Finance Minister Dr. Cassiel Ato Forson says Ghana’s New Economy agenda is aimed at reducing the country’s dependence on raw material exports and imported finished goods by strengthening local production, processing and job creation.
He said Ghana had recorded periods of economic growth without achieving the level of structural transformation needed to build a resilient economy that creates sufficient employment and improves living standards.
Speaking at the University for Development Studies (UDS), Dr. Forson said the country must rethink its economic model to ensure that growth translates into greater domestic production and value addition.
“Ghana has had moments of growth, but growth alone has not been enough. We have grown, but not transformed enough,” he said.
According to him, Ghana continues to export significant quantities of raw materials while importing finished products, limiting the value the country derives from its agricultural and mineral resources.
“We have exported too much in raw and imported too much of finished product,” he stated.
Dr. Forson also pointed to the recurring cycle of economic instability, noting that periods of relative stability have often been followed by debt challenges, inflation and economic adjustment.
“We have celebrated stability, only to return later to debt, inflation and adjustment,” he said.
He said the situation highlights the need for an economic framework that expands productive capacity and creates sustainable employment, particularly for young people.
“We have trained young people, but the economy has not created enough decent jobs to absorb their energy and talent. That is the problem the new economy we are talking about is coming to solve,” he added.
The Finance Minister explained that the New Economy agenda would focus on producing more goods locally, processing raw materials before export and creating employment opportunities within Ghana.
“It is about building an economy that produces more of what we consume. It is about adding value to what we grow and what we mine. It is about creating jobs here at home,” he said.
He stressed that economic stability should not be measured solely by macroeconomic indicators but also by whether citizens experience tangible improvements in their daily lives.
“And it is about making sure that stability shows up in people’s lives,” Dr. Forson added.
The agenda places local production, value addition and decent job creation at the centre of Ghana’s economic transformation ambitions.
