New Economy will turn imports into opportunities for Ghanaian production – Ato Forson

Finance Minister Dr Cassiel Ato Forson announced the government's New Economy program, which aims to boost local production, minimize dependence on foreign goods, and generate more jobs through strategic investments. He emphasized that the strategy encourages Ghana to prioritize domestic manufacturing, especially in industries where the country possesses the potential to develop competitive markets.

"Every import is an opportunity to inquire: why can't we manufacture it in Ghana?" he emphasized. The program, to be detailed in the 2027 Budget, is projected to allocate approximately US$1.6 billion, representing around 1% of the GDP, to key economic sectors. It aligns with the broader New Economy initiative, which the government aims to transition Ghana from macroeconomic stabilization to production, job creation, and wealth generation.

Key areas for investment include commercial agriculture, mining value addition, energy, and transport infrastructure. The government intends to support energy security and industrial activity through investments in gas-to-power and gas-to-fertilizer initiatives, as well as projects like the Western Railway Line. Dr Forson highlighted a shift towards sectors with the capacity to expand economic activity and employment while providing opportunities for the private sector to invest and scale.

He affirmed the government's commitment to fostering businesses to expand production, boost exports, and create additional employment opportunities, setting the stage for the next phase of the economic program. During a gathering with the Association of Ghana Industries and prominent industry leaders, Dr Forson reiterated the government's mission to ensure that a greater proportion of what Ghanaians consume can be produced locally, stating, "Our mission is to produce more of what we consume and create more jobs here at home. That is the promise of the New Economy: Ghana producing. Ghanaians working. Prosperity growing!"