Ghana’s macroeconomic stability gains must translate into jobs to be meaningful, Professor Godfred Alufar Bokpin, an economist, has cautioned.

He said while the government had made progress in reducing inflation, improving fiscal discipline and restoring debt sustainability, the country’s economic framework continued to emphasise indicators over employment creation.

Prof. Bokpin made the remarks at the Ghana National Chamber of Commerce and Industry Mid‑Year Budget Review Seminar in Accra.

“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 said.

Prof. Bokpin stressed that macroeconomic stability should be viewed as a means to achieving transformation rather than an end in itself.

Ghana Statistical Service data show inflation at 5.3 per cent in June 2026, with GDP growth at 6.4 per cent in the first quarter of 2026.

The government has reported gains from fiscal consolidation, reduced borrowing and debt sustainability reforms under the IMF programme.

However, Prof. Bokpin said stability would have little meaning if livelihoods and jobs were not improved.

Labour market statistics indicate unemployment at 13.0 per cent in the third quarter of 2025, with youth unemployment at 32.4 per cent.

Nearly two million persons aged 15 to 35 years were not in employment, education or training.

Prof. Bokpin noted that about 500,000 people enter the labour market annually, warning that job creation was insufficient to absorb the growing workforce.

He called for targeted interventions to improve outcomes for women and young graduates.

Prof. Bokpin urged the government to introduce measurable employment targets into national budgets, directing resources into agriculture, industry and services.

“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.

Prof. Bokpin also cautioned against excessive austerity amid infrastructure deficits, urging balance between consolidation and investment in roads, water systems, education and healthcare.

“We cannot celebrate austerity in the midst of huge infrastructure deficits,” he said.

Prof. Bokpin called on the Ghana Statistical Service to publish regular employment statistics and urged policymakers to adopt a job‑rich growth strategy.

Mr Stephane Miezan, President of the Ghana National Chamber of Commerce and Industry, commended the government for maintaining fiscal discipline and stability.

He said the success of initiatives such as the 24‑hour economy policy, export development programmes and industrial interventions would depend on sustained implementation and structured engagement 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.