Former Chief Executive Officer of the Ghana Investment Fund for Electronic Communications (GIFEC), Prince Ofosu Sefah, has questioned the government’s revenue performance despite what he describes as a period of exceptionally high global gold prices.
Speaking on the government’s economic performance on Joy Prime, Mr Ofosu Sefah said Ghana is benefiting from favourable conditions in the international gold market and argued that those conditions should have strengthened public finances.
“Everybody should remember that we’re in a period of what we call the gold windfall. We’ve never had gold in our lifetime be as valuable as it is right now,” he said.
According to him, gold prices have risen significantly compared with levels recorded before the current administration took office.
“At the time Nana Addo left office, gold was around $2,000 to $2,500 an ounce. Gold has averaged over $5,000 an ounce since they came into office,” he stated.
Mr Ofosu Sefah questioned why the higher gold prices had not translated into stronger government revenue.
“Where has this money gone to?” he asked.
He also argued that the government’s inability to meet its revenue targets raises questions about the management of the additional income generated from the country’s gold sector.
“You are not achieving your revenue targets,” he said.
