The Member of Parliament for Akyem Oda, Alexander Akwasi Acquah, has called for a stronger focus on industrialisation, cautioning that Ghana’s current dependence on gold to stabilise foreign exchange reserves may not guarantee long-term economic growth.
He acknowledged the role gold is playing in supporting the country’s forex position but stressed the need for a broader strategy that prioritises manufacturing.
According to him, economies that have built resilience over time have done so by developing robust industrial sectors capable of producing goods for both local consumption and export.
He argued that Ghana stands to gain significantly from investing in manufacturing, noting that producing what the country consumes while exporting surplus goods would not only boost foreign exchange inflows but also create jobs across various sectors, particularly for factory workers.
Mr. Acquah warned that relying heavily on gold exposes the economy to external shocks, as global commodity prices remain unpredictable.
“We cannot claim to be consolidating growth when we depend solely on gold, whose prices can drop at any time,” he said.
The former Deputy Minister for Health furthere referenced and endorsed the erstwhile New Patriotic Party (NPP) One District, One Factory (1D1F) initiative as a more sustainable pathway to economic transformation.
Mr. Acquah’s comments come after the Ghana Gold Board (GoldBod) announced a strong financial performance for 2025, recording total revenue of GH₵5.55 billion and an overall surplus of GH₵5.45 billion.
This surplus, which far exceeds the GH₵185.34 million recorded in 2024, reflects the Board’s success in its first full year of operations, driven by strengthened regulatory reforms in the artisanal and small-scale mining (ASM) sector.
However, the lawmaker maintained that the policy, which promotes decentralised industrial development, offers greater long-term benefits compared to initiatives focused primarily on trade activities.
He also expressed scepticism about the effectiveness of a 24-hour market system, arguing that it largely encourages buying and selling rather than production, which he believes is critical for sustained economic growth.
By 1960news.com
