Ghana’s Finance Minister, Dr. Cassiel Ato Baah Forson, criticized the NPP’s claim regarding a healthy economy post-2024, indicating that the 5.7 percent growth was mainly due to illegal mining activities (galamsey), with the mining sector achieving a 19.1 percent growth. He emphasized the need for sustainable economic practices moving forward.
Dr. Cassiel Ato Baah Forson, Ghana’s Minister of Finance, has disputed the assertion made by the New Patriotic Party (NPP) that they left the economy in good health, citing the 5.7 percent economic growth recorded in 2024. He emphasized that this growth was significantly influenced by illegal small-scale mining, commonly referred to as galamsey.
In his presentation of the 2025 Budget Statement and Economic Policy to Parliament on March 11, 2025, Dr. Ato Forson detailed the prominent growth drivers, particularly in the mining and quarrying sector. He referenced provisional 2024 Gross Domestic Product (GDP) statistics from the Ghana Statistical Service (GSS), which were released on March 10, 2025, showcasing a remarkable sector growth rate of 19.1 percent.
This surge in mining activities, both legal and illegal, was instrumental in the overall economic expansion of Ghana. Dr. Ato Forson remarked, “Provisional 2024 GDP statistics published by the Ghana Statistical Service (GSS) on 10th March 2025 show that overall real GDP grew by 5.7% in 2024… The key driver of this growth was largely mining and quarrying, mainly gold, including (illegal mining) galamsey, which recorded a growth of 19.1%. But galamsey growth cannot be sustainable.”
This statement underscores concerns regarding the long-term viability of an economy reliant on illegal mining activities, making the future of such growth potentially precarious.
In conclusion, Dr. Ato Forson highlighted that while Ghana experienced a notable 5.7 percent growth rate in 2024, this was heavily reliant on illegal mining practices. The significant contribution of the mining and quarrying sector to the economy raises questions about sustainability, as underscored by the Minister’s assertion of the unsustainable nature of galamsey-driven growth.
Original Source: www.gbcghanaonline.com
