Pillar 4 of the New Economy: Govt to invest US$1.5bn in critical minerals value addition - Finance Minister

Finance Minister Dr Cassiel Ato Forson has emphasized the government's moral obligation to establish a robust and enduring economy for the benefit of future generations. Speaking at the presentation of the 2027 Budget Statement and Economic Policy to Parliament on November 12, 2023, Dr Forson highlighted that Ghana's economy remains heavily reliant on raw material exports, with limited value addition and insufficient opportunities for productive employment.

He stated that the economic transformation championed by Ghana's first President, Dr Kwame Nkrumah, has yet to be realized, necessitating a reevaluation of the nation's economic priorities. Dr Forson proposed that Ghana's 70th anniversary of independence should mark a pivotal moment in its developmental trajectory. He unveiled the government's four-year program, known as The New Economy, which is set to commence in 2027.

This initiative aims to revitalize the Ghanaian economy by expanding domestic production, enhancing the local processing of raw materials, and converting natural resources into sustainable jobs, increased earnings, and overall prosperity. The Ministry allocated a budget equivalent to $10 billion over the four-year period from 2027 to 2030 to implement this modernization plan.

Dr Forson expressed the belief that as Ghana celebrates its 70th anniversary, it owes the upcoming generations an economy befitting the freedom they inherit and the sacrifices made by their predecessors. He urged a fundamental shift in the country's mindset, priorities, and actions as it embarks on the forthcoming 70 years of its national journey.

The ultimate goal, according to Dr Forson, is to construct a fully developed, first-world Ghana capable of delivering enduring prosperity to its citizens.