Economist and Professor of Finance at the University of Ghana, Godfred Bokpin, has called for a strategic shift in Ghana’s economic model, urging policymakers to prioritise sectors that generate meaningful employment.
Speaking on Joy FM’s Super Morning Show during a discussion on the cedi’s performance, Prof. Bokpin noted that while gold plays a significant role in Ghana’s economy, its impact on government revenue and job creation remains limited.
“About 23 percent of our economy is driven by gold. That has not significantly impacted our revenue and has not created a lot of decent jobs. So, although the economy appears to be growing, the employment response is weak because the growth is not coming from labour-intensive sectors. We are experiencing what is commonly referred to as jobless growth,” he stated.
He stressed the need for Ghana to pursue “job-rich” growth by deliberately investing in labour-intensive sectors such as manufacturing and value addition.
“Going forward, the economy the President wants to build must be job-rich. We need growth that translates into jobs. That means being intentional about channeling growth through sectors like manufacturing and value addition,” he said.
Beyond employment concerns, Prof. Bokpin also raised environmental issues related to gold mining. He advocated for an end to the export of raw gold, urging the country to process the mineral locally to maximise economic value and reduce environmental harm.
“Apart from the environmental destruction caused by gold mining, we must stop exporting our gold in its raw form. Let’s make that decision now. The goodwill is there, the enabling environment is there, and global uncertainties work in our favour,” he explained.
He further emphasised the competitive advantage Ghana could gain by refining its gold domestically.
“Let’s do what makes us unique in the global market. These days, countries are looking inward before they look outward,” Prof. Bokpin added.