The Minister of Finance, Dr Cassiel Ato Forson, has stated that the government’s New Economy agenda will prioritise the creation of decent jobs and the improvement of living standards for Ghanaian workers.
During a consultative meeting with the leadership and members of the Trades Union Congress, Ghana (TUC) in Accra yesterday, the Finance Minister outlined the government’s economic priorities.
According to Dr Forson, the National Democratic Congress (NDC) government’s manifesto identified economic stabilisation as its initial priority, with a transition to broader economic transformation to follow.
“If you look at the NDC manifesto, you will notice that we said we will spend half of our time to stabilise the economy, and after we lock in the economy and stabilise it, we move towards the microeconomic level,” he said.
He explained that the government had now reached the stage where it could focus more directly on the microeconomy, particularly job creation and support for businesses.
“That is where we are going now, and so you will see us moving towards the microeconomy, where jobs — decent jobs — are created,” the Finance Minister added.
Dr Forson said the next phase of the government’s economic programme would place workers, businesses and employment at the centre of the country’s transformation agenda.
The Secretary-General of the TUC, Joshua Ansah, welcomed the New Economy initiative and expressed hope that it would succeed in creating opportunities and improving wages for Ghanaian workers.
Background
The New Economy agenda is an economic transformation agenda Dr Forson is championing under the directive of President John Dramani Mahama to shift focus from macro-stabilisation to domestic production and job creation, the microeconomy.
Anchored on stability and the continuous driving down of borrowing costs, Dr Forson believes it will create the enabling environment to boost private sector-led local production and the creation of decent jobs of not less than 1.7 million new jobs over four years.
Dr Forson said the single-digit lending would significantly lower interest rates to support local businesses.
To be announced in the 2027 budget, which would be presented to parliament next month, the Finance Minister said the development blueprint would have an implementation timeline and tracking mechanisms to ensure success.
The Finance Minister has, therefore, started a series of consultations with industry, labour and other identifiable groups to build consensus and secure their buy-in.
