Ghana has struggled to sustain a shared economic direction after Dr Nkrumah – Ato Forson

Finance Minister Dr Cassiel Ato Forson has revealed that Ghana's economic progress since independence has been hindered by a lack of sustained economic direction following the era of its first President, Dr Kwame Nkrumah. In his 2027 Budget presentation, Dr Forson highlighted the country's struggles to realize its full potential due to frequent policy shifts, economic instability, and ongoing efforts to recover from crises.

Ghana, which gained independence with substantial natural and human resources, was initially poised to become an industrial nation. Dr Nkrumah had envisioned political independence being linked to economic emancipation, and he championed an industrialization agenda backed by investments in power infrastructure, education, and state institutions. However, Dr Forson stated that after Nkrumah, successive governments have failed to maintain a unified economic trajectory long enough to fully utilize their potential.

Despite Ghana's real GDP growth averaging 5.2% between 1990 and 2025, the growth has been volatile, primarily due to the country's reliance on commodity exports such as gold, cocoa, and oil. These exports accounted for approximately 16% of GDP growth over the past decade. Dr Forson explained that fluctuations in commodity prices have led to periods of increased government revenue and economic confidence, but also periods of weakened fiscal discipline that have pressured the cedi, driven up inflation and interest rates, and discouraged investment.

The Finance Minister also noted that Ghana's economic growth has not resulted in significant employment opportunities for its citizens. Currently, the unemployment rate stands at about 12.8% in January 2025, even though the country has experienced more than three decades of economic expansion. Dr Forson emphasized that the true measure of an economy should be an improvement in the quality of life for its populace.