Isaac Hubert Arthur, a Trade Policy Expert, has expressed concerns about the current trade surplus in Ghana, advocating for a stronger focus on agricultural investments rather than the booming gold sector.
He emphasized that while Chinese investment is increasing in Ghana, primarily in gold, the environmental consequences of mining and illegal activities like galamsey are damaging the country’s resources.
Speaking on ABC IN THE MORNING on September 25, 2024, he highlighted the critical need for a shift in investment strategy.
He noted, “Export to Europe is declining, shifting the focus to Asia,” with gold now leading as Ghana’s primary export.
This shift raises questions about the sustainability of relying on gold when the repercussions of mining practices continue to devastate vital river ecosystems.
He argued that a more substantial investment in agriculture would yield better outcomes for the nation, as it would showcase the potential of Ghana’s productive sectors and contribute to overall economic growth.
In the recently released quarterly trade statistics, Professor Samuel Anim, the Government Statistician, revealed that the total trade value for the second quarter of 2024 reached GH₵123.0 billion, with exports exceeding imports by GH₵5.4 billion.
This is an improvement from the trade deficit of GH₵3.1 billion recorded in the same quarter last year.
However, Arthur cautioned that while a trade surplus is promising, it must reflect genuine progress in the economy and not merely a consequence of the shifting investments towards gold, which he fears could lead to increased environmental harm.
