President John Dramani Mahama has announced plans for government to invest US$2.5 billion annually in five strategic areas of the economy under a new initiative expected to be introduced in the 2027 Budget.
He said the New Economy Programme would focus on productive sectors with the potential to stimulate economic growth and create sustainable employment opportunities for young people.
President Mahama disclosed this during a question-and-answer session at the University for Business and Integrated Development Studies (UBIDS) in the Upper West Region.
According to him, the programme would target areas including pharmaceuticals, agricultural production, agro-processing, tourism and power generation, alongside other high-growth industries.
The President said the initiative formed part of government’s broader strategy to use the 24-Hour Economy to expand private-sector production and create jobs.
He explained that government’s role would not be to establish state-owned enterprises but to provide financing and support to private businesses with viable projects.
President Mahama said the approach was intended to encourage businesses to operate multiple shifts, expand production and employ more workers.
He cited the textile factory recently commissioned at Savelugu as an example of the kind of private-sector investment government wanted to promote.
According to the President, the factory currently employs about 2,300 young people, with women accounting for approximately 80 per cent of its workforce.
He said three more factories of a similar nature were expected to be established next year.
President Mahama also called on entrepreneurs in the Upper West Region to identify viable projects based on the region’s comparative advantages.
He said every region would receive its fair share of the 24-Hour Economy initiative, with investments guided by the strengths and economic opportunities available in each region.
He encouraged entrepreneurs to explore areas such as shea butter processing and other competitive industries that could benefit from government support under the New Economy Programme.
Story by: Emmanuel Romeo Tetteh(#RomeoWrites✍️)/ Presidential Affairs Correspondent | Ghana 🇬🇭