Finance Minister Dr Cassiel Ato Forson has called for Ghana’s economic recovery to translate into decent jobs, higher incomes and increased production, insisting that restoring macroeconomic stability is only the first step towards transforming the economy.
Speaking during an engagement with faculty and students at the University of Ghana, Dr Forson said the government’s next priority was to convert the sacrifices made to stabilise the economy into tangible benefits for citizens under its proposed New Economy agenda.
“Stabilisation was never the destination. It was the price of entry,” he stated.
The Finance Minister acknowledged progress in restoring economic confidence, citing declining inflation, improving investor confidence, better management of debt pressures and signs of economic recovery.
However, he stressed that these gains would have limited impact if they did not lead to improved living conditions and greater economic opportunities for Ghanaians.
“Ghana has fought hard to restore stability. Inflation has come down. Confidence is returning. Debt pressures are being managed. The economy is recovering.
“But recovery is not enough,” he said.
New Economy to Focus on Production and Jobs
Dr Forson said the next phase of Ghana’s economic transformation would focus on expanding domestic production, attracting investment, boosting exports and creating decent jobs.
He explained that the New Economy agenda was designed to move the country beyond stabilisation towards a more productive economy capable of generating higher incomes and sustainable employment.
“Stability must now become production, exports, investment, decent jobs and higher incomes. That is the central purpose of the New Economy,” he said.
The Finance Minister outlined a vision of an economy that produces more of the goods it consumes, adds value to its agricultural and mineral resources, and creates employment opportunities on a larger scale.
According to him, strengthening domestic production and value addition would help Ghana maximise the benefits of its natural resources while creating more opportunities for businesses and workers.
Public Investment to Support Private Enterprise
Dr Forson also emphasised the role of public investment in creating an environment where private businesses can invest, expand their operations and employ more people.
He said the transition towards the New Economy would require economic gains to be channelled into productive activities capable of improving livelihoods and strengthening the country’s long-term growth prospects.
The Finance Minister maintained that the ultimate objective of the government’s reforms was to ensure that the benefits of economic recovery reached ordinary Ghanaians who had endured the sacrifices associated with stabilisation.
He described the New Economy as an approach aimed at turning improved macroeconomic conditions into practical improvements in employment, incomes and economic opportunities.
“The New Economy,” he said, is about building a Ghana that “turns the sacrifices of stabilisation into real benefits for the Ghanaian people.”
