The New Patriotic Party (NPP) has challenged the government’s economic growth narrative, arguing that recent growth figures are largely driven by high gold prices rather than policy measures.
The remarks from the NPP comes ahead of the mid-year budget review presentation by the Minister of Finance, Dr Cassiel Ato Forson, in Parliament on Thursday, July 23, 2026.
Speaking ahead of the Mid-Year Budget Review, the Ranking member on the Economy and Development Committee, Kojo Oppong Nkrumah said the government’s expected emphasis on first-quarter growth figures failed to account for the role of gold exports.
He said the 6.4% first-quarter growth being cited by government was mainly supported by developments in the mining sector.
“Industry’s growth rate jumped from 1.9 to 6.9% in one quarter, yes, but if you double click it shows you that it is on the back of gold mining and export earnings hitting a record US$31.1 billion in 2025,” Mr Oppong Nkrumah said.
The NPP MP argued that the performance was linked to historically high gold prices rather than structural improvements in the economy.
“The government will tout the first quarter growth of about 6.4% to say that the economy is performing, it is rebounding, there is higher growth. But go into the details,” he said.
Mr Oppong Nkrumah questioned the sustainability of the growth trend if global gold prices decline.
“If gold returns to its five-year average price, what will our growth figure be? What will the trade surplus be? What will the primary balance be? Where will they get forex to continue pumping onto the market?” he asked.
He called on the Finance Minister to provide a sensitivity analysis in the Mid-Year Budget Review to show how the economy would perform under different gold price scenarios.
