Amin Adam questions how the Mahama gov’t will raise US$10bn for the ‘New Economy’

Parliament's Minority faction has expressed skepticism regarding the Mahama government's ability to fund its proposed US$10 billion New Economy initiative, calling for a detailed financing plan prior to the 2027 Budget. Dr Mohammed Amin Adam, the Ranking Member on Parliament's Finance Committee, raised these concerns to the media on Tuesday, November 10.

The Minority questioned the government's capacity to secure the necessary funds, particularly given the earlier failure to demonstrate progress on the 24-Hour Economy, which was initially projected to require US$4 billion with the government providing between US$300 million and US$400 million in seed capital. The 2026 Budget allocated only GH¢110 million to the initiative, and the cited US$5.5 billion in Joint Development Agreements should not be mistaken for actual funds raised.

Furthermore, the Minority highlighted a 39.3 per cent shortfall in capital expenditure against targets in the first half of 2026 and a subsequent GH¢5 billion reduction in capital spending. They questioned the government's ability to undertake a new capital-intensive programme amid struggles to meet existing expenditure commitments.

Dr Amin Adam urged the Finance Minister to clarify the different financing figures presented by the government, including those outlined in the 2027 Fiscal Strategy Document and the President's proposal of US$2 billion annually. He emphasized the need for a costed, published financing plan with clear timelines and funding commitments, stating that until these questions are answered, the New Economy remains a mere slogan rather than a policy.