Ghana to Invest $10 Billion Over Four Years in Sweeping “New Economy” Agenda

Ghana will invest the equivalent of US$10 billion between 2027 and 2030 to build a modern, job-rich economy, Finance Minister Dr Cassiel Ato Forson announced Thursday, unveiling the sector-by-sector blueprint for the government’s flagship “New Economy” programme.

Presenting the 2027 Budget Statement and Economic Policy to Parliament on November 12, Dr Forson said the four-year programme would be anchored on eight interconnected pillars designed to expand production, deepen local value addition, and create sustainable employment for Ghanaians . The announcement marks a decisive shift from the austerity-driven fiscal consolidation that followed Ghana’s 2022 debt default, with the government now seeking to deploy the fiscal space created by recovery into productive investment .

“Over a four-year period, from 2027 to 2030, the government will spend US$10 billion equivalent to create a modern Ghanaian economy for jobs and prosperity,” Dr Forson told lawmakers . For 2027 alone, the government plans to invest GH¢30 billion—about 1.5 per cent of GDP—into the programme .

Eight Pillars, One Integrated System

The eight pillars are: macroeconomic stability and affordable finance; commercial agriculture; energy infrastructure; critical minerals value addition; tourism, culture and creative arts; textiles and garments; pharmaceuticals and biomanufacturing; and the technology economy .

Dr Forson stressed that the pillars are designed to function as a single productive system rather than isolated initiatives. “Affordable finance must reach farmers, manufacturers and exporters. Agriculture must supply food and industrial raw materials, while reliable energy must support a 24-hour economy,” he said .

Under the commercial agriculture pillar, which is allocated US$3 billion, the government has identified eight value chains for investment including rice, sugar, poultry, maize and soya feed, aquaculture, oil palm, vegetables, and cocoa value addition . The plan targets rice self-sufficiency and a complete ban on commercial rice imports by the end of 2030, self-sufficiency in sugar by the same year, and 100 per cent local processing of cocoa by 2030 . Public procurement laws will be amended to require schools and hospitals to purchase locally grown food. “If you use Ghana’s money to buy rice, you must buy Ghana rice,” Dr Forson said .

The energy pillar, allocated US$2.2 billion, includes plans for a 1,450-megawatt state-owned thermal power plant in the Central Region, a 600-megawatt solar facility with battery storage, and a US$200 million nuclear-readiness programme targeting a construction and financing contract by December 2028 . The government aims to phase out emergency power plants by 2030 and reduce generation costs from 16 US cents to 8 US cents per kilowatt-hour .

Critical minerals value addition will receive US$1.5 billion, with targets to refine at least 70 per cent of artisanal gold locally by December 2027, prohibit raw small-scale gold exports by December 2028, and process at least 50 per cent of manganese and bauxite locally by 2028 . Tourism, culture and creative arts are earmarked for US$1 billion, including an expanded year-round “Black Star Experience,” new hotels in Accra, Kumasi and the Cape Coast-Elmina corridor, and a Ghana Medical Tourism Hub . Textiles and garments (US$1 billion) and pharmaceuticals and biomanufacturing (US$1 billion) round out the sectoral allocations .

Fiscal Framework and Financing

The programme is being financed without new external borrowing, relying instead on domestic revenue and savings from fiscal consolidation . The government will reduce its primary surplus target from 1.5 per cent to 0.5 per cent of GDP to create room for investment while keeping public debt on a declining trajectory toward 45 per cent of GDP . From 2027, the government commits to maintaining a positive primary surplus of at least 0.5 per cent of GDP, preserving single-digit inflation, and strengthening external buffers .

The budget comes after Ghana completed its three-year, US$3 billion International Monetary Fund Extended Credit Facility programme and transitioned to a non-financing Policy Coordination Instrument arrangement . Macroeconomic indicators have improved markedly: inflation eased to 5.2 per cent in September 2026, and economic growth reached six per cent in the second quarter of 2026 . Gross international reserves, however, declined from US$13.83 billion in December 2025 to US$11.07 billion in August 2026, reducing import cover from 5.7 months to 4.2 months—a vulnerability analysts will be watching as the spending plan unfolds .

Private Sector to Lead, Government to Enable

Dr Forson was explicit that the private sector would be expected to take the lead in investment, innovation and production, with government providing macroeconomic stability, strategic infrastructure, bankable projects, and predictable conditions for business . “Government support will be transparent, time-bound and linked to verifiable results,” he said .

The government also reaffirmed its target of achieving an investment-grade sovereign credit rating by 2030, with Dr Forson cautioning that such a rating “cannot be conferred in a speech. It must be earned through sustained performance” . An annual investment-grade readiness report will track progress across fiscal performance, debt affordability, reserve accumulation, monetary credibility, financial sector strength, institutional quality and economic diversification .

A Defining Choice

Framing the programme as a generational decision, Dr Forson urged Ghanaians to support a break from the boom-and-bust cycle that has long defined the economy. “We can spend the recovery as though history has taught us nothing, or invest in it,” he said . He added that success would be measured not by money spent or projects counted, but by jobs created, living standards improved, and the productive capacity left behind for future generations .

The 2027 Budget will now go to Parliament for debate, with a post-budget workshop scheduled for Ho in the Volta Region .