Any growth model built on environmental destruction will fail – Prof. Bokpin on galamsey

Professor of Finance and economist at the University of Ghana Business School, Godfred Bokpin, has cautioned that Ghana's pursuit of economic growth through illegal mining, or galamsey, is unsustainable. During an interview on Joy FM’s Super Morning Show on August 24, Prof Bokpin highlighted the detrimental effects of galamsey on Ghana's forests, water bodies, and overall ecosystems.

He criticized the government's focus on the monetary gains from gold exports, as reported by the Ghana Gold Board, asserting that these benefits are not balanced by the environmental costs. Prof Bokpin argued that any growth model based on environmental destruction and primary commodities is inherently weak and unsustainable. He proposed a thorough evaluation of the gold sector, considering both its economic contributions and the environmental damage caused by illegal mining activities.

The professor emphasized that a comprehensive understanding of the gold boom's benefits can only be achieved by comparing the financial gains to the costs of forest destruction, water body pollution, and other ecological impacts. Prof Bokpin also criticized the government's handling of illegal mining, stating that celebrating gold trade profits should not obscure the long-term environmental repercussions and risks for future generations.

He deemed it selfish to prioritize short-term macroeconomic stability over the well-being of the environment. The economist concluded by warning that Ghana’s recent economic achievements are susceptible to fluctuations in global commodity prices, underscoring the dangers of over-reliance on gold and other primary commodities for economic growth.