Dr. Cassiel Ato Baah Forson refutes claims of a healthy economy post-2024 growth, attributing the 5.7 percent rise largely to illegal galamsey activities, which present sustainability issues.
In 2024, Ghana’s economy experienced a 5.7 percent growth rate, which was contested by Dr. Cassiel Ato Baah Forson, the Minister of Finance. He asserted that this growth was significantly influenced by illegal small-scale mining, commonly referred to as galamsey. During a presentation of the 2025 Budget Statement and Economic Policy in Parliament, Dr. Forson highlighted the role of mining and quarrying in this economic expansion.
Dr. Forson referred to the provisional Gross Domestic Product (GDP) statistics released by the Ghana Statistical Service (GSS) on March 10, 2025. The data indicated that the mining and quarrying sector, encompassing both legal and illegal gold mining activities, experienced a substantial growth rate of 19.1%, which was critical to the overall economic performance of the country.
In his remarks, he emphasized, “Provisional 2024 GDP statistics… show that overall real GDP grew by 5.7%… The key driver of this growth was largely mining and quarrying, mainly gold… which recorded a growth of 19.1%. But galamsey growth cannot be sustainable.” This statement underlines the fragility of relying on illegal mining as a growth engine for the economy.
Dr. Cassiel Ato Baah Forson has challenged the assertion from the New Patriotic Party regarding the positive state of Ghana’s economy, attributing the 5.7 percent growth in 2024 largely to illegal activities in the mining sector. His insights on the economic indicators raise concerns about the sustainability of such growth driven by galamsey, underscoring the need for a more stable and legal foundation for future economic development.
Original Source: www.gbcghanaonline.com
