Senior Lecturer at the University of Professional Studies, Accra, Dr Eric Boachie Yiadom has cautioned that Ghana’s improving economic performance remains heavily dependent on gold exports, leaving the country exposed to external shocks.

Speaking on the Asaase Breakfast Show on Friday (24 July), Boachie Yiadom said government deserves credit for restoring macroeconomic stability but warned against attributing the recovery solely to domestic policy.

“It will not be a straightforward yes that this is only policy success because the global economy has had a direct impact,” he said.

He argued that if government attributes rising fuel prices to international developments, it should equally acknowledge that high global gold prices have significantly supported Ghana’s recovery.

“It is fair for us to appreciate the help of the global environment as well as the difficulties it brings,” he said.

Boachie Yiadom warned that Ghana’s economy remains vulnerable because growth is being driven primarily by gold exports.

“Ghana’s economy is running on one leg because cocoa is not doing so well, and gold is sustaining the economy,” he said.

He noted that the Bank of Ghana has spent billions of dollars supporting the cedi, demonstrating that the economy still lacks sufficient resilience to withstand external shocks independently.

According to him, Ghana should use the current period of relative stability to invest strategically in productive sectors capable of generating export earnings beyond gold.

He urged stronger investment in agriculture, industrialisation and manufacturing to reduce the country’s exposure to commodity price fluctuations.

Boachie Yiadom also welcomed efforts to improve tax compliance but said government still has significant room to broaden the tax base instead of relying on additional taxes for existing taxpayers.

“We need to broaden the base and bring more people, especially those in the informal sector, into the tax net,” he said.

He concluded that ordinary Ghanaians would only truly feel the economic recovery when they could comfortably afford basic necessities.

“At the point when I can comfortably pay my electricity bill without worrying, then the numbers will no longer be superficial,” he said.