2027 Budget: Govt targets 8% GDP growth, single-digit interest rates by 2030 – Ato Forson

Finance Minister Dr. Cassiel Ato Forson announced the government's targets for real GDP growth and unemployment rates during the presentation of the 2027 Budget Statement to Parliament. The government aims to achieve an 8% GDP growth rate and unemployment below 8% by 2030, as part of the first pillar of the eight-pillar New Economy Programme.

This pillar focuses on maintaining macroeconomic stability and increasing access to affordable finance. The government intends to keep a primary surplus of at least 0.5% of GDP and maintain public debt consistent with 45% of GDP. Aiming for an investment-grade sovereign credit rating by 2030, the Minister emphasized that this rating should be achieved through consistent economic performance rather than mere promises.

The government plans to lower the cost of capital to single digits, making borrowing more affordable for businesses. This will be achieved by strengthening bank lending, deepening corporate bond markets, and collaborating with financial institutions to expand financing for productive businesses. The measures will be tied to investment, production, and job creation, with long-term financing arrangements giving farmers and industrialists ample time to invest and generate returns before repayment.

The Finance Minister assured Parliament that fiscal discipline would be maintained even during the election cycle, with the benefits of economic stability directed towards productive sectors of the economy, ultimately reaching homes, workplaces, and communities across Ghana.