The Ghanaian government's 'New Economy' plan, outlined in a Finance Ministry document, proposes investing approximately $10 billion over four years to boost the country's agriculture and manufacturing sectors. The plan, structured around seven pillars, aims to achieve macroeconomic stability, promote commercial agriculture and agri-industry, and create jobs in various sectors. The document was released ahead of the 2027 Budget presentation by Finance Minister Dr. Cassiel Ato Forson on November 12, 2026.
The seven pillars of the 'New Economy' plan include macroeconomic stability, commercial agriculture and agri-industry, energy sector reforms and investment, critical minerals and value addition, cotton, textiles and garments, tourism, culture and the creative arts, and the development of a pharmaceutical manufacturing hub. The plan seeks to reduce Ghana's reliance on imported food, increase production, and create employment opportunities in various sectors.
The government intends to finance the 'New Economy' plan by committing 1.5% of Ghana's GDP annually between 2027 and 2030, which amounts to approximately $10 billion over that period. An additional 0.5% of GDP is expected to come from new revenue measures, while the rest of the fiscal space would be created by lowering the primary surplus target from 1.5% to 0.5% of GDP. This proposed change in fiscal targets aims to make room for the new spending.
Notably, the 'New Economy' plan bears a strong resemblance to the NDC's existing 24-Hour Economy policy, which aims to transform Ghana into an import-substitution and export-led economy. The 24-Hour Economy policy, described in the NDC's 2024 manifesto, targets agro-processing, manufacturing, pharmaceuticals, extractive industries, and hospitality as priority sectors – the same sectors now included in the 'New Economy' pillars.
The 24-Hour Economy Authority Bill was signed into law in February 2026, and a downstream petroleum pilot under the policy was announced in May. However, it remains unclear what progress has been made so far under the 24-Hour Economy policy, including the number of businesses that have added extra shifts, the incentives they received, and the jobs created.
Ghana has previously implemented similar programs, such as the One District One Factory initiative and the Planting for Food and Jobs programme, which aimed to boost local production, reduce import dependence, and create jobs. However, many practical obstacles, including financing, electricity supply, raw materials, storage, and markets, have persisted despite changes in administration or policy names.
The 2027 Budget presentation is expected to provide further details on the specific projects, funding allocations, and job targets under the 'New Economy' framework. The government has not yet disclosed an account of the 24-Hour Economy's progress, leaving questions about whether the 'New Economy' plan aims to build on existing progress or compensate for difficulties in rolling out the earlier policy.
Key points
- The 'New Economy' plan proposes investing $10 billion over four years to boost Ghana's agriculture and manufacturing sectors.
- The plan echoes the NDC's existing 24-Hour Economy policy, targeting similar sectors and goals.
- The 2027 Budget presentation will provide further details on specific projects, funding allocations, and job targets under the 'New Economy' framework.
