Finance minister urges gov’t to stop exporting raw materials

Finance Minister Cassiel Ato Forson says Ghana must move beyond exporting raw materials and importing finished products.

Speaking at the Future of Energy Conference on August 26, 2026, he said Ghana currently exported cocoa and imported chocolate, while bauxite was exported and aluminium products were imported.

According to Dr Ato Forson, the country now faced the risk of repeating the same cycle with critical minerals by exporting them in their raw form and later importing products made from them.

“We export cocoa and import chocolate. We export bauxite and import aluminium products. Now we risk exporting critical minerals only to import back,” he said.

The Finance Minister said macroeconomic stability was not separate from industrial policy, but rather provides the foundation needed for industrial transformation.

He pointed to Ghana’s economic performance since 2025 as evidence of the progress made, noting that inflation had fallen from 23.8% at the end of 2024 to 4.6% in July 2026.

He also said the economy grew by 6% in 2025 and recorded a growth rate of 6.4% in the first quarter of 2026.

Dr. Ato Forson added that Ghana’s external buffers had strengthened while interest rates had also declined.

However, he stressed that economic stability should not be considered the final destination.

“Stability is not the destination. It is the launch pad for transformation,” he said.

He explained that from this foundation, Ghana must focus on building reliable and affordable energy to support industrial growth.

As part of this effort, he said the government was building a state-owned 1,200-megawatt gas-fired power plant to help provide the energy needed for the country’s transformation.

By Agnes Kusi