Finance Minister Dr Cassiel Ato Forson says Ghana’s economic recovery must translate into decent jobs, higher incomes and stronger domestic production, stressing that restoring macroeconomic stability is only the first step in the government’s economic agenda.
Speaking during an engagement with faculty and students at the University of Ghana, Dr Forson said the next phase of reforms, which he describes as the “New Economy”, must turn the sacrifices made to stabilise the economy into tangible benefits for Ghanaians.
He acknowledged progress in restoring economic confidence, noting that inflation has declined, investor confidence is returning and debt pressures are being managed.
However, he warned that these gains would mean little if they did not improve livelihoods.
“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.
Dr Forson said the priority now is to expand production, attract investment, grow exports and create jobs that improve household incomes.
“Stability must now become production, exports, investment, decent jobs and higher incomes. That is the central purpose of the New Economy,” he added.
The Finance Minister outlined a vision of an economy that produces more of what it consumes and adds value to its agricultural and mineral resources. He said the approach would also seek to create decent jobs at scale.
Under this vision, public investment is expected to support private-sector growth by creating opportunities for businesses to invest, expand operations and employ more people.
The emphasis on production and value addition signals a shift from stabilisation towards the productive capacity of the economy.
Its success will depend on whether improved macroeconomic conditions translate into stronger business activity, higher productivity and sustainable job creation.
Dr Forson said the ultimate goal is to ensure that the benefits of the recovery reach the people whose sacrifices helped restore economic stability.
The New Economy, he said, must build a Ghana that “turns the sacrifices of stabilisation into real benefits for the Ghanaian people.
