Ghana's Finance Minister, Dr. Cassiel Ato Forson, has called on businesses to invest in the country, citing a promising economic outlook. He assured the private sector that the government will protect recent gains in the country's economic conditions. This statement was made during a meeting with the leadership of the Association of Ghana Industries (AGI) and leading business executives.
Dr. Forson stated that the next phase of the government's economic programme will focus on maintaining macroeconomic stability and transforming the economy through increased production, value addition, and job creation. The government's new blueprint for economic transformation will be outlined in the 2027 Budget. He expressed confidence that the country's economic prospects are bright, describing it as the beginning of a golden era for Ghana.
The Finance Minister explained that the government has taken deliberate steps to reduce the cost of capital and will continue to pursue measures to make financing more accessible to businesses seeking to expand their operations. He emphasized that the 2027 Budget aims to move Ghana from stability to transformation, protecting and consolidating progress achieved on the macroeconomic front.
Dr. Forson also highlighted President John Dramani Mahama's plan to invest US$10 billion in strategic sectors over the next four years. This initiative aims to address structural weaknesses in the economy. The Finance Minister stressed the need for increased production, value addition, and job creation to address fundamental challenges facing the country.
Dr. Forson urged the private sector to play a stronger role in domestic revenue mobilisation, arguing that increased revenue generation would help the government reduce its dependence on borrowing. He cited the 2022 experience, where the government had to borrow beyond its means, and appealed for the private sector's support in raising the necessary revenue.
The government's consultations with industry ahead of the 2027 Budget are ongoing, with the Finance Minister engaging with key stakeholders to ensure that the budget addresses the needs of the private sector. The government's efforts to transform the economy and create jobs are expected to have a positive impact on the country's economic prospects.
The Finance Minister's call for increased investment is expected to boost economic growth and create jobs in Ghana. With the government's commitment to protecting recent economic gains and transforming the economy, businesses are likely to respond positively to the investment opportunities in the country.
Key points
- The government will outline its new blueprint for economic transformation in the 2027 Budget.
- The Finance Minister has urged businesses to increase investment in Ghana, citing a promising economic outlook.
- President John Dramani Mahama plans to invest US$10 billion in strategic sectors over the next four years.
