Professor Godfred Alufar Bokpin, a leading economist, has asserted that Ghana's recent macroeconomic stability must directly lead to job creation to hold significant value. He stated that despite government progress in reducing inflation, enhancing fiscal discipline, and restoring debt sustainability, the country's economic strategy prioritizes indicators over employment generation.
Professor Bokpin delivered these remarks at the Ghana National Chamber of Commerce and Industry Mid-Year Budget Review Seminar in Accra. He pointed out that national budgets include targets for inflation, economic growth, and fiscal balance, but conspicuously lack a nationally determined target for employment generation. This oversight, he argued, diminishes the impact of economic stability on the average Ghanaian.
This perspective arises amidst Ghana's broader economic narrative, which has seen significant efforts towards fiscal consolidation and debt management under an International Monetary Fund (IMF) programme. The Ghana Statistical Service reported inflation at 5.3 per cent in June 2026, with Gross Domestic Product (GDP) growth reaching 6.4 per cent in the first quarter of 2026. These figures indicate a period of relative economic calm following previous turbulences.
Professor Bokpin stressed that macroeconomic stability should be viewed as a tool for achieving broader economic transformation, not as an ultimate goal. He highlighted that stability would have little meaning if it failed to improve livelihoods and create jobs for the populace. This sentiment resonates deeply in a country grappling with significant unemployment challenges.
Labour market statistics reveal an unemployment rate of 13.0 per cent in the third quarter of 2025. More critically, youth unemployment stood at 32.4 per cent during the same period. Nearly 2 million individuals aged 15 to 35 years were not engaged in employment, education, or training. These figures underscore the urgent need for a job-centric economic approach.
Professor Bokpin further noted that approximately 500,000 people enter the labour market annually. He warned that current job creation efforts are insufficient to absorb this growing workforce. He advocated for targeted interventions to improve employment outcomes, especially for women and young graduates.
He urged the government to incorporate measurable employment targets into future national budgets. This would involve directing resources into key sectors such as agriculture, industry, and services, which are vital for job generation. Professor Bokpin emphasized that the real sector is where jobs are created and income is generated, requiring complementary fiscal and monetary policies.
Professor Bokpin also cautioned against excessive austerity measures, particularly in the face of significant infrastructure deficits. He called for a balanced approach between fiscal consolidation and essential investments in critical areas like roads, water systems, education, and healthcare. He asserted that celebrating austerity amidst such deficits is counterproductive.
Mr. Stephane Miezan, President of the Ghana National Chamber of Commerce and Industry, commended the government for its commitment to fiscal discipline. He noted that the success of initiatives like the 24-hour economy policy and export development programmes depends on sustained implementation and robust engagement with the private sector.
Professor Bokpin concluded by calling on the Ghana Statistical Service to publish regular employment statistics. He also urged policymakers to adopt a comprehensive job-rich growth strategy to ensure that economic gains benefit all Ghanaians.