Ghana’s projected 5.7% economic growth in 2024, attributed to illegal mining, has been challenged by Finance Minister Dr. Ato Baah Forson. He presented data showing a substantial contribution from the mining and quarrying sector, particularly illegal activities, while stressing the unsustainability of this growth model.
In a recent statement, Dr. Cassiel Ato Baah Forson, Ghana’s Minister of Finance, dismissed claims made by the New Patriotic Party (NPP) regarding a strong economy due to a projected 5.7% economic growth in 2024. He attributed this growth primarily to illegal small-scale mining activities, commonly referred to as galamsey, rather than sustainable economic management.
During the presentation of the 2025 Budget Statement and Economic Policy on March 11, 2025, Dr. Ato Forson highlighted the significant role of the mining and quarrying sectors in driving economic growth. According to the provisional GDP statistics released by the Ghana Statistical Service (GSS) on March 10, 2025, the sector experienced a notable growth rate of 19.1%.
Dr. Forson emphasized that while the overall real GDP increased from 3.1% in 2023 to 5.7% in 2024, the reliance on galamsey is not a sustainable growth strategy. He pointed out that while illegal mining contributes to short-term economic indicators, it poses serious long-term risks to the economy and environment.
Dr. Ato Forson clearly articulated that the 5.7% growth rate projected for Ghana in 2024 is significantly driven by illegal gold mining, debunking the notion of a robust economy left by the NPP. He warned against the sustainability of such growth, highlighting the need for a more responsible economic framework that does not rely on illegal activities.
Original Source: www.gbcghanaonline.com
