Finance Minister Dr Cassiel Ato Forson has stressed that Ghana’s economic recovery must translate into decent jobs, higher incomes and improved living standards, warning that macroeconomic stability alone is not enough to meet the country’s development ambitions.

Speaking during an engagement with faculty and students at the University of Ghana, Dr Forson said the government’s next phase of economic management would focus on turning the gains made in stabilising the economy into tangible benefits for ordinary Ghanaians.

“Stabilisation was never the destination. It was the price of entry,” he said, emphasising that the sacrifices made to restore economic stability must ultimately improve livelihoods.

The minister acknowledged progress in restoring economic confidence, pointing to declining inflation, returning investor confidence and efforts to manage the country’s debt pressures. However, he argued that these improvements would have limited meaning if they did not lead to greater economic opportunities and higher household incomes.

“Stability must now become production, exports, investment, decent jobs and higher incomes,” he said.

Government Shifts Focus to the ‘New Economy’

Dr Forson described the government’s proposed “New Economy” agenda as a shift from macroeconomic stabilisation towards expanding production, supporting businesses and creating sustainable employment.

He explained that the next phase would prioritise an economy capable of producing more of what it consumes while adding value to its agricultural and mineral resources.

According to him, strengthening domestic production and expanding exports would help Ghana reduce its dependence on imported goods, create employment opportunities and improve its resilience against external economic shocks.

The minister also highlighted the importance of attracting investment and supporting businesses to expand their operations, arguing that a stronger private sector would be essential to generating jobs on a larger scale.

Public Investment to Support Private Enterprise

Dr Forson said public investment should create an enabling environment for private businesses to invest, grow and employ more Ghanaians.

He maintained that the government’s economic strategy must go beyond improving national economic indicators to ensure that businesses can operate effectively and workers benefit from better employment conditions and wages.

The approach, he suggested, would require stronger productive capacity, increased investment and policies that encourage local industries to create more value from the country’s natural and agricultural resources.

He said the ultimate objective was to ensure that the benefits of economic recovery reached the people whose sacrifices had helped restore stability.

Turning Economic Gains Into Better Living Standards

The minister’s remarks come amid signs of improved economic performance, including stronger growth and lower inflation. Nevertheless, the challenge remains to ensure that these developments translate into lasting improvements in employment and household purchasing power.

For many Ghanaians, the impact of an economic recovery is measured not only by inflation figures or investor confidence but also by access to decent work, reliable incomes and affordable goods and services.

Dr Forson’s message was that the government’s next phase of economic management must address these everyday concerns by strengthening production, attracting investment and creating employment opportunities.

He said the “New Economy” should ultimately build a Ghana that converts the sacrifices of economic stabilisation into real benefits for its people.

The success of the agenda will depend on how effectively the government translates its policy commitments into sustainable job creation, stronger businesses and higher incomes across the country.

Photo courtesy: Dr. Cassiel Ato Forson