The government has announced plans to invest the equivalent of US$10 billion over four years in a new economic transformation programme aimed at expanding domestic production, creating jobs and reducing Ghana’s dependence on imported goods.
The Finance Minister, Dr. Cassiel Ato Forson , presenting the programme to Parliament, said the New Economy Programme would run from 2027 to 2030 and concentrate public investment on productive sectors capable of generating employment, exports and sustainable economic growth.
He said the initiative was designed to address longstanding structural weaknesses in the economy, particularly the country’s dependence on raw material exports, limited domestic value addition and inadequate creation of productive jobs.
According to Dr.Ato Forson , Ghana had repeatedly restored fiscal stability without adequately directing the resulting fiscal space towards transforming its productive capacity.
He argued that the government was determined to avoid repeating that approach by ensuring that public resources were channelled into investments with measurable economic benefits.
“We are going to invest US$10 billion equivalent over the next four years,” he told Parliament.
The financing strategy, he explained, would involve reducing the primary surplus target by one percentage point of GDP over the period, from 1.5 per cent to 0.5 per cent, while revenue measures were expected to generate an additional 0.5 per cent of GDP.
The government expects the proposed financing arrangements to create room for investment while maintaining macroeconomic stability.
For 2027 alone, the Minister announced an investment of GH¢30 billion, representing 1.5 per cent of GDP, in the programme.
Dr. Cassiel Ato Forson said the investment would be sustained throughout the four-year period, with every project subjected to rigorous appraisal and value-for-money assessments.
The programme will focus on eight pillars, including macroeconomic stability and affordable finance, commercial agriculture, strategic infrastructure, critical minerals value addition, tourism, culture and creative arts, textiles and garments, pharmaceuticals and biomanufacturing, and the technology economy.
The Minister said the pillars were interconnected and intended to strengthen the country’s capacity to produce, process and export goods.
Under the programme, government would concentrate its resources on strategic infrastructure, prepare bankable projects and establish predictable conditions for private-sector investment.
The private sector, he said, would assume the principal responsibility for investment, innovation, production and sustainable employment.
Government support would be transparent, time-bound and linked to verifiable results.
Ato maintained that the programme would be protected through fiscal discipline and stronger accountability to prevent a return to the economic difficulties that had previously affected households and businesses.
He said the ultimate measure of success would not simply be economic growth figures but the number of jobs created, improvements in incomes and the productive capacity established.
The announcement comes as the government seeks to use the country’s improved macroeconomic conditions to stimulate investment and strengthen domestic production.
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