The Deputy Secretary-General of the Trades Union Congress (TUC), Dr Kwabena Otoo, has called for a review of Ghana’s economic policy framework, arguing that the current focus on inflation targeting is limiting efforts to tackle unemployment and drive inclusive growth.

During an interview on Channel One TV on Wednesday, April 29, 2026, he explained that Ghana’s monetary policy has largely revolved around maintaining price stability, with the Bank of Ghana relying mainly on interest rate adjustments.

“The only instrument we know the Bank of Ghana has is interest rate. Basically, inflation targeting, and that’s what they do. That means also that the Bank of Ghana Act must change. You see, this inflation targeting started with the Federal Reserve Bank of New Zealand, where the sole mandate was inflation or price stability,” he said.

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Dr Otoo stressed that this narrow approach sidelines job creation and broader development outcomes in economic decision-making.

He pointed out that several countries have broadened the mandate of their central banks to include employment generation, creating a more balanced policy direction.

Citing examples to buttress his claim, he noted that New Zealand amended its central bank act in 2019 to make employment generation a second major priority alongside price stability. The United States and other countries have since adopted similar reforms.

According to him, Ghana must rethink its current framework to ensure that job creation becomes a central focus alongside price stability.

Without such a shift, he cautioned, economic policy risks remaining disconnected from the country’s employment concerns.

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