Ghana’s 2024 Growth Rate Driven by Galamsey, Asserts Finance Minister

Dr. Cassiel Ato Baah Forson disputes claims by the New Patriotic Party regarding a healthy economy, stating that the 5.7% economic growth rate forecast for 2024 is mainly driven by illegal small-scale mining (galamsey). He highlights provisional GDP statistics showing a significant contribution from the mining sector, while cautioning that such growth is not sustainable.

Dr. Cassiel Ato Baah Forson, Ghana’s Minister of Finance, has countered the New Patriotic Party’s assertion that they left behind a robust economy, citing a 5.7% economic growth rate forecast for 2024. He emphasized that this growth is significantly fueled by illegal small-scale mining, referred to locally as galamsey.

During his presentation of the 2025 Budget Statement on March 11, 2025, Dr. Ato Forson highlighted the mining and quarrying sector as a primary driver of economic growth. He referenced provisional Gross Domestic Product (GDP) statistics released by the Ghana Statistical Service on March 10, 2025, which indicated an impressive 19.1% growth rate in the mining sector.

Dr. Ato Forson pointed out that the overall real GDP rose by 5.7% in 2024, a substantial increase from the 3.1% growth recorded in 2023. He underscored that while the mining sector, including illegal activities like galamsey, contributed notably to this economic expansion, such growth is not sustainable in the long term.

In his remarks, he stated, “Mr. Speaker, provisional 2024 GDP statistics published by the Ghana Statistical Service (GSS) on 10th March 2025 show that overall real GDP grew by 5.7% in 2024… the key driver of this growth was largely mining and quarrying, mainly gold, including (illegal mining) galamsey, which recorded a growth of 19.1%. But galamsey growth cannot be sustainable.”

In conclusion, Dr. Cassiel Ato Baah Forson effectively challenges the New Patriotic Party’s claims regarding Ghana’s economic health, attributing the 5.7% growth in 2024 primarily to illegal small-scale mining. His insights, supported by the Ghana Statistical Service’s figures, indicate that while the mining sector showed remarkable growth, the reliance on galamsey for economic expansion poses sustainability concerns moving forward.

Original Source: www.gbcghanaonline.com