Recovery is not enough, ‘New Economy’ will turn stability into jobs and higher incomes — Ato Forson

Finance Minister Dr Cassiel Ato Forson wants Ghana’s economic recovery to translate into decent jobs, higher incomes and a stronger productive economy, saying stabilisation is never the ultimate goal of the government’s reforms.

According to him, the ‘New Economy’ would turn the sacrifices made to restore stability into tangible benefits for the Ghanaian people.

He was speaking during an engagement with faculty and students at the University of Ghana,

“Stabilisation was never the destination. It was the price of entry,” he mentioned.

The Finance Minister acknowledged the progress made in restoring economic confidence but stressed that recovery alone could not fulfil the country’s ambitions.

“Ghana has fought hard to restore stability. Inflation has come down. Confidence is returning. Debt pressures are being managed. The economy is recovering. But recovery is not enough.”

Dr Forson said the next task is to build on those gains by expanding production, attracting investment and creating opportunities that improve people’s livelihoods.

“Stability must now become production, exports, investment, decent jobs and higher incomes. That is the central purpose of the New Economy.”

He outlined a vision of a Ghana that produces more of what it consumes, adds value to its agricultural and mineral resources, and creates decent jobs at scale.

That vision also places public investment at the service of private enterprise, opening opportunities for businesses to invest, expand and employ more Ghanaians.

For Dr Forson, the purpose of the transition is to ensure that the benefits of economic recovery reach the people whose sacrifices helped make it possible.

The New Economy, he said, is about building a Ghana that “turns the sacrifices of stabilisation into real benefits for the Ghanaian people.”