Ghana’s traditional economic model has failed to deliver – Ato Forson

Finance Minister Dr Cassiel Ato Forson has described Ghana’s traditional economic model as unsuccessful in delivering the desired development outcomes for citizens over the past 69 years, calling for a fundamental shift towards sustainable economic growth and job creation.

He said the government's proposed New Economy initiative was designed to transform the country's economic structure, create sustainable employment and provide better opportunities for the growing number of young people entering the labour market.

Dr Forson made the remarks when he addressed the National House of Chiefs ahead of the presentation of the 2027 Budget to Parliament on Thursday, November 12, 2026.

He urged traditional leaders to support the government's economic agenda, arguing that Ghana could no longer depend on approaches that had failed to generate sufficient jobs and improve living standards.

The Finance Minister said temporary employment interventions such as the National Builders Corps (NABCO) and the Youth Employment Agency (YEA) could provide immediate relief but were not sustainable solutions to the country's unemployment challenge.

“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 was instead seeking to build an economy capable of generating lasting employment and expanding opportunities for young Ghanaians.

He also called for a shift from the export of raw materials towards domestic processing and value addition, saying the approach would help create jobs, strengthen local industries and increase the economic benefits derived from Ghana's natural resources.

He further assured the chiefs that the government would maintain fiscal discipline and ensure prudent management of public funds.

He said value for money would remain a key consideration in government spending as part of efforts to support the country's economic transformation.

Dr Forson appealed to the National House of Chiefs and other stakeholders to support the New Economy initiative as the government prepares to present its 2027 Budget.