Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has stressed the urgent need for bold and ambitious economic reforms over the next four years to prevent the country from experiencing slowed growth and economic instability.
Speaking at the National Economic Dialogue, Dr. Forson emphasized that Ghana must transition from an economy heavily reliant on factor accumulation and natural resource depletion to one driven by productivity, innovation, and human capital development.
He warned that without a structural shift, long-term economic growth could be unsustainable.
The Finance Minister outlined key areas for reform, including:
Enhancing Domestic Revenue Mobilization – Strengthening tax collection and broadening the tax base to reduce dependence on external borrowing.
Boosting Human Capital Development – Investing in education, skills training, and entrepreneurship to create a workforce that drives innovation and competitiveness.
Diversifying the Economy – Reducing reliance on raw material exports by promoting value-added industries such as manufacturing and agribusiness.
Strengthening Governance and Fiscal Discipline – Ensuring efficient public spending, reducing waste, and enhancing transparency in economic management.
Dr. Forson also noted that sustained economic growth above 6.5% of GDP is achievable if Ghana capitalizes on favorable demographic trends and the gradual decline in resource depletion. He urged stakeholders to support policies that create a more resilient and inclusive economy, ensuring long-term prosperity for all Ghanaians.
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