Cassiel Ato Forson calls for structural economic transformation

Finance Minister Dr. Cassiel Ato Forson has declared that Ghana’s economic recovery must move beyond mere macroeconomic stabilization to deliver structural transformation, decent jobs, and higher incomes. Speaking during a discussion at the University of Ghana, the Minister emphasized that while the government has successfully stabilized the current economic climate, the next critical phase involves securing the future through a more resilient and productive economy that directly benefits all citizens. He noted that policy decisions must now confront the deep-seated root causes of economic challenges rather than just managing immediate pressures.

Dr. Forson outlined a vision for what he termed the "New Economy," designed to convert the sacrifices made by Ghanaians during the stabilization process into tangible benefits. He highlighted that although there are positive signs of progress—specifically declining inflation rates and a return of investor confidence—these macroeconomic indicators must be translated into improved living standards. The Minister stressed that the objective of ongoing reforms is to ensure that the recovery results in a meaningful impact on the everyday lives of workers and the growth of local businesses.

Central to this economic shift is a renewed focus on increasing local production and enhancing the value of Ghana’s natural resources. Dr. Forson urged a break from historical economic patterns, calling for a move toward resource value addition to support industrialization and reduce vulnerability to external shocks. By prioritizing local consumption and investment attraction, the government aims to build a self-sufficient industrial base that can sustain job creation and foster long-term prosperity.