The Trades Union Congress (TUC) has published detailed comments on the 2025 Budget and Economic Policy presented to Parliament by the Minister of Finance, Dr Cassiel Ato Forson on March 11, 2025.
The 2025 budget has the theme “Resetting the Economy for the Ghana we want,”
In the 12-page document submitted to the government on the budget, the TUC commented on the Macroeconomic Policy Framework, Employment, Wages, Salaries, and Industrial Peace, Social Protection and Pensions, Public Debts and National Revenues, Agriculture and Food Security, Privatisation of Electricity Company of Ghana (ECG), Labour Administration, Taxation and Free Senior High School policy.
The TUC noted in the documented dated April, 2025 that “The assessment is done in the context of our budget proposals submitted to Government before the budget presentation. More importantly, our assessment is against the backdrop of the nature of Ghana’s economic challenges. That is, an economic management framework that has for over four (4) decades failed to transform the structure of the Ghanaian economy.”
It added that this framework “has produced high rate of joblessness, rampant inflation, high interest rates, unsustainable national debts, declining incomes, and suffocating cost-of-living.”
“In our submission to Government on the 2025 budget, we indicated that Ghana’s recuring economic challenges stems from a flawed
macroeconomic framework that has been implemented since the mid-1980s. In that framework, employment is treated as a residual outcome of
economic growth and macroeconomic stability. This assumption has proven to be false given that in the last 40 years of positive economic growth, joblessness has increased and employment has shifted to the informal sector. Good jobs have become harder to obtain,” the TUC stated.
“While overprioritizing macro stability, the framework has resulted in recurring bouts of macroeconomic instability. This is reflected in the
persistence of the inflation problem in Ghana, high interest rates, subdued economic growth, and depreciating national currency,” it emphasised.
To turn things around, the TUC urged government to work with all stakeholders to change the current macroeconomic framework.
“Ghana needs a new model of economic management that seeks to qualitatively change the structure of the economy. Employment creation must be at the centre of economic policy. Ghana needs to derive maximum benefits from its natural resources. This will enable Government to fund national development from domestic revenues, obviate the need for borrowing and reduce our debt burden,” the Union advised.
Please read detailed comments below:
The post Ghana’s economic challenges stem from flawed macroeconomic framework – TUC says in comments on 2025 budget first appeared on 3News.
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