The Minister of Finance, Dr. Cassiel Ato Baah Forson has outlined some key intervention policies to support economic growth and the job creation agenda in the country.
Presenting his inaugural budget on the floor of Parliament on Tuesday March 11, 2025, Dr. Ato Forson expressed optimism that these policies would turn the fortunes of the country around.
These key policies include the:
The 24-hour economy
According to the Minister, the 24-hour economy is aimed at stimulating economic growth by creating an enabling environment for businesses and institutions to operate 24-7 in three shifts of eight hours each to boost production, promote productivity, and generate well-paying jobs.
He also added that the Labour Act and other related legislations will be reviewed to enable the implementation of the 24-hour economy policy.
He assured that the policy document will be presented to Parliament.
The Big Push Project
Dr. Forson, also the Member of Parliament for the Ajumako-Enyan-Essiam constituency in the Central Region, intimated the implementation of the $10 billion big push policy for strategic infrastructure development to open up the country and drive sustainable economic growth.
He spoke further about the plans of the government to stabilize the Cedi and provide stability to the macroeconomy.
He stated that the Gold Board will be established in the course of the year.
The Agric-based Economic Transformation Agenda
Rising food costs and inflation have been a major source of concern for Ghanaians.
In that regard, the Minister of Finance hinted at plans to roll out an economic transformation agenda underpinned by agriculture.
This agenda will be anchored on the promotion of modernised agriculture, agribusiness, and value addition for import, substitute, export, and job creation.
“We will complement monetary policy with fiscal and rare sector policies to reduce inflation. Food inflation will be reduced through the implementation of the Agriculture for Economic Transformation agenda anchored on our 24-hour economy.”
Key Structural Reforms
In his address, Dr. Forson remarked that in order to support inclusive economic growth, key structural reforms on fiscal and debt sustainability, sound public financial management, efficient public service delivery, and good governance will be prioritized.
The Bank of Ghana (BoG) will undergo structural reforms to strengthen its independence and operationalise its efficiency mandate.
Government procurement of Made-in-Ghana products
Dr. Cassiel Ato Baah Forson, in demonstrating the government’s agenda to prioritise the procurement of Made-in-Ghana goods, appeared in Parliament with a locally-made bag to promote consumption of Ghanaian goods.
Export of Ghanaian Labour
Dr. Forson, who has previously served as Deputy Minister of Finance, outlined government’s plans to formalise the export of Ghanaian labour.
This is intended to stem the flow of Ghanaians embarking on illegal migration journeys.
“We will ensure a structured and beneficial system for Ghanaian workers seeking employment abroad and create a safer legal pathway for them to work in foreign countries while protecting their rights and welfare. This will also reduce illegal migration, prevent worker exploitation and maximise the economic benefits of remittance and boost foreign exchange earnings.”, the Minister explained.
The budget presented today is expected to be reviewed within the course of the year.
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Source: Afote Asomdwoe Laryea/ATLFMNEWS
