Finance Minister Dr Cassiel Ato Forson has criticised Ghana’s economic model over the past 69 years, saying it has not generated the level of sustainable employment and growth needed to improve the lives of citizens.
He is calling for a fundamental restructuring of the economy through the government’s proposed “New Economy” initiative, which he says will provide more durable employment opportunities for the country’s growing youth population.
Addressing the National House of Chiefs ahead of the 2027 Budget presentation, Dr Forson said Ghana must move away from economic approaches that have failed to produce lasting benefits for its people.
He urged traditional leaders to support the proposed shift, arguing that temporary employment programmes cannot serve as a long-term answer to unemployment.
The Finance Minister cited the National Builders Corps (NABCO) and the Youth Employment Agency (YEA) as examples of interventions that offer temporary opportunities but do not guarantee lasting livelihoods.
“The temporary models may offer immediate relief and experience to our people, but our young people need dependable livelihoods beyond the end of the placement of these temporary models. Their future cannot depend on moving from one temporary opportunity to the next,” he said.
Dr Forson said the government’s focus was to build an economy that could consistently generate employment rather than depend on short-term placements.
He also identified the export of raw materials without sufficient local processing as an area requiring change.
According to him, developing local industries to process Ghana’s natural resources would create employment, strengthen domestic production and contribute to economic transformation.
On public spending, he assured the chiefs that government would maintain fiscal discipline and ensure prudent use of national resources, with value for money guiding expenditure.
He cautioned that the country’s unemployment situation could become a social crisis if adequate jobs were not created to absorb the increasing number of young people entering the labour market.
Dr Forson called for stronger cooperation between the government and private sector to expand employment opportunities.
He further appealed to the National House of Chiefs and other stakeholders to support the New Economy initiative as government prepares to present the 2027 Budget to Parliament on Thursday, November 12, 2026.
