The Government of Ghana is targeting real economic growth of about 8% by 2030 under the first pillar of the Ghana New Economy plan, with government also aiming to cut unemployment below 8% and move the country towards an investment-grade sovereign credit rating.
Finance Minister Dr Cassiel Ato Forson announced the targets while presenting the 2027 Budget Statement to Parliament, saying macroeconomic stability and affordable finance will form the foundation of the government’s four-year economic programme.
From 2027, government intends to maintain a positive primary balance of at least 0.5% of gross domestic product, keep public debt around 45% of GDP and preserve single-digit inflation.
External reserves are also expected to remain strong enough to cushion the economy against future shocks.
Investment-grade rating must be earned
Dr Forson said the government wants Ghana to establish a credible path towards an investment-grade sovereign credit rating by 2030 but cautioned that the target would depend on sustained economic performance.
“Investment-grade sovereign rating cannot be conferred by a speech. It must be earned through sustained performance,” he told Parliament.
Government will consequently publish an annual Investment-Grade Readiness Report covering fiscal performance, debt affordability, reserves, monetary credibility, financial sector strength, institutional quality and economic diversification.
Dr Forson said fiscal discipline would be maintained throughout the political cycle, with the fiscal space created directed towards productive sectors rather than consumption.
Government targets single-digit cost of capital
Affordable financing will be another major part of the programme.
Government wants to bring the cost of capital into single digits while expanding access to longer-term financing for businesses.
Dr Forson said the Development Bank Ghana, Ghana EXIM Bank and participating financial institutions will be used to increase lending to productive businesses.
Credit guarantees, equipment leasing and export finance are also expected to be expanded to help firms that struggle to access conventional bank financing.
“Our ambition is to bring the cost of capital into single digits and make finance more widely available,” he said.
The Finance Minister argued that lower borrowing costs would allow businesses to invest in machinery, production and expansion rather than spending a large share of their income servicing expensive loans.
Growth to be judged by jobs
Government says economic performance under the programme will not be assessed solely by headline GDP figures.
“We will judge growth by the jobs it creates, the incomes it raises and the productive capacity it leaves behind,” Dr Forson said.
He said Ghana’s next phase of growth must be driven by investment, exports and employment, rather than commodity windfalls or debt-financed consumption.
Fiscal space created through tighter public finances will be directed towards irrigation, energy, transport infrastructure, technology, skills development and industrial expansion.
For government, the test will be whether stability translates into something businesses and households can actually feel through lower financing costs, predictable prices and stronger employment opportunities.
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