Ghana must modernise economy to meet growing population’s needs – Ato Forson

Ghana's Finance Minister, Dr Cassiel Ato Forson, has emphasized the need for a fundamental economic transformation to support the country's growing population of 35 million people and create decent job opportunities. Speaking after presenting the 2027 Budget to Parliament, the minister argued that Ghana's current economic structure, which was designed for a much smaller population, is unable to meet the employment needs of its increasing populace without significant changes.

Dr Forson described the government's New Economy policy as a response to this mismatch through structural reform and modernisation. He stressed that temporary employment schemes, such as those run by the NABCO and Youth Employment Agency, cannot replace an economy that generates sustainable opportunities. He maintained that the next phase of economic policy must go beyond stabilising headline indicators and strengthen the economy's capacity to absorb people into decent employment.

The minister highlighted the government's priority after taking office in 2025 to restore fiscal discipline and prevent a deeper crisis. He attributed persistent inflation and disorder in public financial management to difficult decisions to constrain spending. The resulting currency stability and primary surpluses of 2.5% of Gross Domestic Product in 2025 and 1.5% in 2026 were evidence of these measures.

Looking ahead, Dr Forson indicated that the government intends to lower the primary surplus target from 1.5% of GDP to 0.5% as it pursues the next stage of its economic programme. He reiterated that structural transformation must proceed alongside continued fiscal discipline, stating that restoring stability creates the opportunity to tackle deeper weaknesses that limit employment and economic opportunity.