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 growth is being driven by elevated global gold prices rather than broad-based structural reforms.
Speaking ahead of the presentation of the 2026 Mid-Year Budget Review by Finance Minister Dr. Cassiel Ato Forson, Ranking Member on Parliament’s Economy and Development Committee, Kojo Oppong Nkrumah, said the government is expected to paint an optimistic picture of the economy despite what he described as weak underlying fundamentals.
According to Mr. Oppong Nkrumah, while the administration is likely to claim that the economy has transitioned from stability to growth, much of the improvement has been driven by favourable international gold prices instead of deliberate policy interventions.
“Today, as they are going to hinge their growth numbers on gold, it is fair to say that what is going on is a ‘galamsey accounting’ which they will be touting as growth,” he said.
He questioned the sustainability of the government’s growth narrative, warning that Ghana’s economic performance remains highly exposed to fluctuations in global commodity markets.
“If gold returns to its five-year average price, what will our growth figure be?” he asked, arguing that an economy heavily dependent on gold exports cannot be considered resilient.
The former Information Minister said the Finance Minister must use the Mid-Year Budget Review to explain how the government intends to diversify the economy, strengthen productive sectors and reduce dependence on the mining industry.
The Minority also expressed concern over government revenue performance, claiming first-quarter revenue collections fell below target.
Mr. Oppong Nkrumah said both tax revenues and petroleum receipts underperformed during the period, creating what he described as a widening fiscal gap that requires urgent attention.
He urged the Finance Minister to provide a clear roadmap to meet revenue targets for the remainder of the fiscal year without undermining fiscal discipline or imposing additional burdens on businesses and households.
