Ghana Unveils US$10 Billion New Economy Plan
Ghana's 2027 budget sets out a four-year, US$10 billion New Economy programme to process more at home, with US$2.6 billion planned for the first year. The post Ghana Unveils US$10 Billion New Economy Plan appeared first on The Rio Times .
President John Dramani Mahama's government plans to invest US$10 billion between 2027 and 2030 to transform Ghana from a raw material exporter to a producer of goods. Finance Minister Cassiel Ato Forson detailed the New Economy program in the 2027 Budget Statement to Ghana’s Parliament on November 12. The plan aims to increase production, process more resources domestically, and create jobs, focusing on agriculture, energy, critical minerals, tourism, textiles, pharmaceuticals, technology, and macroeconomic stability.
Seven pillars make up the programme, with seven totaling US$9.8 billion. Agriculture accounts for about 20% of Ghana's economy, 40% of jobs, and 25% of export earnings. The budget sets a local refining target of 100% for small-scale gold by December 2028 and a 1 percentage point GDP cut in primary surplus and 0.5% of GDP from tax reforms and compliance measures.
The government plans to invest 1.5% of GDP, about GH¢30 billion (US$2.6 billion), in 2027, with the private sector primarily responsible for investments and jobs. The budget aims for 8% average real GDP growth from 2027 to 2030, a credible path to an investment-grade credit rating, and a public debt of 47.5% of GDP by October 2026.
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