The government of Ghana is set to invest approximately US$1.6 billion in strategic sectors under its proposed New Economy programme. This initiative, led by Finance Minister Dr Cassiel Ato Forson, aims to focus on increasing local production, expanding businesses, and creating jobs. The programme is expected to be a key feature in the 2027 Budget as the government seeks to move Ghana's economy beyond stabilisation towards increased production, private-sector growth, and wealth creation.
Dr Forson recently met with the leadership of the Association of Ghana Industries (AGI) and other industry stakeholders to discuss the programme. He stated that the government intends to rethink Ghana's dependence on imports by identifying products that have the potential to be produced locally. This approach is part of a broader effort to stimulate domestic production while creating an environment in which businesses can expand their operations, increase exports, and employ more Ghanaians.
The proposed investment will target areas where Ghana has the potential to develop competitive industries and reduce its reliance on imported goods. Strategic areas to be supported include commercial agriculture, value addition in the mining sector, energy, and transport infrastructure. Specific projects under consideration include gas-to-power and gas-to-fertiliser initiatives, as well as infrastructure projects such as the Western Railway Line.
According to Dr Forson, the next phase of Ghana's economic development must place domestic production at the centre of economic growth. The mission, he emphasised, is to produce more of what Ghana consumes and create more jobs at home. This, he believes, is the promise of the New Economy: Ghana producing, Ghanaians working, and prosperity growing.
The Finance Minister stressed that the programme is designed to strengthen Ghana's productive sectors while creating greater opportunities for private-sector investment, business expansion, and job creation. By shifting the economy towards production, value addition, and increased participation of Ghanaian businesses in economic growth, the government aims to foster sustainable economic development.
The proposed New Economy programme represents a significant step towards achieving Ghana's economic goals. With a focus on local production and job creation, the initiative is expected to have a positive impact on the country's economic growth and development. The programme's success will depend on effective implementation and collaboration between the government, private sector, and other stakeholders.
The government's commitment to investing US$1.6 billion in strategic sectors demonstrates its dedication to driving economic growth and development. The programme's focus on commercial agriculture, value addition in the mining sector, energy, and transport infrastructure is expected to have a multiplier effect on the economy, creating new opportunities for businesses and employment for Ghanaians.
Key points
- The government of Ghana plans to invest US$1.6 billion in strategic sectors to boost local production and job creation under its proposed New Economy programme.
