Finance Minister Dr. Cassiel Ato Forson says Ghana’s New Economy agenda is designed to address structural weaknesses that have limited the country’s ability to translate economic growth into decent jobs, stronger local production and improved living standards.
Speaking at the University for Development Studies (UDS), Nyankpala Campus, Dr. Forson said Ghana needed to focus on transforming how its economy produces goods, trades and creates opportunities for its citizens, rather than measuring progress by growth alone.
“ We have grown, but not transformed enough. We have exported too much in raw form and imported too much in finished form,” he said.
The Finance Minister noted that previous periods of economic stability had not fully resolved the underlying challenges that repeatedly exposed the country to debt, inflation and economic pressures.
“We have celebrated stability, only to return later to pressure, debt, inflation, and adjustment,” he said.
He said the effects were particularly evident among young people, many of whom had received education and training but continued to face limited opportunities for decent employment.
“We have trained young people, but the economy has not created enough decent jobs to absorb their energy and talent,” Dr. Forson stated.
He explained that the New Economy agenda seeks to strengthen domestic production, process more of Ghana’s agricultural and mineral resources locally, and create employment opportunities within the country.
According to him, the initiative is intended to reduce reliance on imported finished goods while enabling Ghana to derive greater economic value from the resources it produces.
“It is about building an economy that produces more of what we consume. It is about adding value to what we grow and what we mine,” he said.
Dr. Forson stressed that the ultimate goal was to ensure economic stability and growth translated into practical benefits for ordinary Ghanaians, particularly through job creation and improved living conditions.
“It is about creating jobs here at home. It is about making sure that stability shows up in people’s lives,” he added.
