Accra:The government of Ghana has announced an ambitious plan to invest approximately US$10 billion over the next four years in a new economic programme aimed at boosting agriculture, manufacturing, and job creation. The initiative, titled the "New Economy," is set to run from 2027 to 2030 with a focus on increasing local production and reducing Ghana's dependency on imported goods.
According to Ghana Web, the Finance Ministry has outlined the plan, which will be formally presented by Finance Minister Dr. Cassiel Ato Forson during the 2027 Budget announcement to Parliament on November 12, 2026.
The New Economy plan targets seven key sectors macroeconomic stability, agriculture and agribusiness, energy, critical minerals and value addition, cotton, textiles and garments, tourism, culture and creative arts, and pharmaceutical manufacturing. The government aims to invest 1.5 percent of the Gross Domestic Product (GDP) each year from 2027 to 2030, amounting to about US$10 billion over the four years, to support these sectors and create jobs.
In addition to the planned investments, the government intends to alter its spending targets by generating additional revenue and adjusting fiscal targets. This includes a commitment of 1.5 percent of GDP annually to the programme, supplemented by 0.5 percent from revenue measures. The government also plans to reduce its primary surplus target from 1.5 percent to 0.5 percent of GDP to allow more spending on productive sectors while maintaining a surplus before interest payments on debt.
The New Economy shares similarities with the National Democratic Congress's 24-Hour Economy policy, which was proposed in the party's 2024 manifesto. The policy advocates for businesses and public institutions to operate in three eight-hour shifts to increase production and create jobs, along with providing cheaper electricity, tax incentives, financial support, and improved security for businesses in agriculture, manufacturing, pharmaceuticals, and extractive industries.
The 24-Hour Economy policy has already initiated several steps, including plans for industrial parks and infrastructure improvements. However, the government has yet to report fully on the outcomes, such as the extent of business participation in additional shifts or job creation figures.
The upcoming 2027 Budget presentation is expected to offer detailed insights into the specific projects within the New Economy plan, including their funding, implementation timelines, and job creation projections. The government will also clarify how the New Economy will integrate with existing programmes like the 24-Hour Economy and what lessons have been learned from past initiatives.