Tweneboah: Without Gold, What Would Our Economy Look Like?

Tweneboah Kodua Fokuo, Member of Parliament for Manso Nkwanta and Deputy Ranking Member of Parliament’s Economy and Development Committee, during an interview on Citi FM on Sunday November 15, 2026 raised concerns about the sustainability of Ghana’s recent economic gains, questioning how the country’s economy would perform without the significant contribution of gold.

The lawmaker expressed concern about Ghana’s growing dependence on gold revenue, arguing that the country’s positive economic performance could be closely linked to the rising prices of the precious metal on the international market.

According to him, although the improved performance of the economy may be encouraging, there is a need to examine whether the gains are supported by strong economic fundamentals or largely driven by favourable developments in the global gold market.

During an appearance on Channel One TV, Fokuo posed a critical question about the country’s economic situation, asking, “Without gold, what would our economy look like?”

His remarks highlight concerns about the extent to which Ghana’s economic stability is influenced by developments in the mining sector, particularly the performance of gold on the international market.

The Manso Nkwanta MP warned that Ghana could face considerable economic difficulties if international gold prices experience a significant decline.

He suggested that such a development could affect the country’s foreign exchange position, weaken confidence in the local currency and place additional pressure on important macroeconomic indicators.

One of the major concerns raised by the legislator is the possible impact of falling gold prices on the Ghanaian cedi.

Since gold exports contribute significantly to Ghana’s foreign exchange earnings, a reduction in international prices could affect the amount of foreign currency entering the country, potentially creating challenges for currency stability.

Fokuo’s comments have also drawn attention to the importance of economic diversification and the need for Ghana to strengthen other productive sectors instead of relying heavily on favourable commodity prices to sustain economic growth.

His intervention raises broader questions about how prepared Ghana is to withstand external economic shocks and maintain its recent gains if conditions in the international commodities market change.

The lawmaker’s warning underscores the importance of building a resilient economy supported by diverse sources of revenue, stronger production and sustainable foreign exchange earnings rather than depending excessively on one major export commodity.

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