Economist Professor Godfred Alufar Bokpin has urged the government to ensure that Ghana’s recent macroeconomic gains translate into meaningful employment, arguing that economic stability alone is not enough if it fails to improve livelihoods.
Speaking at the Ghana National Chamber of Commerce and Industry (GNCCI) Mid-Year Budget Review Seminar in Accra, Prof Bokpin said the country’s economic framework continues to prioritize fiscal and monetary indicators while paying insufficient attention to job creation.
According to him, although the government has made progress in reducing inflation, strengthening fiscal discipline, and restoring debt sustainability, employment generation remains absent from the nation’s key economic targets.
“We have a target for inflation, we have a target for growth, we have a target for fiscal balance, but there is no nationally determined target for employment generation in the budget,” he stated.
Prof Bokpin stressed that macroeconomic stability should be treated as a tool for achieving economic transformation rather than an end in itself.
Recent data from the Ghana Statistical Service shows inflation fell to 5.3 percent in June 2026, while the economy expanded by 6.4 percent in the first quarter of the year. Government has also highlighted improvements in fiscal consolidation, lower borrowing, and debt sustainability under the International Monetary Fund (IMF) programme.
Despite these gains, Prof Bokpin warned that economic progress would have little impact if it failed to create jobs and improve living standards.
He noted that unemployment stood at 13.0 percent in the third quarter of 2025, with youth unemployment reaching 32.4 percent. Nearly two million people aged 15 to 35 were also not in employment, education, or training.
The economist further observed that approximately 500,000 people enter Ghana’s labor market each year, while the pace of job creation remains inadequate to absorb the growing workforce.
He called for targeted interventions to support women and young graduates and urged government to incorporate measurable employment targets into future national budgets.
Prof Bokpin emphasized that investment should be directed toward agriculture, industry, and services, describing the real sector as the engine of job creation and income generation.
“It is in the real sector that jobs are created. It is in the real sector that income is generated. The fiscal and monetary sectors must complement each other to make the real sector the winner,” he said.
He also cautioned against pursuing excessive austerity while the country continues to face significant infrastructure deficits, calling for a balance between fiscal discipline and investment in roads, water systems, education, and healthcare.
“We cannot celebrate austerity in the midst of huge infrastructure deficits,” he added.
Prof Bokpin further urged the Ghana Statistical Service to publish regular employment data and encouraged policymakers to adopt a job-rich growth strategy.
Also speaking at the seminar, President of the Ghana National Chamber of Commerce and Industry, Stephane Miezan, commended the government for maintaining fiscal stability but stressed that initiatives such as the 24-hour economy, export promotion, and industrial development would only succeed through consistent implementation and close collaboration with the private sector.
“The ultimate success of these initiatives depends on timely execution, policy continuity and strong collaboration with the private sector,” he said.
