The New Patriotic Party (NPP) has challenged the government’s economic growth narrative, arguing that Ghana’s recent economic performance is being driven largely by high global gold prices rather than government policy measures.
The remarks come ahead of the presentation of the 2026 Mid-Year Budget Review by Finance Minister, Dr Cassiel Ato Forson, in Parliament on Wednesday, July 23, 2026.
Speaking ahead of the budget presentation, the Ranking Member on Parliament’s Economy and Development Committee, Kojo Oppong Nkrumah, said the government is expected to highlight Ghana’s 6.4% first-quarter economic growth, but insisted the figure does not reflect broad-based improvements across the economy.
According to him, the country’s growth was largely supported by the mining sector, particularly strong gold exports driven by record global prices.
“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.
The former Information Minister argued that the growth was linked more to favourable international commodity prices than to domestic economic reforms.
“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 stated.
Mr Oppong Nkrumah also questioned whether the current growth momentum could be sustained if global gold prices decline.
“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 Finance Minister Dr Cassiel Ato Forson to include a sensitivity analysis in the Mid-Year Budget Review, showing how Ghana’s economy would perform under different global gold price scenarios.
The Finance Minister is expected to present the Mid-Year Budget Review in Parliament on Wednesday, outlining the government’s assessment of the economy and its fiscal outlook for the remainder of 2026.
