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Gideon Boako: IMF warns Ghana’s gold dependence leaves economy dangerously exposed
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MyJoyOnline
In his latest commentary, “The Gboako Economic Digest - #001/26,” Dr Boako noted that the IMF observed that more than half of Ghana’s exports are now derived from gold, with recent improvements in the external sector being driven largely by exceptionally high global gold prices rather than broad-based economic diversification.
He said the Fund cautioned that this leaves Ghana increasingly vulnerable to future fluctuations in international commodity markets.
Dr Boako further stated that although Ghana remains Africa’s largest gold producer, the IMF questioned why fiscal revenues from the mining sector remain relatively modest.
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