You don’t control the price
The CEO of the Ghana National Chamber of Commerce and Industry, Mark Badu-Aboagye, has raised concerns about Ghana’s limited influence over the pricing of its natural resources, especially gold and oil.
Speaking on gold exports, he said, “You are crying for gold because you are spotting it in its raw form. And those who determine the price of gold are not you.”
According to him, international buyers dominate the market. “It is the Dubai and the Indians,” he said. “So if you want to give me gold, you have to lower the price.”
He explained that exporting gold in its raw state leaves Ghana vulnerable to price manipulation and reduced earnings.
He argued that refining and processing gold locally would help improve the country’s bargaining position.
Mr Badu-Aboagye also addressed Ghana’s dependence on imported fuel. “We are net importers of oil, so once we have an issue with oil, oil prices begin to rise,” he said.
He noted that the impact is felt quickly across the economy. “The pass-through effect of increases in oil prices in our economy is so rapid,” he added.
According to him, this situation affects transportation, production costs, and consumer prices, putting pressure on households and businesses.
He stressed that reducing dependence on raw exports and imports is necessary for economic stability.
“If we don’t add value and build our own capacity, we will always be at the mercy of external forces,” he said.
