Ghana’s economic policy framework is under fresh scrutiny as the Trades Union Congress (TUC) calls for reforms to make job creation a central pillar of monetary policy.
The Deputy Secretary-General of the Trades Union Congress, Dr. Kwabena Otoo, has urged a review of the country’s inflation-targeting model, arguing that it places too much emphasis on price stability while sidelining employment concerns.
Speaking on Channel One TV’s Point of View, Dr. Otoo noted that the Bank of Ghana largely relies on interest rate adjustments as its primary tool, a strategy he believes is insufficient to address Ghana’s pressing unemployment challenges.
He advocated for a broader mandate for the central bank, one that balances inflation control with job creation and inclusive economic growth.
Drawing comparisons with global trends, Dr. Otoo pointed to reforms by the Federal Reserve and the Reserve Bank of New Zealand, which have incorporated employment targets into their policy objectives.
According to him, Ghana risks maintaining an economic framework that is disconnected from real development needs if it fails to adapt.
He therefore called for amendments to existing legislation guiding the central bank to reflect a dual focus on price stability and employment, insisting that such a shift is critical to achieving sustainable and inclusive growth.
