Dr. Cassiel Ato Baah Forson disputed claims by the NPP about a strong economy, attributing the 5.7% growth in 2024 primarily to illegal mining (galamsey). He referenced recent GDP statistics showing a 19.1% growth in the mining sector, underscoring concerns about the unsustainability of this growth.
Dr. Cassiel Ato Baah Forson, Ghana’s Minister of Finance, countered the New Patriotic Party’s assertion that they left a robust economy, citing a 5.7% growth rate in 2024. He emphasized that this growth was predominantly fueled by illegal small-scale mining, referred to locally as galamsey. During his presentation of the 2025 Budget Statement on March 11, 2025, he highlighted significant growth contributions from the mining and quarrying sector.
Forson supported his viewpoint with data from provisional 2024 Gross Domestic Product (GDP) statistics released by the Ghana Statistical Service (GSS) on March 10, 2025. The mining and quarrying sector demonstrated an impressive growth rate of 19.1%, which significantly contributed to the country’s overall economic performance. This statistic underscores the reliance on both lawful and unlawful gold mining activities.
He pointed out, “Mr. Speaker, provisional 2024 GDP statistics published by the Ghana Statistical Service (GSS) show that overall real GDP grew by 5.7% in 2024, compared to the growth rate of 3.1% recorded over the same period in 2023. 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.” His remarks stress the precarious nature of growth linked to illegal mining.
In summary, Dr. Ato Baah Forson has clarified that Ghana’s reported 5.7% economic growth in 2024 was significantly influenced by illegal mining practices. The mining and quarrying sector’s growth rate of 19.1% was pivotal to this expansion, but it raises concerns regarding the sustainability of such growth derived from galamsey activities. Further examination may be necessary to evaluate the long-term implications for the country’s economy.
Original Source: www.gbcghanaonline.com
