By Yussif Ibrahim, GNA
Kumasi, Nov. 09, GNA – Ghana must move beyond restoring macroeconomic stability to building a productive economy capable of generating decent jobs, improving incomes and expanding opportunities for its growing population, Dr Cassiel Ato Baah Forson, Minister of Finance, has said.
He said the next phase of the country’s economic transformation should focus on converting gains from recent economic recovery efforts into productive investments, business expansion, employment opportunities, and sustainable livelihoods.
Addressing members of the National House of Chiefs in Kumasi, Dr Forson said although Ghanaians had made significant sacrifices in the aftermath of the 2022 economic crisis, the restoration of macroeconomic stability must serve as a foundation for broader economic prosperity.
According to him, the true measure of the country’s recovery would be its ability to translate improved economic conditions into tangible benefits for households, businesses, and communities.
“Stability now is to turn that recovery into productive investment, decent jobs and better incomes for the communities you lead,” he said.
The Minister observed that Ghana’s population had increased by about 16 million since 2001, placing growing pressure on the economy to create jobs and provide opportunities for the increasing number of people entering the labour market.
He noted that despite rising levels of education and skills acquisition among young people, the economy had struggled to generate sufficient productive employment to absorb the expanding workforce.
Dr Forson said the situation required a deliberate shift in development priorities to ensure that economic growth translated into meaningful employment opportunities and improved living standards.
He said the country’s next economic agenda must be centred on building an economy that worked for young people by creating opportunities for them to apply their knowledge and skills in productive ventures.
The Minister stressed that Ghana could not rely solely on temporary relief measures but must establish a strong productive base capable of sustaining employment and generating wealth over the long term.
He said Government must create an enabling environment that allowed Ghanaian businesses to expand operations, increase production, access larger markets and employ more people.
“A Ghanaian producer should be able to produce quality, reach larger markets and employ more people with confidence,” he said.
Dr Forson explained that productive investment must address structural constraints that continued to hinder business growth while building the capacity needed to sustain production and competitiveness.
He said economic policies should therefore prioritise investments that strengthened local production, expanded business opportunities, and created sustainable jobs across various sectors of the economy.
According to him, every major economic decision should be assessed based on its contribution to national development, particularly the opportunities it created for Ghanaians to produce, work and earn a living.
The Minister said the ambition of making Ghana’s economy work for its youthful population must guide government policies, investment decisions and the allocation of public resources.
He also assured Ghanaians of Government’s commitment to fiscal discipline and value for money in public expenditure, insisting that every cedi spent must deliver meaningful benefits to citizens.
Dr Forson called for collective commitment to the national development agenda, noting that traditional authorities had an important role to play in promoting investment, production and economic opportunities within their communities.
GNA
Edited by Kwabia Owusu-Mensah/Lydia Kukua Asamoah
Reporter: Yussif Ibrahim
Email: [email protected]