KNUST’s Expertise Needed to Guide Ghana’s Economic Transformation, Finance Minister Says

The Minister for Finance, Dr Cassiel Ato Forson, has called on the Kwame Nkrumah University of Science and Technology, Kumasi (KNUST), to play a leading role in Ghana’s economic transformation through research, innovation and evidence-based policy recommendations.

Speaking at an interactive engagement with lecturers and students in the Ashanti Region on the new economy, he said the country’s transition towards a more productive and industrialised economy required universities’ expertise to identify investments, develop solutions and guide policies to create sustainable employment.

“Transformation must be built on evidence, strengthened by research and judged by results. We need your knowledge to help Ghana make sound choices,” he said.

Dr Forson urged KNUST to help the government identify investments that would increase productive capacity, support enterprise development and create lasting jobs. He also encouraged the university to scrutinise forthcoming government policies and provide feedback to improve their implementation.

“Universities must also train talents and provide evidence. Our different contributions must also turn national ambition to productive capacity,” he said. “I therefore ask KNUST to work with us, interrogate the vision, improve the ideas and examine the results that will be announced on Thursday,” he added.

He urged students to apply their knowledge and skills to solving national problems, saying the country’s economic future depended on its ability to translate education and innovation into productive outcomes.

“To our students, you are the very reason this effort must succeed. And we assure you we will do whatever it takes to make the new economy work for you,” he said. “Use your education to solve problems and help Ghana rise. Let the knowledge developed here turn potential into production and ambition into a lasting possibility.”

The Minister’s call comes as the government prepares to introduce its four-year New Economy programme, which aims to transform Ghana’s economy through increased production, value addition, industrialisation and job creation.

Dr Forson said that, following efforts to restore macroeconomic stability after the economic difficulties of 2022, the government was focused on translating the recovery into sustainable opportunities for Ghanaians.

He said the programme would involve an investment of about $10 billion to expand productive capacity and create employment opportunities for up to 1.3 million people.

He identified youth unemployment as a major challenge, saying population growth had outpaced the creation of productive jobs.

“Job creation is going to be central to this ambition. Behind every search for work is a young person, a young man eager to put an education to use and a family waiting to use years of sacrifice to reward,” he said. “Our economy must give that effort a fair chance and make room for the energy and skills of its people.”

Dr Forson said Ghana needed to reduce its dependence on imports and raw material exports by expanding domestic production, adding value to its resources and developing competitive local enterprises.

“Ghana must produce more of what it consumes, add value to its resources and build enterprises that can compete. That is how we become the industrial hub of the West African economy,” he said.

He called for fiscal discipline to become a national culture, saying the government, businesses and investors shared responsibility for building a productive economy.

He said resources committed to the transformation agenda would be managed responsibly and every investment would need to demonstrate its contribution to employment, enterprise development and improved livelihoods.

“Our vision is clear and very simple, we want to see Ghana that is producing, Ghana that is working, Ghana that is prospering, an opportunity for every Ghanaian,” he said.

The Vice-Chancellor of KNUST, Professor Christian Agyare, described the engagement as a privilege for the university, saying it gave staff and students an opportunity to interact with the Finance Minister ahead of the presentation of the national budget.

He said Dr Forson and his Deputy Minister were KNUST alumni, describing the visit as a homecoming and an opportunity for the Minister to reconnect with the institution that helped shape his professional journey.

“For us, it is a real privilege to have the nation’s Minister for Finance be with us this evening,” Professor Agyare said.

The Vice-Chancellor thanked the Minister for taking time to engage the university community on the state of the economy and the country’s development priorities.

Story: Abigail Ofori Photos: Isaac Kwaku Duah