New Economy will turn growth into jobs and transformation – Ato Forson

Finance Minister Dr Cassiel Ato Forson highlighted the New Economy's role in addressing Ghana's structural weaknesses that have hindered economic growth from generating sufficient employment, stronger domestic production, and lasting improvements in citizens' lives. Speaking at the University for Development Studies (UDS), Nyankpala Campus, Dr Forson emphasized that Ghana's challenge was not merely to grow its economy, but to transform how it operates, trades, and creates opportunities for its people.

He pointed out that while Ghana has experienced periods of growth, this growth alone has not been sufficient. The country has exported raw materials while importing finished goods, which has not led to the desired economic transformation. Dr Forson noted that periods of economic stability have not adequately tackled the underlying weaknesses that repeatedly expose Ghana to financial difficulties such as pressure, debt, inflation, and adjustment.

For the younger generation of Ghanaians, this lack of transformation is evident in the disconnect between the education and training they receive and the employment opportunities available to them. Dr Forson stated that although young people have been trained, the economy has not created enough decent jobs to absorb their energy and talent.

He identified these challenges as the primary reason behind the New Economy agenda, which aims to strengthen local production, add value to Ghana's agricultural and mineral resources, and generate jobs within the country.

The Finance Minister explained that the New Economy agenda focuses on building an economy capable of producing more goods that Ghanaians consume while moving away from the export of raw commodities. He stressed that the goal is for economic progress to translate into employment and tangible benefits for citizens, rather than remaining disconnected from their everyday lives. Dr Forson reiterated that the agenda is about creating jobs at home and ensuring that economic stability is reflected in people's lives.