Ghana’s Finance Minister, Cassiel Ato Forson, painted a stark picture of the country’s economic state at the National Economic Dialogue, held at the Accra International Conference Centre. The minister’s address highlighted the severe economic hardships facing Ghanaians, including inflation, rising fuel and electricity costs, high-interest rates, and currency depreciation .
Forson emphasized that Ghana’s economic challenges began long before the COVID-19 pandemic, with the country’s growth being driven by oil and mining, accompanied by excessive debt accumulation. Public debt surged from 20% of GDP in 2006 to 93% in 2022, making the economy vulnerable to external shocks .
The minister also outlined a seven-pillar approach to economic transformation, which includes:
- Resetting the Economy: Creating prosperity for all Ghanaians
- Job Creation: Generating employment opportunities
- Industrial Revitalization: Transforming industries through initiatives like GhanaFest
- Infrastructure Development: Improving the country’s infrastructure
- Investing in Human Capital: Developing Ghana’s Human Resources
- Good Governance and Anti-Corruption: Ensuring transparency and accountability
- Strengthening International Economic Relations: Enhancing Ghana’s global economic ties.
Forson stressed that without comprehensive reforms, Ghana’s economic growth could slow to 3.8% per year within the next 15 years, significantly impacting job creation and overall economic stability. The National Economic Dialogue is expected to generate policy recommendations that will inform Ghana’s forthcoming national budget, scheduled for presentation on March 11 .
Ruth Abla ADJORLOLO
