Diversification Must be Shared responsibility Between Govt, Businesses – Analyst
Economic Analyst Emmanuel Boateng has called for a joint effort between government and the private sector to diversify Ghana’s export base and build a more resilient economy.
He said while government had a critical role to play in creating the right conditions for productive businesses to thrive, the private sector must also take responsibility for improving productivity and competitiveness.
His comments come amid growing calls for Ghana to diversify its economy, particularly as the country’s export earnings become increasingly concentrated in gold.
Data from the Ghana Statistical Service shows that gold accounted for 63.1 per cent of Ghana’s total exports in 2025, compared with 38.5 per cent in 2004.
Gold exports alone generated about US$20.2 billion in 2025, exceeding the combined earnings from cocoa and crude oil.
According to the data, Ghana’s export earnings have therefore become less diversified over the past two decades, despite a significant expansion in total merchandise trade.
Mr Boateng said the focus should not be on reducing Ghana’s reliance on gold alone, but on using the country’s current resources to build a broader export base.
“Government’s role should be to create the conditions in which productive businesses can succeed,” he said.
He identified macroeconomic stability, predictable policies, reliable infrastructure, competitive energy, efficient ports, access to industrial land and a financial system capable of providing long-term capital as key areas where government could support diversification.
He also advocated a strategic approach to industrial policy, saying government could coordinate infrastructure, skills development, standards, research and financing around sectors with strong export potential.
However, he cautioned against poorly designed industrial policies that could result in unsustainable support for uncompetitive businesses.
“Businesses, on the other hand, must invest in productivity. They need to improve quality, technology, management, branding, packaging and market intelligence,” Mr Boateng said.
He stressed that government incentives alone could not guarantee the success of an export-oriented business, noting that companies must produce goods that are competitive and meet international standards.
According to him, stronger collaboration among government, financial institutions, manufacturers, farmers, exporters and research institutions would also be necessary to achieve meaningful diversification.
“So I would frame it as a shared responsibility, but with different roles. Government builds the ecosystem and businesses compete within it. Neither side can successfully diversify the economy alone,” he said.
The analyst’s comments come at a time when Ghana is seeking to strengthen domestic production and expand its presence in international markets, with policymakers increasingly focused on reducing vulnerabilities associated with dependence on a few key export commodities.
