Ghana’s traditional economic model has failed to deliver – Ato Forson

Ghana's Finance Minister, Dr Cassiel Ato Forson, has criticized the nation's traditional economic model for failing to deliver adequate development outcomes to its citizens over the past 69 years. He emphasized the need for a fundamental shift towards sustainable economic growth and job creation. At a recent address to the National House of Chiefs, Dr Forson unveiled the government's New Economy initiative, aimed at transforming Ghana's economic structure, fostering sustainable employment, and offering better opportunities for the increasing number of young people entering the job market.

The minister urged traditional leaders to support this agenda, noting that Ghana could no longer rely on outdated approaches that have failed to generate sufficient jobs and enhance living standards. Temporary employment schemes like the National Builders Corps (NABCO) and the Youth Employment Agency (YEA) may offer short-term relief, but Dr Forson stressed that young people require dependable livelihoods beyond the duration of these positions.

The minister reiterated that the government's goal is to create an economy capable of generating lasting employment and expanding opportunities for young Ghanaians. He called for a shift away from the export of raw materials to domestic processing and value addition, which would help create jobs, bolster local industries, and maximize the economic benefits derived from the country's natural resources.

Dr Forson assured the chiefs of the government's commitment to fiscal discipline and prudent management of public funds, underlining that value for money would remain a critical consideration in government spending during the pursuit of economic transformation. He called on the National House of Chiefs and other stakeholders to back the New Economy initiative as the government prepares to present its 2027 Budget.