Finance Minister Dr. Cassiel Ato Forson says Ghana’s economic recovery must move beyond restoring stability and deliver decent jobs, higher incomes and a more productive economy.
Speaking to faculty and students at the University of Ghana, Dr. Forson said the government’s “New Economy” agenda would convert the sacrifices made during the stabilisation process into practical benefits for citizens.
“Stabilization was never the destination. It was the price of entry,” he said.
The minister said Ghana had made important progress in rebuilding confidence in its economy. Inflation had fallen, confidence was returning, debt pressures were being managed and the economy was recovering.
However, he warned that those improvements could not, by themselves, meet the country’s wider ambitions.
“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.”
Dr. Forson said the next phase would focus on using the gains from stabilisation to increase production, attract investment and create opportunities capable of improving people’s livelihoods.
“Stability must now become production, exports, investment, decent jobs, and higher incomes. That is the central purpose of the New Economy.”
He described the vision as one in which Ghana produces more of the goods it currently imports or consumes, while adding value to its agricultural and mineral resources.
The policy would also seek to create decent employment on a large scale, with public investment supporting private-sector activity and encouraging businesses to invest, expand and employ more Ghanaians.
Dr. Forson said the transition was ultimately intended to ensure that the people who endured the sacrifices required to restore economic stability would share in the resulting gains.
He said the New Economy was designed to build a Ghana that “turns the sacrifices of stabilization into real benefits for the Ghanaian people.”
