Ghana’s reliance on imported fuel, gold exports exposes economy to shocks – Prof Quartey

Economist Professor Peter Quartey has highlighted Ghana's vulnerability to external economic shocks, citing the country's heavy reliance on imported fuel and gold exports. In an interview on Joy News’ PM Express Business Edition, Quartey noted that Ghana lacks the buffer reserves seen in countries like Iran and the U.S. to protect against global disruptions.

He pointed out that Ghana is not processing a significant portion of its oil production, and thus, continues to import processed fuel, leaving the economy exposed to fluctuations in international conditions. Additionally, Quartey criticized the country's heavy dependence on conventional fuels such as petrol and crude oil, and the slow pace of transitioning to green energy sources, both of which increase Ghana’s exposure to external shocks.

The economist also warned of the concentration of export earnings, with gold accounting for approximately 60% of Ghana’s total exports. He cautioned that any downturn in the international gold market could severely impact Ghana’s economy.