Ghana’s economic future hinges on women and youth empowerment – Ato Forson
Finance Minister Dr. Cassiel Ato Forson has stated that Ghana’s path to economic recovery must prioritize the empowerment of women and youth, who he says represent majority of the population.
According to him, while the government acknowledges the current level of youth unemployment in the country, the public sector can only absorb a fraction of the number.
During an appearance on Joy News for a post-budget review on Thursday, Ato Forson emphasized that any meaningful policy framework cannot ignore women and the youth, who according to him, are the two critical constituents in every nation building effort.
“We live in a country where women are more than half of the population. We live in a country where the youth gradually represent 60 to 65% of the population. You cannot develop a policy without looking at these two constituents,” he noted.
The finance minister highlighted that Ghana’s public sector employment is reaching its limits, with the government spending about 47% of tax revenue on compensations, a situation he says signals a fiscal crisis if a 60% threshold is hit.
“Today we are using 47% of our tax revenue as compensation, if you hit 60% you are in a crisis, you don’t want to get there,” he said “the best way to do this is that in as much as the government will have to employ essential staff in healthcare, education, and areas providing extension services, the economy is more than the government can accommodate, so the private sector is the engine.”
A particularly striking moment emerged from an interaction with a local businesswoman who highlighted the persistent barriers facing entrepreneurs.
Ato Forson further acknowledged concerns from women in business, about their inability to access traditional banking services and working capital as a result of lack of collateral, despite the recent drops in interest rates.
He noted that their concerns resonated with the manifesto of the current NDC government, and emphasized that about GHC401 million has been set aside in the 2026 budget for the full capitalization of the Women’s Development Bank (WDB), championed by the Vice President Prof. Naana Jane Opoku-Agyemang.
The WDB policy is intended to empower women entrepreneurs by providing accessible, low-interest or some interest-free loans, and addressing financial barriers they often face with traditional commercial banks.
“This sits in tandem with the NDC’s manifesto, and you’ve heard our Vice President Naana Jane Opoku-Agyemang speak a lot about that [the WDB] and how she is going to use that as a catalyst to support women development,” he shared.
About The Author
