There is an urgent need for institutional reforms to improve productivity – Ato Forson

Finance Minister Dr Cassiel Ato Forson has emphasised the urgent need for institutional reforms to enhance productivity and accelerate Ghana’s economic transformation.

He warned that without comprehensive policy changes, Ghana may not achieve upper-middle-income status until after 2050.

Speaking at the National Economic Dialogue 2025, Dr Forson stressed that Ghana cannot afford to wait that long to attain economic progress.

“Without comprehensive reforms, unfortunately, Ghana will only achieve upper-middle-income status after the year 2050, and we cannot wait until then,” he said.

“There is an urgent need for comprehensive policies and institutional reforms that enhance productivity, improve the quality of infrastructure and services, and elevate human capital and workforce skills. These reforms have the potential to transform Ghana within a generation, tripling its per capita income by 2050,” he explained.

He highlighted the importance of reorienting fiscal policies to support economic growth and structural transformation. According to him, Ghana’s economic future depends on the level of reforms implemented.

“If nothing is done, Ghana will only become an upper-middle-income country by 2050. With moderate reforms, we can achieve this by 2042, but if we introduce ambitious reforms, Ghana can reach upper-middle-income status by 2038,” he explained. “We have no choice but to introduce measures to reset our economy.”

Dr Forson outlined a seven-chapter framework aimed at resetting the economy. He said the first focus will be on stabilising the economy and creating prosperity for all.

“We have no choice; we will have to introduce measures to reset our economy,” he said. “Chapter one is resetting the economy and creating prosperity for all. Chapter two is jobs for all, Chapter three is Ghana’s framework for industrial revitalisation, support, and transformation, which we call Ghana First.”

He added that another major focus will be infrastructure, human capital development, governance, and economic diplomacy.

“Chapter four will be powering growth through infrastructural development. Chapter five is investing in people for inclusive growth. Chapter six will be restoring good governance and combating corruption, and chapter seven will be deepening international relations and foreign policy so that Ghana can benefit from economic diplomacy,” he explained.

Source: myjoyonline.com