Ghana’s economy has grown but lacks resilience - Ato Forson

Finance Minister Dr Cassiel Ato Forson has revealed that the government intends to spend $10 billion over four years to establish a modern Ghanaian economy. Speaking to Parliament on November 12, 2023, the Finance Minister outlined the New Economy agenda, which is set to run from 2027 to 2030. The programme focuses on eight interconnected pillars designed to boost production, strengthen industries, and generate job opportunities for the Ghanaian populace.

These pillars encompass macroeconomic stability and affordable finance, commercial agriculture, energy infrastructure, critical minerals value addition, tourism, culture, and creative arts, textiles and garments, pharmaceuticals and manufacturing, and the technology economy. Dr. Forson emphasized that these sectors would collaborate harmoniously, with each supporting the growth of the others.

To enhance value addition, the government aims to process key commodities locally, such as minerals and cocoa, thereby creating more jobs and retaining a larger portion of their value within the country. In the textile and garment industry, the government plans to expand local production, generate employment, and connect Ghanaian skills to international fashion markets.

Additionally, the Minister underscored the significance of building local capacity in pharmaceuticals and biomanufacturing, stressing the need to produce more medicines and vaccines for health security and to supply markets across Africa. The technology economy, according to Forson, would open up new employment and foreign exchange sources.

He highlighted that enhanced digital connectivity was crucial to ensure that skilled individuals could participate in the economy, irrespective of their location. The New Economy Agenda would guide the government's fiscal space during its economic recovery, focusing on maintaining macroeconomic stability, providing strategic infrastructure, developing bankable projects, and establishing predictable conditions for businesses.

Dr. Forson called for private sector leadership in investment, innovation, production, and job creation, with the government offering transparent, time-bound support linked to verifiable results. He emphasized that the government would maintain fiscal discipline, accountability, and diligence while pursuing faster economic growth and higher employment.

Success of the programme would be measured by job creation, improvements in living standards, and equitable development across the nation. Dr. Forson urged Ghanaians to support the government's vision, arguing that the economic recovery should be an opportunity to make long-term investments rather than replicating past errors.