On March 11, 2025, Minister of Finance Dr. Cassiel Ato Forson presented the 2025 Budget Statement and Economic Policy to Parliament.
He attributed the 5.7% GDP growth in 2024 to increased activity in the mining sector, including illegal small-scale mining, commonly referred to as "galamsey."
He emphasised that the mining and quarrying sector was the key driver of economic expansion.
The International Monetary Fund (IMF) confirmed that Ghana's economy experienced stronger-than-expected growth in 2024, primarily due to robust performance in the mining and construction sectors. This information was shared during a two-week IMF mission to Accra from April 2 to April 15, 2025, led by Mission Chief Stéphane Roudet.
The mission was part of Ghana's ongoing engagement under the Extended Credit Facility (ECF) program and assessed the country's recent economic developments and policy performance. Roudet noted a significant improvement in Ghana’s external position, driven by strong export performance—particularly in gold—and increased remittances.
“Growth in 2024 was higher than expected, underpinned by strong mining and construction activity. The external sector has seen a considerable improvement, driven by solid exports—particularly gold and to a lesser extent oil, and higher remittances. As a result, international reserves accumulation has far exceeded the ECF-supported program targets,” he emphasised.
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At what cost to human life and the environment, water from the river cannot be purified anymore for drinking, fishing both in the river and where it enters the sea is stopped, babies are born deformed and the health of people along the water body is seriously affected. Any idea of how much it will cost and for how long to clean up the whole contamination of the river and the farm landscape ?. Mining is done globally with minimal effects on humans life and the environment, Ghana can do the ...