The Governor of the Bank of Ghana, Dr. Johnson Asiama, has urged a strategic transformation of Ghana’s economy from its dependence on raw material exports toward value-added production in key sectors such as gold, oil, and cocoa.
Speaking during the IMF and World Bank Spring Meetings in Washington DC, Dr. Asiama said Ghana’s economic structure remains overly reliant on unprocessed natural resources, making the nation vulnerable to global market shocks and commodity price swings.
He observed that although Ghana continues to benefit from its diverse exports — including gold, cocoa, and remittances — the heavy concentration on raw commodities has limited the country’s potential for sustainable growth.
“Our export mix still shows a strong bias toward primary products. While sectors like cocoa continue to perform well, we need to go further by adding value and processing more of what we produce locally,” Dr. Asiama explained.
According to him, long-term stability will only be achieved when Ghana invests significantly in industrial processing and manufacturing capacity. He emphasized that value addition in gold, oil, and cocoa would not only create jobs but also reduce the country’s exposure to unpredictable global prices.
“If Ghana can advance processing in these three key areas — gold, oil, and cocoa — we will be in a stronger position to cushion the economy from external shocks. I know the government is actively working to make this happen,” he said.
Dr. Asiama also revealed that efforts are underway to strengthen Ghana’s capacity for local gold refining. Several refineries, he said, are nearing full operation and are expected to process part of the country’s gold output domestically, rather than exporting all of it in its raw state.
“There are plans to reactivate some refineries already established in the country. A few are almost ready to start refining, which means a portion of our gold will be processed locally. This will help us retain more value within the economy,” he added.
The central bank governor reiterated that industrialization and resource-based value addition are essential to building a resilient Ghanaian economy that is less dependent on fluctuations in global commodity markets.
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