Economist and Finance Professor at the University of Ghana, Professor Godfred Bokpin, says Ghana is still not benefiting fully from revenues from oil and gold, despite years of heavy dependence on primary commodities as the backbone of the economy.

Speaking on Joy FM Super Morning Show on Wednesday February 4, Prof. Bokpin noted that since independence, more than 70 per cent of Ghana’s exports have been driven by primary commodities, a situation that has consistently exposed the economy to shocks whenever global commodity prices decline.

“Anytime commodity prices fall, the economy also goes down in that same order,” he said.

According to him, oil was expected to help Ghana diversify away from primary commodity dependence, but sustained investment in the sector has been undermined over the years by disagreements and conflicts with key investors, some of which ended up in court, particularly under the previous administration.

He, however, acknowledged efforts by the current administration to revamp the sector.

Prof. Bokpin stressed that revenues from oil, managed under the Petroleum Revenue Management Act and disbursed through the Annual Budget Funding Amount, have not been utilised efficiently.

“If you look at the data and the analyses that have been done over the years, it is clear that we have not had value for money in how these resources have been deployed into priority areas,” he stated.

On gold, Prof. Bokpin argued that Ghana’s current revenue challenges should not be blamed on oil alone. He pointed to rising gold prices in 2025 and strong export earnings, noting that a more balanced approach to harnessing gold revenues would have reduced the shortfall being recorded.

He acknowledged that gold-related foreign assets have helped boost Ghana’s reserves and support the cedi, but cautioned that such interventions may come with economic trade-offs.

While recognising the role of the Gold Board in expanding gold-related activities, particularly among artisanal and small-scale miners, Prof. Bokpin said the expected fiscal benefits have not materialised.

“Gold prices have gone up, and production has increased, but when you look at tax revenue from mining and quarrying, the increase is not significant compared to the volume of foreign exchange inflows,” he explained.

He added that this clearly shows Ghana is not benefiting optimally from its fiscal regime across the extractive sector, including oil and gold.

Despite reports of billions of dollars flowing into the economy through Gold Board activities, Prof. Bokpin questioned whether tax revenues from artisanal and small-scale mining have risen enough to support development spending.

“That is the real issue we should be focusing on,” he concluded.