Finance Minister Dr Cassiel Ato Forson has announced a four-year Ghana New Economy plan backed by the equivalent of $10 billion in investment to restructure the economy and create more productive jobs.
Presenting the 2027 Budget to Parliament, Dr Forson said the programme will run from 2027 to 2030 and target longstanding weaknesses that have left Ghana heavily dependent on exporting raw materials with limited domestic value addition.
“The government of Ghana’s New Economy is a four-year programme to transform the structure of the Ghanaian economy,” he told Parliament.
Raw exports face new policy push
Dr Forson said Ghana’s economic structure has not changed sufficiently despite decades of development efforts, with the country still exporting much of its natural resources before significant processing takes place.
“We depend too heavily on raw material exports, add too little value and create too few productive jobs for our people,” he said.
The government wants the programme to expand domestic production and processing, turning Ghana’s natural resources into finished or higher-value products while improving incomes and employment opportunities.
Dr Forson said Ghana’s 70th anniversary in 2027 should become a turning point in the country’s development path.
Eight sectors to drive programme
The New Economy programme will be built around eight connected pillars, including macroeconomic stability and affordable finance, commercial agriculture, energy infrastructure and critical minerals value addition.
Tourism, culture and creative arts, textiles and garments, pharmaceuticals and manufacturing, as well as the technology economy, will also receive attention.
Dr Forson said the programme requires “a fundamental shift in our thinking, our priorities and our action” as government seeks to build a more industrialised and productive economy.
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