Finance Minister Dr Cassiel Ato Forson has stressed that Ghana’s economic recovery must deliver decent jobs, increased incomes and stronger domestic production, noting that restoring macroeconomic stability is only the beginning of the government’s economic transformation agenda. Speaking during an engagement with faculty members and students at the University of Ghana, Dr Forson said the next phase of reforms, which he calls the “New Economy”, must translate the sacrifices made to stabilise the economy into tangible improvements in the lives of Ghanaians.
He acknowledged the progress made in rebuilding economic confidence, citing declining inflation, renewed investor confidence and efforts to manage the country’s debt burden. However, he cautioned that these achievements would have little significance if they failed to improve the living conditions of citizens. “Ghana has worked hard to restore stability. Inflation has declined, confidence is returning, debt pressures are being managed, and the economy is recovering. But recovery alone is not enough,” he said.
Dr Forson explained that the government’s immediate priority was to boost domestic production, attract investment, expand exports and create jobs that would raise household incomes. He emphasised that the central objective of the New Economy was to transform economic stability into increased production, export growth, investment opportunities, decent employment and higher incomes.
The Finance Minister outlined a vision of an economy capable of producing more of the goods it consumes while adding value to its agricultural and mineral resources. He said the approach would also focus on generating decent employment opportunities on a large scale.
Under the proposed strategy, public investment would serve as a catalyst for private-sector development by creating an enabling environment for businesses to invest, expand their operations and employ more people.
The renewed emphasis on production and value addition represents a shift from economic stabilisation towards strengthening the country’s productive capacity. However, its success will depend on whether improved macroeconomic conditions translate into increased business activity, higher productivity and sustainable job creation.
Dr Forson maintained that the ultimate objective was to ensure that Ghanaians, whose sacrifices contributed to restoring economic stability, directly benefited from the recovery. He said the New Economy must ultimately build a Ghana that “turns the sacrifices of stabilisation into real benefits for the Ghanaian people.”
