ACCRA, Ghana, 13th October: President John Dramani Mahama has announced plans to invest US$10 billion over five years in selected job-creating sectors under a proposed New Economy Policy expected to be unveiled in the 2027 Budget.
The President said the initiative would target nine priority areas, with the government committing approximately US$2 billion annually to stimulate production, expand businesses and create employment opportunities for Ghanaians.
Speaking during a courtesy call by chiefs of the Western North Region at the Presidency, President Mahama stressed that the programme would be financed with domestic resources rather than borrowed funds.
“As I have said, this is our own money. We are not going to borrow money for the New Economy Policy,” he stated.
According to the President, the policy would focus on sectors with significant potential to generate employment, including textiles and garments, agriculture and agribusiness, pharmaceuticals and tourism.
He said the government intended to expand pharmaceutical manufacturing to position Ghana as a production hub serving markets across West Africa and the wider African continent.
President Mahama disclosed that he had held discussions with Arriva, a United States-based company, during his recent visit to New York, with representatives expected in Ghana in November to explore opportunities around the proposed pharmaceutical hub.
He also revealed that FAKO, a major African pharmaceutical company that produces vaccines and medicines, had expressed interest in establishing a facility at the hub.
The President said the government has acquired land and provided supporting infrastructure, including roads, electricity and water, to facilitate the establishment of pharmaceutical companies.
On agriculture, he highlighted plans to expand oil palm and rubber production, with a target of establishing 100,000 hectares of oil palm plantations.
He encouraged traditional authorities to participate in the programme by making land available for cultivation or establishing plantations of their own.
President Mahama said the initiative would create employment for young people while providing landowners with sustainable sources of income.
He cited the example of a textile manufacturing factory in northern Ghana that employs 2,300 people, approximately 80 per cent of whom are women.
According to him, the factory operates under a shift system associated with the government’s 24-hour economy agenda and produces textiles, T-shirts, polo shirts and garments for export to the United States and European markets.
He also identified expansion by companies such as Nestlé and Kasapreko as evidence of increasing industrial activity and employment creation.
The President said the New Economy Policy would complement infrastructure investments under the Big Push programme, which he said had created hundreds of thousands of jobs in the construction industry.
He maintained that sustained investment in productive sectors is necessary to accelerate job creation and improve livelihoods across the country.
Story by: Emmanuel Romeo Tetteh(#RomeoWrites✍️)/ Presidential Affairs Correspondent | Ghana 🇬🇭