The former Deputy Finance Minister, Ms. Mona Quartey, outlined an ambitious yet measured plan to revitalize Ghana’s economy, emphasizing the need for sustainable growth, job creation, and private sector empowerment.
Her remarks highlight the importance of proactive strategies to address unemployment, mitigate economic risks, and achieve consistent growth.
“Most people will be working in the private sector. We’re going to encourage entrepreneurship through the apprenticeship program, through the ‘Edwuma Wura’ program where business startup policies, you know, will be in place to help people with startups. The youth are into ICT. We’re going to leverage on that. So, most people will be working.”
Ms. Mona Quartey former Deputy Finance Minister
However, Ms. Quartey cautioned against economic overheating as a byproduct of increased employment and spending. She emphasized;
“As employment goes up, inflation also generally follows. We will work on that to make sure that we’re able to supply into demand – through the 24-hour economy policy, the big push, and so forth.”
Ms. Mona Quartey former Deputy Finance Minister
When asked about the NDC’s economic growth targets, Ms. Quartey answered;
“I’ll give a range. The range will be anywhere between 6 to the highest 10% growth rate. Now, it’s also going to depend on new things that will come into the revenue space, into the production space.”
Ms. Mona Quartey former Deputy Finance Minister
She acknowledged Professor William Baah-Boateng’s assessment that sustained growth of 8% is necessary to create jobs and address Ghana’s long-standing issue of “jobless growth.”
“We are quick to send up our raw material, which most of it is not food, but we are quick to send that away. We need to start processing that. Now we are quick to import food. We need to start being self-sufficient in terms of food, substituting imports.”
Ms. Mona Quartey former Deputy Finance Minister
By focusing on agri-processing and local production, Ms. Quartey argued, Ghana can achieve self-sufficiency and reduce its dependency on imports, ultimately supporting long-term growth.
The private sector, according to Ms. Quartey, will play a pivotal role in Ghana’s economic recovery. She emphasized the need for a supportive environment, including reliable utilities, affordable credit, and regulatory reforms.
“The banks will be focusing more on the private sector doing well than they’re showing huge profits. It will be about growing the economy.”
Ms. Mona Quartey former Deputy Finance Minister
Ms. Quartey also highlighted the importance of reducing the informal sector’s barriers to formalization. She noted;
“We will expand the tax net, not by going straight out to try and force people, but get the informal sector to grow to the extent where they are comfortable being in the tax net.”
Ms. Mona Quartey former Deputy Finance Minister
Managing Risks and Ensuring Sustainability
“The risks associated with climate change could end up making us spend money on unforeseen stuff. Even health issues that could come up, we need to manage those.”
Ms. Mona Quartey former Deputy Finance Minister
Reflecting on past crises, she noted the importance of robust planning. She emphasized;
“If you remember, when Ebola attempted West Africa, took some parts of West Africa down, Ghana was protected. Unfortunately, with COVID, we were not as lucky, but still, we could have managed that even better.
The sinking fund must be replenished so that as debt repayment comes up, we pay it. We don’t go back into default. The stabilization fund will also be there to support us in the event of any risks coming up.”
Ms. Mona Quartey former Deputy Finance Minister
Ms. Quartey highlighted that the immediate focus would be on stabilizing the economy. She emphasized;
“The next 4 years is about growing the economy. The results will most likely be seen in the final year, which will be an election year anyway. But I think most of the benefits will be seen in the subsequent years. We are not going to overpromise and underperform. In our case, we would like to give a range—something people can actually work with to plan their future.”
Ms. Mona Quartey former Deputy Finance Minister
Ms. Mona Quartey’s detailed blueprint combines pragmatic strategies with bold initiatives to drive economic growth, reduce unemployment, and mitigate risks.
“It’s not going to be easy. It’s going to be a tough road, but we will work it. We will make it happen for the sake of Ghana.”
Ms. Mona Quartey former Deputy Finance Minister
By focusing on private sector empowerment, agricultural processing, and robust risk management, she envisions an economy that is inclusive, resilient, and sustainable.
READ ALSO; Lil Win To Contest as MP In 2028 Election
