Ghana's Finance Minister, Dr Cassiel Ato Forson, has unveiled a New Economy programme designed to transform the country's economic landscape. The programme's primary objective is to bolster local production, decrease reliance on imported goods, and generate employment opportunities. By directing investments towards productive sectors, the government aims to encourage domestic production and reduce the country's dependence on imports. This initiative is part of a broader agenda to move Ghana beyond macroeconomic stabilisation towards production, job creation, and wealth generation.
The New Economy programme is expected to deploy approximately $1.6 billion, equivalent to about 1% of Ghana's GDP, towards strategic areas of the economy. This investment will focus on priority areas such as commercial agriculture, mining value addition, energy, and transport infrastructure. Proposed projects include gas-to-power and gas-to-fertiliser initiatives, which are anticipated to support energy security and industrial activity. Additionally, infrastructure projects like the Western Railway Line are expected to feature in the programme.
Dr Ato Forson emphasised that the programme represents a deliberate shift towards sectors with the potential to expand economic activity and employment. He stressed that the government wants businesses to increase production, boost exports, and create more jobs as the next phase of the economic programme takes shape. The Finance Minister's vision is to ensure that more of what Ghanaians consume is produced domestically, thereby reducing reliance on imports.
The government has identified key areas where Ghana has the capacity to develop competitive industries. Dr Ato Forson stated that every import presents an opportunity to ask: "why can't we make it in Ghana?" The programme aims to build an economy where increased domestic production translates into jobs and stronger economic activity. By producing more of what Ghanaians consume, the government hopes to create a more self-sufficient economy.
Dr Ato Forson made these remarks during a meeting with the leadership of the Association of Ghana Industries and prominent captains of industry. He reiterated the government's mission to produce more of what Ghanaians consume and create more jobs locally. The Finance Minister expressed his optimism about the programme's potential to drive economic growth and create prosperity for Ghanaians.
The New Economy programme is expected to be outlined in the 2027 Budget. The government has invited the private sector to invest and grow, with the aim of expanding production, increasing exports, and creating more jobs. By leveraging investments in strategic sectors, the programme seeks to drive economic growth and improve living standards for Ghanaians.
The programme's success will depend on effective implementation and collaboration between the government and the private sector. Dr Ato Forson's vision for the New Economy programme is encapsulated in his statement: "That is the promise of the New Economy: Ghana producing. Ghanaians working. Prosperity growing!" The programme's impact on Ghana's economy and citizens will be closely watched in the coming months and years.
Key points
- The New Economy programme aims to deploy $1.6 billion towards strategic areas of the economy.
- The programme focuses on priority areas such as commercial agriculture, mining value addition, energy, and transport infrastructure.
- Dr Ato Forson's vision is to produce more of what Ghanaians consume and create more jobs locally.
