A lecturer in political marketing at the University of Education, Winneba, Dr Bernard Tutu-Boahene, has warned that Ghana must urgently reduce its exposure to global economic shocks, describing the country’s continued vulnerability as “worrying.”
His comments come in the wake of military exchanges involving Israel, Iran, and the United States, which have heightened fears of a broader regional confrontation. Amid the strikes and counterstrikes, the Strait of Hormuz, one of the world’s most important shipping routes for global oil transit, has been shut, which has raised concerns about disruptions to international energy supplies.
Speaking on JoyNews’ AM Show on Tuesday, 31 March, Dr. Boahene raised concerns about Ghana’s reliance on external forces, particularly at a time of growing global instability.
“I think that this is worrying,” he said. “I think that this is worrying when we have this problem coming to us. Because the question I ask myself when it comes to external pressures on our economy, on governments’ initiatives, and our agenda is this: I get a bit worried. And I seem not to be having concrete answers.”
Despite Ghana’s wealth of human and natural resources, he noted that the country continues to struggle whenever there are global disruptions.
“We have so much in this country in terms of resources, from human resource to material resources. Yet, we seem to be crying anytime there’s a problem,” he added.
Concerns Over Weak Local Content Enforcement
Dr. Boahene criticised what he described as weak enforcement of local content policies, particularly in the oil and gas sector. He questioned why Ghana continues to import refined petroleum products despite being an oil-producing nation.
“What happened to our local content law? That even in signing contracts, when it comes to the extraction of crude oil, we don’t really consider local content to the point that it would benefit us,” he said.
He argued that refining crude oil locally could significantly reduce costs and improve supply.
“So if this refinery is done in Ghana, at least, even if there is going to be an increase, it wouldn’t be that much. Number two, availability wouldn’t be a problem for us,” he explained.
While acknowledging concerns raised by some industry players about pricing at local refineries, Dr. Boahene maintained that reduced transportation distances should ultimately lower costs.
“In terms of manufacturing processes and pricing, what we know is that distance factors into pricing. So if distance is reduced, then of course we should have refined products in Ghana a bit less expensive than what is coming from Europe and the Americas,” he noted.
Reliance on Raw Exports a Key Risk
The lecturer also highlighted Ghana’s continued dependence on exporting raw materials such as crude oil, gold, and cocoa, leaving the economy exposed to volatile global prices.
“We know from the past and even present that external factors are something we are not in a position to control, especially crude oil prices, gold prices, cocoa prices, and other resources. And we mostly export them in their rough form,” he said.
He called for a long-term legislative approach that prioritises local content and value addition across sectors.
“If parliaments can come up with an act that will pay more attention to local content issues, and then probably in future explorations and finding resources and all that, we probably would look at the value chain processes and take advantage of them,” he suggested.
“I think that would be a starting point for Ghana to overcome some of these hindrances.”
Call for Non-Partisan Economic Strategy
Dr Boahene cautioned against Ghana’s continued dependence on global geopolitical developments, warning that the country cannot afford to remain at the mercy of external events.
“We cannot continue relying on what will happen in Iran, in the Gulf. We cannot continue to suffer from wars that we cannot control. And we can equally not continue to suffer from world market trade that we don’t have control over,” he stressed.
He also raised concerns about the politicisation of economic challenges, noting that partisan interests often undermine long-term solutions.
“When a government is in power, and then it gets to the point where some of these external shocks happen, and it becomes a centre for political campaigning and attacks, it becomes a problem.”
Dr. Boahene urged political actors to move beyond party lines and prioritise national development, calling for greater focus on national interests in crafting effective solutions.
He emphasised the need for a collaborative, non-partisan approach to economic policy to better position Ghana to withstand global shocks.
“So if we can all come together to understand some of these things and then give ourselves that kind of opportunity to discuss them fairly, without any political attachments, of course, we will be moving forward as a country.”
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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
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