Ghana’s recent progress in restoring macroeconomic stability will have limited value unless it translates into meaningful employment opportunities for citizens, Professor Godfred Alufar Bokpin, an Economist and Professor of Finance, has said.
He said although the Government had made significant strides in reducing inflation, improving fiscal discipline and restoring debt sustainability, economic management continued to focus more on macroeconomic indicators than job creation.
Prof. Bokpin made the remarks at the Ghana National Chamber of Commerce and Industry (GNCCI) Mid-Year Budget Review Seminar in Accra.
The seminar brought together businesses, investors and policymakers to assess the 2026 Mid-Year Budget Review and discuss Ghana’s economic outlook.
He said Ghana had experienced years of economic growth without corresponding employment gains and urged policymakers to make job creation a central pillar of national economic policy.
“We have a target for inflation, we have a target for growth, we have a target for fiscal balance, but there is no nationally determined target for employment generation in the budget,” he said.
According to Prof. Bokpin, macroeconomic stability should serve as a foundation for economic transformation rather than an end in itself.
His comments come as Ghana records improvements in key economic indicators.
The Ghana Statistical Service reported that inflation fell to 5.3 percent in June 2026, while the economy grew by 6.4 percent in the first quarter of 2026, following six per cent growth in 2025.
Government has also highlighted gains from expenditure-based fiscal consolidation, lower borrowing and improved debt sustainability under the International Monetary Fund-supported economic programme.
Prof. Bokpin, however, said such gains would have little impact if they failed to improve livelihoods and generate employment, particularly for young people.
He noted that Ghana’s unemployment rate stood at 13.0 percent in the third quarter of 2025, while unemployment among persons aged 15 to 24 years reached 32.4 percent, more than twice the national average.
Nearly two million young people aged between 15 and 35 years were also classified as not being in employment, education or training.
Prof. Bokpin said approximately 500,000 people entered the labour market each year, warning that the economy was not creating enough jobs to absorb the growing workforce.
He also expressed concern over rising unemployment among women and called for targeted interventions to improve employment outcomes for female graduates and young jobseekers.
The economist urged Government to introduce measurable employment targets into national budgets and economic policy frameworks, similar to existing targets for inflation, economic growth and fiscal performance.
He said such targets would encourage policymakers to channel resources into sectors with the greatest potential to generate large-scale employment.
Prof. Bokpin identified agriculture, industry and services as the sectors capable of creating wealth, jobs and income, stressing that fiscal and monetary policies should be aligned to support productive economic activities.
“It is in the real sector that jobs are created. It is in the real sector that income is generated. The fiscal and monetary sectors must complement each other to make the real sector the winner,” he said.
He also cautioned against excessive austerity in the face of Ghana’s infrastructure deficit, arguing that fiscal consolidation alone could not achieve long-term economic transformation.
He called on Government to balance expenditure restraint with strategic investments in roads, water systems, education, healthcare and other productive infrastructure.
“We cannot celebrate austerity in the midst of huge infrastructure deficits,” he said.
Prof. Bokpin further urged the Ghana Statistical Service to publish regular employment data to support evidence-based policymaking and advocated a job-rich growth strategy that reflects the country’s demographic realities.
Mr. Stephane Miezan, President of the Ghana National Chamber of Commerce and Industry, commended Government for maintaining fiscal discipline and improving macroeconomic stability.
He, however, said the success of flagship initiatives, including the 24-hour economy policy, export development programmes and industrialisation efforts, would depend on consistent implementation and strong collaboration with the private sector.
“The ultimate success of these initiatives depends on timely execution, policy continuity and strong collaboration with the private sector,” Mr. Miezan said.
He added that businesses required a stable and predictable economic environment to expand operations, increase production and create sustainable employment.
