NaBCo and YEA models cannot deliver lasting jobs – Ato Forson

Ghana's Finance Minister Dr Cassiel Ato Forson has emphasized that the country needs to revamp its economy to generate sustainable jobs, rather than depending on short-term opportunities offered by models like NaBCo and the Youth Employment Agency (YEA). Addressing the 2027 Budget presentation, Forson stressed the need for the economy to expand its capacity to deliver decent work for a rapidly growing population.

He cautioningly pointed out that the existing economic structure, designed for a much smaller populace, cannot effectively cater to the needs of around 35 million Ghanaians.

Forson argued that the government's new economic policy would concentrate on modernising the economy to accommodate the nation's current population. He contended that the economy's current structure is inadequate to meet the demands of approximately 35 million Ghanaians, a stark contrast to its original size of 6 million inhabitants.

The minister further explained that the upcoming policy phase would transcend macroeconomic measures to tackle the fundamental structure of the economy to enhance its workforce absorption capacity.

He proposed that this shift towards a new economic paradigm would necessitate continued fiscal prudence. Forson indicated that the government had battled inflation and an unresolved economic crisis in 2025. He highlighted the government's efforts in stabilising the currency and attaining primary surpluses, which were recorded at 2.5% of GDP in 2025 and 1.5% in 2026. Forson aimed to further reduce this target to 0.5% of GDP as part of the next phase of the economic strategy.

However, Forson was clear that merely stabilising the economy is not sufficient; it must be followed by substantial structural changes that foster decent employment. He reiterated that temporary job schemes are not a viable replacement for this transformation.