Ato Forson: We’re done fixing the economy, now we’re creating jobs

Finance Minister Dr. Cassiel Ato Forson has announced that Ghana’s “New Economy” agenda will shift the nation from macroeconomic stabilisation to a transformational phase centred on local production, value addition, and the creation of decent jobs, declaring that “stabilisation was never the destination. It was the price of entry. Ghana has paid that price.”

In a series of consultations with industry, labour, and academic stakeholders throughout September and October 2026, Dr. Forson has articulated a clear policy vision for the next phase of Ghana’s economic development. The programme, expected to be formally unveiled in the 2027 Budget in November, represents a deliberate shift toward what the Minister calls “the microeconomy, where jobs, decent jobs are created.”

Speaking at a strategic meeting with the leadership of the Association of Ghana Industries (AGI) and leading members of the business community, Dr. Forson outlined the core logic of the New Economy agenda. “Our mission is to produce more of what we consume and create more jobs here at home,” he stated.

The Minister framed Ghana’s import dependence as an opportunity rather than a constraint. “Every import is an opportunity to ask, ‘Why can’t we make it in Ghana?'” He explained that the programme represents a fundamental shift from an economic model that borrows primarily to finance consumption to one that deliberately invests in productive sectors capable of generating jobs, exports, and sustainable national wealth.

US$1.6 Billion Investment in Strategic Sectors

According to Dr. Forson, the New Economy programme will mobilise approximately US$1.6 billion, equivalent to about one per cent of Ghana’s GDP, for investment in carefully selected productive sectors. The funding is expected to attract additional private-sector investment and channel resources into industries where Ghana possesses competitive advantages.

The priority areas identified include commercial agriculture, value addition in the mining sector, energy, and transport infrastructure. Among the specific projects being considered are gas-to-power and gas-to-fertiliser initiatives, as well as the Western Railway Line.

Creating 1.7 Million Jobs Over Four Years

At a consultative meeting with the leadership and members of the Trades Union Congress (TUC) in Accra, Dr. Forson emphasised that the government’s focus has now shifted to job creation and support for businesses.

He said the New Economy agenda aims to create not less than 1.7 million new jobs over four years, with a particular emphasis on opportunities for Ghana’s youth. Speaking after an engagement with academics, researchers, and students at the University for Development Studies (UDS), Nyankpala Campus, Dr. Forson stated: “The New Economy must create jobs at scale. We need to create decent and productive jobs that give our young people a real stake in Ghana’s future.”

TUC Secretary-General Joshua Ansah welcomed the initiative and expressed hope that it would succeed in creating opportunities and improving wages for Ghanaian workers.

Consultations and Next Steps
The Finance Minister has initiated a series of consultations with key stakeholders, including the Ministry of Trade, Agribusiness and Industry, the Association of Ghana Industries, the Trades Union Congress, and academic institutions. President John Dramani Mahama has announced that the programme will involve a US$10 billion investment in key sectors, with full details to be presented in the 2027 Budget.

Dr. Forson has indicated that the government is targeting the first week of November 2026 to present the 2027 Budget Statement to Parliament, in accordance with the Public Financial Management Act, which requires presentation no later than November 15. The development blueprint will include an implementation timeline and tracking mechanisms to ensure success.