The Minority in Parliament has accused the Mahama administration of presiding over what it describes as a "galamsey economy", arguing that Ghana's recent economic gains are being driven by soaring gold prices rather than broad-based growth.

Ranking Member on Parliament's Economy and Development Committee, Kojo Oppong Nkrumah, said the government is expected to present an optimistic assessment of the economy but insisted the underlying fundamentals remain fragile.

According to him, the administration is likely to argue that the economy has moved from stability to growth.

However, he contended that much of the recent improvement has been fuelled by favourable global gold prices rather than deliberate economic policies.

Speaking ahead of the presentation by Finance Minister Dr Cassiel Ato Forson, Mr Oppong Nkrumah described what he called “galamsey accounting,” arguing that growth linked to gold prices does not necessarily reflect structural improvements in the economy.

“Today, as they are going to hinge their growth numbers on gold, it is fair to say that what is going on is that galamsey accounting which they will be touting as growth,” he said.

He questioned the resilience of the economy if global gold prices decline, asking: “If gold returns to its five-year average price, what will our growth figure be?”

Oppong Nkrumah warned that an economy heavily dependent on gold exports remains vulnerable to external shocks and questioned how the government would sustain growth, foreign exchange earnings and public revenue if international gold prices decline.

He said the Finance Minister must explain the measures being put in place to diversify the economy and ensure long-term resilience beyond the mining sector.

The Minority also raised concerns over government revenue performance, arguing that first-quarter collections fell short of projections.

Oppong Nkrumah said both tax revenue and oil receipts had underperformed, creating what he described as a widening revenue gap that requires urgent attention.

He called on the Finance Minister to outline how the government intends to meet its ambitious revenue targets for the remainder of the fiscal year while maintaining fiscal discipline.

The Finance Minister, Dr Cassiel Ato Forson, is expected to present the 2026 Mid-Year Budget Review to Parliament on Thursday, outlining the government's assessment of economic performance and revised fiscal projections for the rest of the year.