Finance Minister Dr Cassiel Ato Forson says the New Economy will address the structural weaknesses that have prevented Ghana’s economic growth from delivering enough decent jobs, stronger domestic production and lasting improvements in people’s lives.
Speaking at the University for Development Studies (UDS), Nyankpala Campus, Dr Forson said Ghana’s challenge was not simply to grow its economy, but to transform how it produces, trades and creates opportunities for its citizens.
“Ghana has had moments of growth. But growth alone has not been enough,” he said.
“We have grown, but not transformed enough. We have exported too much in raw form and imported too much in finished form.”
The Finance Minister said the country’s experience showed that periods of economic stability had not sufficiently addressed the weaknesses that repeatedly exposed it to financial difficulties.
“We have celebrated stability, only to return later to pressure, debt, inflation and adjustment,” he noted.
For young Ghanaians, he said, the consequences were evident in the gap between the education and training they received and the employment opportunities available to them.
“We have trained young people, but the economy has not created enough decent jobs to absorb their energy and talent,” Dr Forson said.
He identified these challenges as the central reason for the New Economy agenda, which seeks to strengthen local production, add value to Ghana’s agricultural and mineral resources, and create jobs within the country.
“That is the problem the New Economy is coming to solve,” he stated.
Dr Forson explained that the agenda would focus on building an economy capable of producing more of the goods Ghanaians consume, while moving beyond the export of raw commodities.
“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.
He stressed that the intended outcome was for economic progress to translate into employment and tangible benefits for citizens, rather than remain detached from their everyday circumstances.
“It is about creating jobs here at home. It is about making sure that stability shows up in people’s lives.”
