Recent global events—COVID-19, the Russia-Ukraine war, and rising US-Israel-Iran tensions highlight the need for Ghana to prioritize national security and economic resilience.
Adding to the concerns are insecurity issues in the African sub-region, including terrorism in the Sahel, piracy in the Gulf of Guinea, and instability in neighboring countries.
The vulnerability of a developing nation like Ghana to external shocks underpins the importance of proactive innovations. “Ghana must invest in intelligence and cybersecurity to safeguard its national interests. Ghana’s Gold for Reserves program, credited to the Akufo-Addo Bawumia administration, aimed at strengthening the country’s financial stability. By leveraging gold reserves, today, Ghana has some latitude to reduce its reliance on foreign currencies.
We have argued that suspending the Gold for Oil (G4O) program in 2025 was not the best. The introduction of the program in 2022 allowed Ghana to exchange gold for imported petroleum, easing pressure on foreign exchange reserves.
This could have helped stabilize fuel prices and conserve scarce dollar reserves during this current US-Israel-Iran war. The program would have helped shield consumers from forex fluctuations and rising global oil prices
Conserved foreign exchange: Ghana would have conserved scarce dollar reserves, reducing pressure on the cedi.
Such innovations must be protected in Ghana’s quest for sustainable economic stability.
As global uncertainties persist, Ghana must act swiftly to safeguard its future. Investing in security and economic resilience is key to building a stable nation for posterity.
The author, Mathias Bonzo-Ewereko Boateng, is the Executive Director, Centre for Global Affairs and Responsible Governance
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