IMF Confirms Ghana’s 2024 Growth Boosted by Mining Sector, Backs Ato Forson’s Claims
The International Monetary Fund (IMF) has validated Finance Minister Dr. Cassiel Ato Forson’s assertion that Ghana’s 5.7% GDP growth in 2024 was largely driven by mining activity, including small-scale operations (galamsey).
During a recent review mission under Ghana’s Extended Credit Facility program, IMF Mission Chief Stéphane Roudet noted:
“Growth in 2024 was higher than expected, underpinned by strong mining and construction activity. The external sector has seen a considerable improvement, driven by solid exports particularly gold and to a lesser extent oil, and higher remittances. As a result, international reserves accumulation has far exceeded the ECF-supported program targets.”
The findings support Forson’s March 2025 budget presentation, where he highlighted mining and quarrying as key growth drivers. While acknowledging the economic boost, the recognition of galamsey’s contribution raises questions about balancing economic gains with environmental concerns.
The IMF team’s April 2-15 visit assessed Ghana’s economic progress, noting particularly strong performance in gold exports and remittances that bolstered international reserves beyond program targets.
