Finance Minister Dr. Cassiel Ato Forson has urged businesses to invest in Ghana with confidence, assuring them that the government will sustain the gains made in stabilizing the country's economy. Speaking with the leadership of the Association of Ghana Industries and leading captains of industry, Dr. Forson expressed optimism about Ghana's economic prospects. He emphasized that the government's new blueprint for economic transformation would be announced in the 2027 Budget.
Dr. Forson highlighted the substantial improvements in Ghana's macroeconomic environment, which he believes will be protected and strengthened. The Finance Minister stated that the 2027 Budget aims to move Ghana from stability to transformation. This move is expected to create a favorable business environment, encouraging investments and growth.
President John Dramani Mahama has announced plans to invest $10 billion in strategic sectors over the next four years. Dr. Forson noted that the goal is to produce more, add value, and create jobs for the Ghanaian economy. This initiative aims to address fundamental challenges facing the country and drive economic growth.
The government has deliberately reduced the cost of capital and will continue to work towards driving it down further to support business expansion and investment. Dr. Forson made this statement, emphasizing the government's commitment to creating a conducive environment for businesses to thrive.
Dr. Forson also called on industry leaders to support domestic revenue mobilization, reducing the government's reliance on excessive borrowing. He cited the 2022 experience, where the government had to borrow beyond its means, as a reason for this call to action. The Finance Minister believes that with industry support, Ghana can achieve its revenue targets and reduce its borrowing needs.
The government's efforts to attract investments and drive economic growth have been complemented by initiatives from international organizations. The International Finance Corporation (IFC) has a $1.2 billion investment pipeline for Ghana, focusing on areas such as agriculture, industrialization, and infrastructure investments. These initiatives are expected to contribute to Ghana's economic growth and development.
As Ghana's economy continues to show signs of growth and stability, the government remains committed to sustaining this momentum. With the 2027 Budget set to unveil a new blueprint for economic transformation, businesses are being encouraged to invest with confidence. The government's efforts to reduce the cost of capital, support domestic revenue mobilization, and attract investments are expected to drive Ghana's economic growth and usher in a golden era for the country.
Key points
- The Ghanaian government aims to unveil a new blueprint for economic transformation in the 2027 Budget.
- President John Dramani Mahama plans to invest $10 billion in strategic sectors over the next four years.
- The government has reduced the cost of capital and will continue to drive it down to support business expansion and investment.
