Dr. Cassiel Ato Forson, the Minister-Designate for Finance, has set ambitious goals for his tenure if confirmed, vowing to reduce the cost of goods and services, stabilize Ghana’s economy, and create jobs. During his vetting before the Appointments Committee of Parliament on January 13, 2025, Dr. Forson shared his vision for the future, outlining how he plans to tackle the country’s economic challenges.
Dr. Forson expressed his desire to leave a lasting legacy as a finance minister who made a tangible difference in the lives of Ghanaians by addressing the high cost of living and fostering a stable economic environment. He acknowledged the difficulties that many citizens face due to inflation, rising prices, and economic instability, and made it clear that reducing prices would be one of his primary goals.
“I want to be remembered as the one who helped reduce prices, stabilized the economy, and created jobs. That is what I ask God to help me achieve,” Dr. Forson said, demonstrating both his ambition and his faith in his ability to bring about meaningful change. The statement underscored his determination to improve the living standards of Ghanaians by addressing the economic issues that have hindered growth in recent years.
Tackling Economic Instability
Ghana’s economy has faced numerous challenges in recent years, from rising inflation rates to a weakened national currency. The government has struggled to balance its fiscal responsibilities while managing increasing debt, with the International Monetary Fund (IMF) stepping in to provide support through a financial package. As the new finance minister, Dr. Forson is tasked with stabilizing the country’s finances and ensuring that the economic recovery process continues.
Reducing the cost of goods and services in a country facing inflationary pressures is a monumental task. Dr. Forson’s vision includes tackling the structural issues contributing to inflation, such as high production costs, inefficiencies in the distribution chain, and external factors like the fluctuating prices of imported goods. The goal is to make the economy more resilient and ensure that citizens feel the benefits of a stabilized financial environment.
Dr. Forson’s approach to reducing prices includes implementing strategic fiscal policies that will stimulate economic growth and productivity. By prioritizing sectors such as agriculture, manufacturing, and infrastructure, the government hopes to boost local production and reduce Ghana's dependency on imported goods. Strengthening these sectors could create a ripple effect, reducing costs across the economy and alleviating the financial burden on households.
Creating Jobs for Ghanaians
Alongside reducing prices, Dr. Forson is committed to addressing one of Ghana’s most pressing issues: unemployment. As the country grapples with rising joblessness, particularly among the youth, creating sustainable employment opportunities has become a central focus of his agenda.
“My responsibility as a minister responsible for finance is to raise the required revenue and allocate it in consultation with cabinet to sectors that will create the jobs. So, we will do just that. These are my priorities as a minister, and we will work to achieve that in the shortest possible time,” Dr. Forson stated.
Job creation in Ghana is an urgent need, and Dr. Forson plans to use his position to direct resources into sectors that can generate employment on a large scale. This includes investing in key industries such as agriculture, which has the potential to absorb a large portion of the workforce, as well as infrastructure development projects that can provide jobs in construction and related fields.
In addition to traditional sectors, Dr. Forson aims to harness the potential of the digital economy, which has rapidly grown in recent years. By supporting the tech industry and encouraging innovation, he believes that new opportunities can be created for young people to enter high-growth fields such as technology, digital services, and entrepreneurship.
Dr. Forson is also committed to improving education and skills development programs to ensure that young people are equipped with the skills needed to compete in a rapidly changing job market. By aligning education with market demands, he hopes to reduce the gap between the skills of job seekers and the requirements of employers, creating a more dynamic and competitive workforce.
Rebuilding Trust and Transparency
One of the key challenges facing Ghana’s economy is a lack of trust in government institutions and policies. Dr. Forson recognizes that restoring public confidence will be crucial to the success of his plans. Transparency and accountability will be at the heart of his approach to governance.
“We will work to restore the credibility of our economic policies and ensure that the public is fully informed about the steps we are taking to stabilize the economy,” he said. Dr. Forson’s commitment to transparency includes improving the management of public funds and ensuring that government spending is efficient and targeted at initiatives that will directly benefit the population.
Moreover, Dr. Forson is keen on fostering collaboration with the private sector to drive economic growth. He believes that creating an environment conducive to business will be key to job creation and economic expansion. By working with entrepreneurs, businesses, and investors, he aims to create a thriving economy that generates wealth and opportunities for Ghanaians.
Support from the IMF and International Partners
Dr. Forson’s approach to stabilizing the economy will also involve working closely with international partners, including the IMF. The government’s engagement with the IMF has already resulted in a financial support package designed to help Ghana address its fiscal challenges. Dr. Forson, however, emphasizes that the ultimate goal is not to rely indefinitely on external assistance but to create an economy that can stand on its own.
“The IMF programme is a step in the right direction, but we are determined to implement the reforms needed to achieve long-term stability,” Dr. Forson said. He reiterated that his administration would focus on reforms that would put Ghana on a path to self-sufficiency, reduce dependence on foreign aid, and ensure sustainable economic growth.
A Vision for the Future
As the Minister-Designate for Finance, Dr. Forson is determined to make a positive impact on Ghana’s economy. He has set clear priorities, including reducing the cost of living, stabilizing the economy, and creating jobs. His approach focuses on fostering growth in key sectors, improving fiscal management, and ensuring that the benefits of economic recovery reach all segments of the population.
While the road ahead may be challenging, Dr. Forson’s commitment to turning around Ghana’s economic fortunes is unwavering. With the right policies and collaboration, he believes that Ghana can overcome its current difficulties and emerge stronger, more resilient, and more prosperous for future generations.
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