After stabilising the economy, bringing inflation down and easing debt pressures, Ghana must now focus on expanding production, attracting investment and creating jobs, Finance Minister Dr Cassiel Ato Forson has said, outlining the next phase of the government’s New Economy agenda to translate economic recovery into higher incomes and stronger business growth.
In a Facebook post, Ato Forson said the country’s efforts to restore economic stability had laid the foundation for growth, but recovery alone was insufficient to deliver the economic transformation Ghanaians expect.
“Stabilisation, as I have always said, was never the destination. It was the price of entry,” Ato Forson said, adding that the next phase of the New Economy agenda would focus on boosting domestic production, attracting investment, expanding exports and creating jobs to raise incomes.
The New Economy agenda aims to strengthen local industries by reducing reliance on imports, encouraging domestic processing of agricultural produce and minerals, and supporting businesses to expand production and create jobs.
Ato Forson said the objective was to build a Ghana that “produces more of what it consumes, adds value to what it grows and mines here in Ghana” and uses public investment to create opportunities for private enterprises.
The focus is now on building industries that can sustain economic growth by expanding manufacturing, agro-processing and other productive activities. This would enable businesses to create more jobs and ensure that a greater share of the value from Ghana’s agricultural and mineral resources is retained within the local economy.
President John Dramani Mahama has also called on Ghana’s ambassadors to play a stronger role in attracting foreign investment, opening up export markets for local businesses and building partnerships that can support domestic industries.
On October 16, the President commissioned four ambassadors-designate to Angola, Qatar, Israel and Switzerland, charging them to identify investors whose interests align with Ghana’s development priorities and help local businesses access international markets.
“Our missions play an important role in identifying investors whose interests align with Ghana’s development priorities, helping Ghanaian businesses enter new markets abroad, and building relationships with institutions that can support skills development, research, and technology transfer,” President Mahama said.
The President also called on the envoys to follow through on investment proposals and agreements, highlighting the need to turn diplomatic engagements into practical economic opportunities.
Investment can help expand local industries, with foreign partnerships offering businesses access to capital, technology and international markets. Public investment can complement these efforts by providing the infrastructure needed to increase production and support business expansion.
The New Economy agenda seeks to channel investment into manufacturing, agro-processing and export-oriented industries to increase domestic production and create jobs. Expanding these sectors would also allow Ghana to add more value to its agricultural and mineral resources while creating new opportunities for local businesses to grow.
The New Economy agenda focuses on expanding businesses, increasing domestic production, creating jobs, and improving livelihoods by strengthening local industries and helping Ghanaian businesses compete in domestic and international markets.
Ghana has made economic stability a priority. The next phase, as Ato Forson’s remarks suggest, is to use that foundation to build a more productive economy where investment generates jobs, businesses create more value locally, and economic growth delivers higher incomes for the population.
