Dr. Cassiel Ato Forson, Minister of Finance, has cautioned that Ghana’s economic crisis is far from over, emphasizing that its full extent is still unfolding.
Speaking at the 2025 National Economic Dialogue on Monday, he stressed that addressing the situation would require significant sacrifices from citizens to stabilize the economy.
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“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 said in his presentation on “The true state of the Ghanaian Economy.”
He noted that Ghana has seen little progress in structural economic transformation over the years, with agriculture still accounting for one-fifth of GDP and one-third of the labour force. Meanwhile, manufacturing productivity remains low, and high-productivity sectors such as commercial mining and construction employ only a few people.
Dr Forson warned that without radical economic reforms, Ghana might only attain high middle-income status after 2050. He called for comprehensive policies to boost productivity, improve infrastructure, and enhance workforce skills, arguing that such reforms could triple Ghana’s per capita income by 2050.
Dr. Kingsley Amoako, Founder of the African Centre for Economic Transformation (ACET), also highlighted the importance of external financing in Ghana’s development. He urged the government to explore new sources of funding, including China, India, Saudi Arabia, Turkey, and the UAE, given the decline in traditional development assistance.
The two-day dialogue, themed “Resetting Ghana: Building the Economy We Want Together,” focuses on macroeconomic stability, governance, private sector growth, structural reforms, infrastructure, export competitiveness, and productivity.
