Ghana must take advantage of its natural resource wealth – Ato Forson urges bold action

Ghana is failing to generate adequate revenue from its vast natural resources, putting the country at a financial disadvantage, Finance Minister Dr Cassiel Ato Forson has said.

Addressing the National Economic Dialogue (NED) 2025 on Monday, March 3, Dr Forson revealed that while Ghana’s extractive industry generates rents equivalent to 14 per cent of GDP, the government captures only 1.5 per cent in revenue.

“Natural resource rent is the difference between the revenue generated from a commodity and the cost of producing it. In Ghana, the extractive sector enjoys a rent of 14 per cent, yet the country is unable to fully benefit from this,” he explained.

Dr Forson suggested that if Ghana captured just 1 per cent more of this 14 per cent rent, the funds could be directed into infrastructure and human capital development.

He criticised existing agreements in the mining and petroleum sectors, arguing that they fail to maximise revenue from Ghana’s gold, oil, and other minerals.

He stressed the need for urgent reforms in fiscal policies governing the extractive sector, adding that increased revenue from natural resources would reduce Ghana’s dependence on external financing.

He called for reforms in tax administration, restructuring of state-owned enterprises, and better management of Ghana’s natural resources to stabilise the economy.