Accra: Dr Cassiel Ato Forson, the Minister of Finance, says the Government is yet to have a full understanding of the economic crisis as the situation keeps unraveling with time. The depth of the crisis, he said, would require significant sacrifices from citizens to 'stem the bleeding' and put the economy back on track.
According to Ghana News Agency, during a presentation on 'The true state of the Ghanaian Economy' at the 2025 National Economic Dialogue, Dr Forson emphasized that the economic crisis is far from over and continues to evolve. The event, themed 'Resetting Ghana: Building the Economy We Want Together', highlighted the limited progress in the structural transformation of the economy over the past decade.
Dr Forson noted that the agriculture sector still constitutes one-fifth of GDP and engages about 33 percent of the labor force. In contrast, manufacturing productivity remains low, and higher productivity sectors like commercial mining and construction employ fewer people. Unlike advanced and some medium-sized countries, Ghana's informal sector and self-employment absorb a large portion of the labor force.
He warned that without radical economic reforms, Ghana might not achieve high middle-income status until after 2050. To prevent this, he called for comprehensive policies and institutional reforms to enhance productivity, improve infrastructure quality, and elevate human capital and workforce skills. These reforms, he argued, could transform Ghana within a generation and potentially triple its per capita income by 2050.
Dr Kingsley Amoako, the Founder of the African Centre for Economic Transformation (ACET), stated that external finance remains crucial for the country's development plan. He advised the Government to seek new donors like China, India, Saudi Arabia, Turkey, and the United Arab Emirates, especially as traditional development assistance declines. He also pointed out the uncertainties introduced by recent policy shifts in the United States and Europe.
The dialogue covered six thematic areas including macro-economic stability, governance, private sector-led growth, structural policy reforms, infrastructure development, and growth with diversification, export competitiveness, productivity, technology, and human well-being.
