New economy to prioritise local production, create jobs – Ato Forson

Ghana's Finance Minister, Dr Cassiel Ato Forson, announced plans to invest US$1.6 billion in the New Economy programme, with the aim of prioritizing local production and job creation. The initiative, expected to be a major focus of the 2027 Budget, seeks to move the economy beyond stabilization towards increased production, private sector growth, and wealth generation.

Dr Forson emphasized the government's desire to change the way Ghana approaches imports by identifying products that could be manufactured within the country. He stated, "Every import is an opportunity to ask, 'Why can't we make it in Ghana?'" This strategy would direct investment towards areas where Ghana has the capacity to build competitive industries, while simultaneously reducing dependence on imported goods.

The proposed investment, equivalent to about one percent of Ghana's GDP, will target sectors such as commercial agriculture, value addition in the mining sector, energy, and transport infrastructure. Projects under consideration include gas-to-power and gas-to-fertiliser initiatives, as well as infrastructure projects like the Western Railway Line.

The government's approach is designed to stimulate production, create an environment for businesses to expand, increase exports, and provide employment opportunities for more Ghanaians. Speaking at a meeting with industry leaders, Dr Forson stated that the New Economy strategy places domestic production at the center of Ghana's next phase of development.

He expressed the government's mission to produce more of what the country consumes and create more jobs at home, stating, "Ghana producing. Ghanaians working. Prosperity growing."

The Finance Minister also mentioned that the government expects the strategy to strengthen productive sectors and open up greater opportunities for private-sector investment and expansion.