Ghana's booming gold sector is giving the economy much-needed breathing room, but policy analysts say the country is edging into dangerous territory if stronger institutions do not keep pace with the surge in mineral revenues.
The Africa Centre for Energy Policy (ACEP) and the Natural Resource Governance Institute (NRGI) have warned that while gold has become the country's biggest source of external support, it should not be mistaken for a permanent solution to Ghana's economic challenges.
Presenting a joint submission ahead of the 2026 Mid-Year Budget Review, ACEP's Kodzo Yaotse said Ghana's extractive sector is undergoing a significant shift, with gold steadily replacing petroleum as the backbone of export earnings and macroeconomic stability.
"Gold is increasingly performing the roles once expected of petroleum by supporting reserves, strengthening fiscal resilience and reducing vulnerability to external shocks.
"The challenge now is to build institutions capable of managing that wealth sustainably." - Kodzo Yaotse
Gold Takes Centre Stage
The organisations noted that Ghana's recent economic gains have been supported by robust gold exports and favourable international prices, helping to strengthen foreign exchange reserves and improve fiscal resilience.
Still, they cautioned that commodity prices can change quickly. A windfall, they argued, should never be confused with structural economic strength.
Unlike petroleum, Ghana currently lacks a dedicated legal framework governing how mineral revenues should be collected, saved, invested and stabilised over time.
ACEP and NRGI believe that gap has become increasingly difficult to ignore.
Call for Mineral Revenue Law
The organisations are urging government to establish a Mineral Revenue Management Act, modelled on the Petroleum Revenue Management Act, to provide clear rules for managing mining revenues.
The proposed legislation, they say, should include benchmark mineral revenue projections, stabilisation mechanisms, long-term investment windows and stronger public oversight.
Questions were also raised about the evolving role of the Minerals Income Investment Fund (MIIF).
According to the report, greater clarity is needed on whether the institution is intended to function as a sovereign wealth fund, a fiscal stabilisation vehicle or a strategic investment agency.
GoldBod, Lithium Deals Under Spotlight
ACEP and NRGI also called for stronger accountability within GoldBod, arguing that its expanding responsibilities in commodity trading, reserve accumulation and sector regulation require greater transparency.
The organisations further recommended mandatory disclosure of beneficial ownership, transaction values and valuation benchmarks involving strategic mineral assets, particularly lithium projects.
On artisanal and small-scale mining, they said the sector contributes significantly to Ghana's gold production but remains underrepresented in government revenue.
The report recommends simplified licensing and royalty arrangements, alongside the full integration of artisanal miners into GoldBod's reporting and aggregation systems.
The message from the two institutions is straightforward. Gold may be driving Ghana's economic recovery today, but without stronger governance and transparent revenue management, the country risks repeating the same resource management challenges that have long affected the petroleum sector.
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