Chief Executive Officer (CEO) for Soley Advisory Group, William Savary, is calling for a bold rethinking of Ghana’s economic strategy, urging policymakers to leverage the country’s gold reserves, develop value-added industries, and unlock the full potential of the tourism sector.
Speaking with some selected Financial and Economic Journalist in Accra recently , Mr. Savary challenged prevailing economic narratives that downplay the importance of gold in modern economies.
“If gold is truly a relic of the past,” he questioned, “then why do the United States, Russia, and China collectively hold over 15,000 tons of it? Clearly, gold remains a strategic asset — not a historical footnote.”
Savary emphasized that gold, while no longer the global standard for currency, still plays a vital role in economic sovereignty and stability.
“When countries like Venezuela and Libya faced international sanctions, the first assets targeted were their gold reserves. That tells you something — gold still carries real power. Ghana must treat its gold the same way: as leverage, as security, and as a foundation for economic resilience.”
Gold as Currency Support and Investment
Referencing Ghana’s past currency depreciation, Savary noted that holding gold reserves can help stabilize the cedi and boost investor confidence.
“Between 2011 and 2014, the cedi was in freefall. Imagine if Ghana had enough gold reserves to exchange for hard currency. It would’ve sent a strong signal to markets and investors alike,” he said.
He also pushed for Ghana to refine its gold locally, instead of exporting raw ore.
“Why export the real wealth and jobs? Refining gold within Ghana increases earnings, creates skilled employment, and builds industrial capacity,” he argued.
The Cocoa Opportunity: Add Value Locally
Moving beyond gold, Savary also spotlighted the untapped potential in Ghana’s cocoa sector.
“Cocoa contributes about $3 billion annually. But globally, cocoa-based products generate tens of billions. Why should the producers get the smallest slice?” he asked.
“We must refine cocoa locally. I’m already partnering with investors to establish cocoa farms and processing factories right here in Ghana.”
Reimagining Tariffs and Regional Trade
Savary advocated for the strategic use of tariffs to protect and stimulate local industries.
“Tariffs, when properly designed, protect our industries, increase wages, and promote import substitution,” he said. “We need to think beyond theory and apply these tools practically to benefit Ghanaians.”
He also proposed that Ghana take the lead in establishing a West African trade initiative, positioning the country as the region’s economic anchor.
Rethinking Finance: Syndicated Loans via Stock Market
In a novel proposal, Savary suggested turning syndicated loans into public investment opportunities.
“Why are we always borrowing from foreign banks? Let’s raise capital through the Ghana Stock Exchange, allow the public to invest in cocoa and gold ventures, and distribute the profits as dividends instead of interest to foreign banks.”
“Capital from Nigeria, Ivory Coast, and beyond can flow into Ghana through our own financial systems if we structure it correctly.”
Tourism: Ghana’s Sleeping Economic Giant
Savary noted that Ghana’s tourism revenue — currently $3.1 billion — is nearly equal to cocoa exports, yet receives far less attention and investment.
“With the ‘Year of Return,’ we’ve seen tourist numbers grow from 600,000 to 2.1 million. But we only have 5,000 hotel rooms. That’s not enough. We need more infrastructure — hotels, entertainment, cultural sites,” he stated.
“Forts and beaches aren’t enough. What is Ghana’s tourism identity? We need cultural festivals, concerts, medical tourism, and more. The diaspora — especially African-Americans — want to come home. But we must give them a reason to stay, spend, and return.”
He also encouraged ordinary citizens to participate.
“Let’s turn residential apartments into Airbnb options. That’s revenue in the pockets of Ghanaians,” he added.
A Call for Political Will and Competence
Savary concluded his remarks with a call for political will and competent leadership to drive the necessary reforms.
“None of these ideas will work without leadership that is bold, strategic, and willing to think beyond old textbooks. Ghana has everything it needs — gold, cocoa, talent, beauty — now we must manage it wisely and courageously.” Enditem
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