Gov’t to invest US$10bn in 4-year New Economy programme, Ato Forson announces

The government will spend the equivalent of US$10 billion between 2027 and 2030 to transform Ghana’s economy, expand domestic production and create jobs under a new four-year programme, Finance Minister Dr Cassiel Ato Forson has announced.

Presenting the 2027 Budget Statement to Parliament on Thursday, November 12, Dr Forson said the New Economy programme would focus on building productive capacity, processing more resources locally and generating higher incomes.

“Over a four-year period, from 2027 to 2030, government will spend the equivalent of US$10 billion to create a modern Ghanaian economy for jobs and prosperity,” he told Parliament.

The programme will be built around eight connected pillars: macroeconomic stability and affordable finance; commercial agriculture; energy infrastructure; critical minerals value addition; tourism, culture and creative arts; textiles and garments; pharmaceuticals, manufacturing and biomanufacturing; and the technology economy.

Dr Forson said the pillars would work together to support production and economic transformation.

“These pillars form one productive system. One, affordable finance must reach farmers, manufacturers and exporters,” he said.

He explained that the initiative was intended to address longstanding structural weaknesses, including Ghana’s dependence on raw material exports and its limited capacity to add value locally.

“Our economy continues to carry the burden of longstanding structural weaknesses. We depend too heavily on raw material exports, add too little value at home and create too few productive jobs for our people,” he said.

The finance minister said the programme would build on improvements in the country’s economic conditions, including a reduction in public debt to 44.7% of GDP and an increase in gross international reserves to 5.7 months of import cover.

“These gains give households greater certainty, allow businesses to plan and create room for Ghanaians to think beyond the next emergency and crisis,” he said.

Dr Forson said the programme would mark a shift from economic stabilisation towards production and job creation as Ghana approaches its 70th anniversary of independence in 2027.