Economist and finance professor, Prof Godfred Bokpin, has criticised the structural foundation of Ghana’s economy, stating that its over-reliance on primary commodities continues to erode true economic resilience.
Speaking at the Joy Business Economic Forum, Prof Bokpin noted that more than 70 per cent of Ghana’s export earnings still come from unprocessed natural resources such as gold, cocoa, and crude oil — a trend that has seen little change since independence in 1957.
“Since independence, the sustainability of our economy is still based on primary commodities,” he said.
“There is no way you can talk about resilience within that context. In fact, the literature shows that this same percentage has persisted over the decades. So, when we say we have done well, it is simply more of the same.”
Prof Bokpin dismissed claims that Ghana’s economy is resilient, arguing that any temporary gains are typically the result of favourable global events rather than domestic economic transformation.
“Your economy is only resilient because the negative event we are seeing now tends to proportionately benefit gold. And therefore, we are getting some gains from that. But that is not resilience — it is luck.”
He further lamented Ghana’s failure to significantly diversify its economy, stressing that the narrow production base exposes the country to external shocks.
“Over the decades, we have not really structurally transformed this economy. We have not diversified this economy,” he stated.
Prof Bokpin’s remarks serve as a caution to policymakers and development planners, urging a shift away from reliance on commodity exports and toward long-term investments in value addition, industrialisation, and economic diversification.
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