Minister of Finance, Dr. Cassiel Ato Forson, says the government is still grappling with the full extent of Ghana’s economic crisis as new challenges continue to emerge.
Speaking at the 2025 National Economic Dialogue on Monday, March 4, he warned that the depth of the crisis demands significant sacrifices from citizens to restore stability.
“Fellow countrymen and women, the economic crisis isn’t over. Indeed, the full length of our current crisis is still unravelling by the day,” he stated during his presentation on “The True State of the Ghanaian Economy.”
The two-day dialogue is being held under the theme “Resetting Ghana: Building the Economy We Want Together.”
Key Economic Concerns:
Dr. Forson noted that structural transformation has been slow, with agriculture still contributing one-fifth of GDP and employing about 33% of the labour force. He also pointed out that productivity in manufacturing remains low, while higher-value industries such as mining and construction employ relatively few people.
He observed that, unlike in advanced and mid-sized economies, Ghana’s informal sector and self-employment continue to absorb a large share of the labour force.
Without radical reforms, he cautioned, Ghana may not reach high middle-income status until after 2050.
Path to Economic Recovery:
To reverse the trend, Dr. Forson called for comprehensive policies and institutional reforms to boost productivity, improve infrastructure, and enhance workforce skills.
“These reforms have the potential of transforming Ghana within a generation, tripling its per capita income by 2050,” he said.
He stressed the need for fiscal policy adjustments to support structural transformation and long-term growth.
External Financing and Development Aid:
Dr. Kingsley Amoako, Founder of the African Centre for Economic Transformation (ACET), also addressed the forum, emphasizing that external financing remains critical for Ghana’s development.
He urged the government to explore partnerships with new donors such as China, India, Saudi Arabia, Turkey, and the UAE, given the decline in traditional development assistance.
“Recent policy shifts in the U.S. and Europe have introduced uncertainties into the prevailing development aid architecture,” he noted.
The 2025 National Economic Dialogue is focused on six key areas, including macroeconomic stability, governance, private sector-led growth, infrastructure development, export competitiveness, and human capital development.
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