The government is preparing to channel about US$1.6 billion into strategic sectors under its proposed New Economy programme, with Finance Minister Dr Cassiel Ato Forson saying the initiative will focus on increasing local production, expanding businesses and creating jobs.
The programme is expected to feature prominently in the 2027 Budget as government seeks to move Ghana’s economy beyond stabilisation towards increased production, private-sector growth and wealth creation.
Speaking at a meeting with the leadership of the Association of Ghana Industries (AGI) and other industry stakeholders, Dr Forson said government intends to rethink Ghana’s dependence on imports by identifying products that have the potential to be produced locally.
“Every import is an opportunity to ask, ‘Why can’t we make it in Ghana?’” he said.
According to the Finance Minister, the proposed investment will target areas where Ghana has the potential to develop competitive industries and reduce its reliance on imported goods.
The US$1.6 billion investment, equivalent to about one percent of Ghana’s Gross Domestic Product (GDP), is expected to support strategic areas including commercial agriculture, value addition in the mining sector, energy and transport infrastructure.
Among the projects under consideration are gas-to-power and gas-to-fertiliser initiatives, as well as infrastructure projects such as the Western Railway Line.
Dr Forson said the strategy is intended to stimulate domestic production while creating an environment in which businesses can expand their operations, increase exports and employ more Ghanaians.
He stressed that the next phase of Ghana’s economic development must place domestic production at the centre of economic growth.
“Our mission is to produce more of what we consume and create more jobs here at home. That is the promise of the New Economy: Ghana producing. Ghanaians working. Prosperity growing,” he added.
The Finance Minister said government expects the programme to strengthen Ghana’s productive sectors while creating greater opportunities for private-sector investment, business expansion and job creation.
The proposed New Economy programme therefore represents government’s broader effort to shift the economy towards production, value addition and increased participation of Ghanaian businesses in economic growth.
Story by Ama Frimpomaa