Senior Partner at AB & David, Dr. David Ofosu-Dorte, has called on the government to take advantage of the country’s current gold export boom, by establishing multiple sovereign wealth funds to help build a resilient and self-sustaining economy.
Speaking as part of the Joy Business Economic Forum, themed “Ghana at Risk: The Economic Fallout of a Distant Conflicts”, Dr. Ofosu-Dorte emphasized the importance of creating financial buffers in times of economic windfalls. He advised government to take advantage of Ghana’s position as the leading exporter of gold, to get more revenue from the commodity.
He urged government to strategically invest the surplus revenues into sovereign wealth funds that can cushion the nation during economic downturns.
“We are doing well this year so far from all indications, it doesn’t mean it will always continue. When you have good moments, that is actually the time to make provision for the bad moments that will inevitably happen,” he noted.
Dr. Ofosu-Dorte pointed to international examples such as Norway and Singapore, which have successfully transformed their economies through the establishment of sovereign wealth funds. He highlighted how Norway leveraged its oil boom to build a robust and future-proof economy, suggesting that Ghana could follow a similar path with its mineral wealth.
“Norway today, from the time oil was booming, made funds available from oil, they have over a trillion, and it’s one of the most resilient economies in the world. They don’t have to impose COVID tax,” he stated.
Sovereign wealth funds, he explained, would enable the government to diversify national income sources, support long-term development goals, and shield the economy from external shocks.
As Ghana continues to gain from its natural resource exports, Dr. Ofosu-Dorte’s comments add to growing calls for more prudent and forward-looking economic policies to secure the nation’s financial future.
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