Mahama Unveils US$9bn 'New Economy' Plan for 2027–2030 as Ato Forson Targets Investment-Grade Rating

President John Dramani Mahama has announced plans to invest more than US$9 billion in job-creating sectors between 2027 and 2030 under a flagship "New Economy" policy, setting the stage for a budget presentation next week that Finance Minister Dr Cassiel Ato Forson says will push Ghana toward an investment-grade sovereign credit rating.

Speaking at the grand durbar of the 2026 Hogbetsotso Festival in Anloga on Saturday, Mahama said the full blueprint would be laid before Parliament when Ato Forson presents the 2027 Budget Statement and Economic Policy on Thursday, November 12 . The initiative represents the next phase of his administration's economic agenda, which he said would focus on securing "decent and dignified livelihoods" for Ghanaians.

"This is a bold initiative that will seek to invest over $9 billion in job-rich sectors of the economy between 2027 and 2030," Mahama told the gathering .

Volta Region to Benefit from Targeted Sectors

The President identified textiles, garments, commercial agriculture, hospitality and tourism as priority areas for the Volta Region under the policy, selected for their capacity to generate employment and stimulate local economic activity . The announcement builds on a broader US2 billion annually across nine productive pillars—including pharmaceuticals, agribusiness and tourism—without new borrowing .

Saturday's remarks specify more than US$9 billion for the narrower four-year window from 2027 to 2030, suggesting a recalibration of the programme's scope and timeline.

From B to Investment Grade

At a separate New Economy engagement in Accra on Saturday, Ato Forson said the government intends to use the programme to elevate Ghana's credit rating to investment grade, reducing borrowing costs and unlocking long-term capital for local businesses .

Ghana's domestic bond market largely ground to a halt in 2022 following the sovereign debt default and the Domestic Debt Exchange Programme, which forced local banks to absorb steep losses and curtailed their access to credit lines . The country has since clawed its way back: Fitch upgraded Ghana to "B" with a positive outlook in May 2026, citing fiscal consolidation and a sharp fall in public debt-to-GDP . Moody's followed in October, lifting the rating to "B3" from "Caa1" on lower borrowing costs and improved debt affordability .

"Now we have restored it and the country is now rated B," Forson said. "We want to get to investment grade" .

The Finance Minister said an investment-grade rating would bring government bonds within reach of institutional investors restricted to higher-rated debt, while deepening the domestic corporate bond market so businesses can finance equipment and expansion. "If we are able to get to investment grade, we would have laid the foundation for corporate bonds and others to take off" .

Accountability Questions Loom

The New Economy programme has already drawn scrutiny from policy analysts. The Institute for Economic Research and Public Policy has called on the government to publish the programme's financing structure, investment criteria and sector allocations in the upcoming budget, pointing to unresolved questions about the government's earlier 24-Hour Economy initiative .

IERPP Executive Director Professor Isaac Boadi noted that the 24-Hour Economy Secretariat could not provide a total figure for jobs created under that programme, despite a target of 1.7 million positions, and questioned why the government was advancing a significantly larger initiative without first accounting for the earlier one. "The era of announcing numbers must end," Boadi said. "The era of accounting for results must begin" .

At the local government level, Mahama also highlighted ongoing district projects—health facilities, classroom blocks and feeder roads—financed through the District Assemblies Common Fund, crediting a directive he issued requiring that at least 80 per cent of DACF releases be sent directly to district assemblies .

Earlier in the week, after hosting UN Secretary-General's Special Advocate Queen Máxima of the Netherlands, Forson said the New Economy must also deliver household financial security for Ghanaians—a reminder that the programme's political success will be measured not only in bond yields and credit ratings, but in whether ordinary citizens feel the difference.