Ghana’s Finance Minister has been urged to provide a clear, independently verifiable account of jobs created, investments mobilised and businesses transformed under the previous 24-Hour Economy programme before asking citizens to embrace another major economic slogan.
In an open letter authored by Dr Mohammed Amin Anta and addressed to the minister ahead of the presentation of what the government has labelled the “New Economy Budget,” the writer argues that Ghana does not lack economic catchphrases.
What it lacks, the letter states, are sufficient productive jobs, thriving businesses, rising real incomes and the economic freedom that enables ordinary people to improve their lives through enterprise.
The letter notes that the earlier 24-Hour Economy was backed by ambitious investment and employment targets. Yet the government, it says, has not offered a sufficiently convincing public reckoning of outcomes.
“Now comes the ‘New Economy.’ What exactly is new, beyond the branding?” the letter asks.
It points to a KPMG pre-budget survey released the same day as evidence of public priorities. Seventy-one percent of respondents identified jobs and youth employment as a national priority, while 54 percent cited the cost of living. These figures, the letter argues, reflect everyday pressures on households rather than abstract indicators.
While acknowledging that headline inflation has fallen substantially—to 5.5 percent in October—the letter stresses that lower inflation does not restore prices to earlier affordable levels. Accumulated increases and constrained purchasing power mean macroeconomic stability must deliver more than favourable statistics.
“The pocket economy is hurting whilst the paper economy is being celebrated,” it states, arguing that household concerns should sit at the centre of the 2027 Budget rather than being overshadowed by celebrations of stabilisation gains.
The letter recognises policy continuity, including maintenance of elements such as the Gold Purchase Programme and the debt restructuring process begun under the previous administration.
It notes that inflation had already declined significantly before the current government took office and that subsequent further declines represent progress, not the start of disinflation. At the same time, it highlights recent reversals: inflation rising from around 3.2 percent earlier in 2026 to 5.5 percent by October, a roughly 9.5 percent depreciation of the cedi against the US dollar by September, and a moderation in growth.
Real GDP growth slowed from 6.6 percent in the second quarter of 2025 to 6.0 percent in the corresponding quarter of 2026, with sharper slowdowns in non-oil GDP and agriculture.
Particular attention is paid to the proposed US$10 billion New Economy investment programme, equivalent to roughly US$2.5 billion a year over four years. The letter questions the source of the money and how much is genuinely new. It notes reports that the financing framework involves reducing the primary surplus target from 1.5 percent to 0.5 percent of GDP alongside additional revenue measures. Relaxing a fiscal anchor so soon after a painful debt restructuring, it argues, does not create new wealth and risks prioritising spending over faster debt reduction.
Without a credible financing plan, clear milestones and measurable employment outcomes—especially given questions still surrounding the earlier US$4 billion 24-Hour Economy ambition—Ghanaians have reason for caution.
Economic transformation, the letter concludes, is not achieved by renaming programmes or announcing larger investment figures. It requires fiscal discipline, competitive businesses, affordable credit, reliable infrastructure, productive investment and institutions that deliver results.
“Economic growth is not a slogan. Jobs are not created by press conferences,” it states. The real test of the 2027 Budget will be whether the New Economy can be shown to be financed, distinct from previous promises, and capable of improving ordinary lives.
“Before unveiling a New Economy, account for the 24-Hour Economy,” the letter insists. “Ghana needs a functioning economy, not another freshly packaged promise.”
Source: Starrfm.com.gh
