance had recorded a deficit of 4.3 per cent of GDP, and international reserves had fallen below three weeks of import cover. Ghana's debt had also exceeded 100 per cent of GDP under the IMF's debt sustainability assessment.
The Finance Minister said the crisis went beyond economic statistics, as households struggled with rising food prices, transport fares, medicine costs and high borrowing rates, while businesses collapsed and families were forced to delay important expenses.
“The crisis affected every household and business. It imposed severe hardships on families. It made food too expensive to buy. It raised transport fares and the cost of medicine,” he said.
He added that the debt restructuring programme also affected pension funds, banks, businesses, investors and households through losses on their investments and savings.
“The Ghanaian people paid a heavy price. We owe them something greater than recovery. We owe them a country that honours their sacrifices and ensures that the hardships they have endured do not become the inheritance of their children,” Dr Forson said.
ANAS/EB
LIVE: Dr Cassiel Ato Forson is presenting the 2027 Budget Statement and Economic Policy
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