Accra:Ghana Finance Minister Dr. Cassiel Ato Forson has emphasized the need for Ghana to abandon outdated economic practices in favor of sustainable growth strategies. He highlighted the importance of building on recent economic stabilization to ensure long-term prosperity for the nation.
According to Ghana Web, Dr. Forson shared his insights during a New Economy engagement at the University of Ghana, addressing faculty and students. He stressed that Ghana is at a pivotal moment where public policy should tackle the root causes of economic issues rather than just immediate pressures.
The Finance Minister articulated that the next phase of Ghana's economic journey involves making challenging decisions that will determine the future of coming generations. He underscored the need for structural transformation as a central component of the government's New Economy agenda. This agenda aims to create a more productive economy by stabilizing the current economic environment and focusing on job creation, income growth, and improved living standards.
Dr. Forson argued that while economic stabilization is essential, it alone won't ensure long-term prosperity unless Ghana addresses structural weaknesses that hinder production, industrialization, and job creation. The focus should be on enhancing domestic production, adding value to locally sourced goods, and expanding business opportunities for local enterprises and workers.
He advocated for a reduction in the country's reliance on raw material exports by bolstering local processing of agricultural and mineral resources. This shift is expected to support industrial development, job creation along the value chain, and enable Ghana to retain a greater share of the value derived from its natural resources.
The New Economy agenda envisions a sustainable growth model driven by productivity, domestic production, and value addition. This involves creating stronger connections between agriculture, manufacturing, technology, and other productive sectors, with an emphasis on sourcing inputs locally and developing products for both domestic and international markets.
Dr. Forson called for policy decisions that transcend immediate political and economic cycles, urging consistency in reforms and a willingness to tackle long-standing developmental challenges. The success of the New Economy agenda will depend on effective policy implementation, investment attraction, and the generation of sustainable employment and higher incomes.