Finance Minister Dr. Cassiel Ato Forson has unveiled a new economic vision focused on local production and job creation. He said Ghana must produce more of what it consumes and keep jobs at home. He made the statement in Accra while outlining the promise of the New Economy agenda.
According to the Ministry of Finance, the New Economy model targets import substitution and industrial expansion. Dr. Forson argued that every import bill is a signal to build domestic capacity. He said the strategy will shift Ghana from consumption to production and from dependency to prosperity.
He said Ghana producing, Ghanaians working and prosperity growing sums up the government approach. The plan aligns with 24-hour economy and made-in-Ghana push. It prioritizes agro-processing, light manufacturing, textiles and pharmaceuticals to cut imports and create decent jobs for youth.
Industry players say local production will ease pressure on the cedi and improve trade balance. Data from Bank of Ghana shows import-heavy demand continues to drive forex volatility. Under Bank of Ghana forex rules, boosting export proceeds and reducing non-essential imports remain key to cedi stability. Incentives, tax reforms and industrial parks are expected to support factories.
The Finance Minister said government will back private sector with affordable credit, energy reliability and market access. He urged Ghanaians to choose local products and support homegrown enterprises. The New Economy promise, he noted, is not slogan but a deliberate shift toward self-reliance and inclusive growth.
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Author: Stella Sunu
