Ghana’s 5.7% Growth Rate in 2024 Driven by Galamsey, Says Finance Minister
Minister of Finance Dr. Cassiel Ato Baah Forson challenges the NPP’s claims about Ghana’s economy, asserting that the 5.7% growth in 2024 was largely due to illegal mining. He highlights a 19.1% growth in the mining sector but warns about the sustainability of galamsey.
Dr. Cassiel Ato Baah Forson, Ghana’s Minister of Finance, has dismissed the New Patriotic Party’s assertion of leaving behind a healthy economy, attributing Ghana’s 2024 economic growth rate of 5.7% to illegal small-scale mining, commonly referred to as galamsey. In his presentation of the 2025 Budget Statement during a parliamentary session, he underscored the significant impact of the mining and quarrying sector on the economy.
During his address, Dr. Ato Forson referenced provisional 2024 Gross Domestic Product (GDP) figures published by the Ghana Statistical Service on March 10, 2025, which revealed a notable growth of 19.1% within the mining and quarrying sector, including both legal and illegal operations. This growth, he emphasized, was a crucial contributor to the overall economic increase for that year.
The provisional data indicated an overall real GDP growth of 5.7% for 2024, marking an increase from 3.1% in 2023. Dr. Ato Forson reiterated that while galamsey significantly aided this growth, it is not a sustainable economic solution. He stressed the importance of addressing illegal mining to ensure long-term economic viability.
In summary, Dr. Cassiel Ato Baah Forson has effectively countered the claims of the New Patriotic Party regarding Ghana’s economic health, attributing the 5.7% growth in 2024 primarily to illegal small-scale mining activities. The Minister emphasizes that, although mining has driven economic expansion, reliance on such unsustainable practices poses a risk to future growth.
Original Source: www.gbcghanaonline.com
