Ato Forson Says New Economy Agenda Will Drive Job Creation and Industrial Transformation

Finance Minister Dr Cassiel Ato Forson says the government’s New Economy agenda is designed to address longstanding weaknesses in Ghana’s economic structure and ensure that economic growth generates decent jobs, expands local production and improves living standards.

Speaking at the University for Development Studies (UDS), Nyankpala Campus, Dr Forson said Ghana needed to move beyond achieving economic growth and focus on transforming its production systems to create sustainable opportunities for its citizens.

He observed that although the country had recorded periods of economic expansion, the benefits had not sufficiently translated into industrial development and employment opportunities.

According to him, Ghana’s continued reliance on exporting unprocessed commodities while importing finished products has limited its ability to build a strong domestic economy.

The minister also noted that previous periods of economic stability had not prevented the country from experiencing recurring challenges involving public debt, inflation and financial pressures.

He said these difficulties highlighted the need for a different economic approach that could protect stability while strengthening the productive sectors of the economy.

Dr Forson expressed particular concern about the difficulties young people face in securing decent employment despite acquiring education and professional skills. He said the economy needed to generate more opportunities capable of absorbing the growing number of trained young people entering the labour market.

He explained that the New Economy agenda would prioritise domestic production, industrial development and the processing of agricultural and mineral resources before they reach international markets.

The initiative, he said, seeks to increase the production of goods consumed locally while reducing dependence on imported finished products.

Dr Forson stressed that adding value to Ghana’s natural resources would help expand economic activity and create employment opportunities within the country.

He maintained that the ultimate measure of economic progress should be its impact on ordinary citizens, particularly through improved livelihoods, better employment prospects and stronger economic opportunities.

The Finance Minister said the government’s objective was to ensure that economic stability produces practical benefits for households and businesses, rather than remaining a set of positive economic indicators.

The New Economy agenda is expected to place job creation and domestic productive capacity at the centre of Ghana’s economic transformation efforts.

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