Stability Done, Jobs Next …Ato Forson promises decent work, higher incomes

Finance Minister Dr. Cassiel Ato Forson has announced that though Ghana has successfully “entered” the phase of economic stability, that stability alone will not put food on the table of the ordinary Ghanaian.

Speaking to a packed gathering of students and faculty at the University of Ghana on Sunday, October 18, Dr. Ato Forson disclosed that the government’s next big move, the “New Economy,” is about turning the pain of the past few years into real, tangible benefits for every citizen.

“Ghana has fought hard to install stability. Inflation has come down, confidence has returned, debt pressures are being managed and the economy has recovered. But recovery alone isn’t enough,” the Finance Minister said.

Using a quote he has repeated at various forums, including the IMF/World Bank meetings in Bangkok and consultations with labour unions, Dr. Ato Forson emphasized: “Stabilization, as I have always said, was never the destination. It was the price of entry, now we have entered. But stability must now become production, export, investment, decent jobs and higher incomes. That is the central purpose of the New Economy we seek to build.”

“It is about building the Ghana that we want. The Ghana that produces more of what it consumes, adds value to what it grows and mines here in Ghana, creates decent jobs at scale,” he added.

Dr. Ato Forson said government’s role is to create the conditions for private businesses to employ people, not to be the employer itself, a point he has stressed to industry captains and the Trades Union Congress in recent weeks.

The Finance Minister’s address did not dwell only on statistics. He spoke about the realities facing many Ghanaian families, a theme he also highlighted during his visit to the University for Development Studies (UDS) in the Northern Region.

He spoke about the graduate who has finished school but cannot find work, and the family that sacrifices everything to educate a child only to watch that child sit at home.

“No serious nation can accept this as normal. The New Economy says Ghana must no longer accept it,” he said at the UDS engagement, a sentiment he brought to the University of Ghana on Sunday.

While the full details of the New Economy will be unveiled in the 2027 Budget next month, the Finance Minister has already hinted at a shift in spending priorities.

The ultimate goal, he told the university audience, is to ensure that the sacrifices Ghanaians made during the recent economic crisis were not in vain.

“The New Economy will turn the sacrifices of recovery into the dignity of decent work, higher incomes and prosperity that reaches every Ghanaian,” Dr. Ato Forson assured.