The culture of exporting raw materials, importing finished goods must end

Finance Minister Dr Cassiel Ato Forson has cautioned that Ghana may repeat the long-standing pattern of exporting raw materials and importing finished products.

He said the situation could see Ghana export critical minerals needed for the global energy transition and later import batteries manufactured from those same resources.

Dr Ato Forson said the country’s economic stability must therefore be used as a foundation to drive industrialisation and add value to its natural resources.

Speaking on the second day of the Future of Energy Conference 2026 on Wednesday, August 26, the Finance Minister said macroeconomic stability is closely linked to Ghana’s industrial policy.

“We export cocoa and import chocolate. We export bauxite and import aluminium products. Now we risk exporting critical minerals only to import batteries," he said.

He said recent improvements in the economy had created the conditions for the country to pursue deeper structural transformation.

According to him, inflation declined from 23.8% at the end of 2024 to 4.6% in July 2026, while the economy grew by 6% in 2025 and 6.4% in the first quarter of 2026.

He added that external buffers had strengthened and interest rates had declined, but cautioned that economic stability should not be treated as the ultimate goal.

“Stability is obviously not the destination. It is the launch pad for transformation.”

Dr Ato Forson said the next phase of Ghana’s economic transformation must focus on building reliable and affordable energy to support industrial growth.

He said the government is taking steps in that direction, including plans to construct a state-owned 1,200-megawatt gas-fired power plant.

He said such an approach would be critical at a time when the global demand for critical minerals and energy-related products continues to grow.