Ghana sets out $10B investment plan
As part of the push to shift the economy, Africa’s largest gold producer wants to phase out exports of unprocessed minerals by 2030.
Ghana plans to invest $10 billion over four years to boost domestic production and lessen reliance on raw commodity exports, aiming to turn its recovery from a debt crisis into job creation and higher incomes. In presenting the budget, the finance minister expressed concern that "too little value" is currently added domestically.
To shift the economy, Ghana, Africa's largest gold producer, seeks to phase out exports of unprocessed minerals by 2030. The majority of skilled employment related to the country's mineral wealth currently occurs abroad, according to the finance ministry. The government targets an economic growth rate of 8% by 2030, with $2.6 billion allocated in the budget to support agriculture, energy, and manufacturing over the next year.
Ghana successfully completed an IMF bailout program this year and now intends to repay approximately $3 billion in domestic and international debt ahead of schedule.
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