Professor Isaac Boadi, Dean of the Faculty of Accounting and Finance at the University of Professional Studies, Accra (UPSA), has urged the government to prioritize job creation in its economic recovery plan. He stated that macroeconomic stability alone will not improve the livelihoods of Ghanaians. This assessment follows the Finance Minister, Dr. Cassiel Ato Forson's, presentation of the 2026 Mid-Year Budget Review to Parliament.
Professor Boadi acknowledged improvements in key macroeconomic indicators. However, he noted that the budget did not sufficiently address Ghana's pressing employment challenge. Speaking on JoyNews' AM Show on Friday, July 24, he observed that while the government made progress in stabilizing the economy, revenue performance remained below target. This situation could constrain public expenditure and development programmes.
Ghana's economic narrative has recently focused on fiscal consolidation and debt restructuring. The government has aimed to reduce its budget deficit and stabilize the Ghana cedi. Despite these efforts, the unemployment rate, particularly among young people, remains a significant concern. The World Bank reported Ghana's youth unemployment rate at 12.6% in 2022, underscoring the urgency of job creation initiatives. This debate highlights a critical tension between achieving headline economic growth and ensuring inclusive development that benefits all citizens.
Professor Boadi emphasized that several key revenue indicators fell short of their half-year targets. This raises concerns about the government's ability to finance planned interventions. He stressed that economic gains must translate into tangible employment opportunities for citizens. He expressed concern that the mid-year budget placed greater emphasis on indicators such as inflation, debt sustainability, international reserves, and Gross Domestic Product (GDP) growth. Comparatively, it paid little attention to job creation.
The UPSA dean also underscored the importance of expanding Ghana's export base. This would strengthen foreign exchange earnings and support long-term economic growth. He agreed that economies with weak export performance often struggle to generate adequate foreign exchange. This places pressure on their currencies. Ghana's trade balance has historically been volatile, with commodity price fluctuations heavily influencing export revenues.
While acknowledging declining inflation, improving debt indicators, and stronger external reserves as positive developments, Professor Boadi maintained their limited impact. He argued that such achievements would not significantly benefit the population unless they resulted in meaningful employment. His remarks add to a growing debate among economists and policy analysts. They advocate for Ghana's macroeconomic recovery to be matched by stronger employment growth, especially for young people.
The government's focus on fiscal discipline is crucial for investor confidence and access to international markets. However, critics argue that this focus must be balanced with social welfare programs and direct job creation schemes. The 2026 Mid-Year Budget Review was an opportunity to signal a shift towards more inclusive growth strategies. Professor Boadi's comments suggest that this opportunity was largely missed. Future policy decisions will need to address this gap to ensure that economic stability translates into improved living standards for all Ghanaians.