Recovery is not enough: Finance Minister Ato Forson outlines vision for Ghana’s New Economy

Finance Minister Dr. Cassiel Ato Forson has declared that Ghana’s economic recovery must translate into decent jobs, higher incomes, and a stronger productive economy, emphasizing that stabilization was never the ultimate goal of the government’s reforms.

Speaking during an engagement with faculty and students at the University of Ghana, Dr. Forson said the "New Economy" would turn the sacrifices made to restore stability into tangible benefits for the Ghanaian people.

“Stabilization was never the destination. It was the price of entry,” he said.

The Finance Minister acknowledged the progress made in restoring economic confidence but stressed that recovery alone could not fulfill 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 was 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 stabilization into real benefits for the Ghanaian people.”