Finance Minister Dr Cassiel Ato Forson has unveiled an ambitious US$10 billion economic transformation programme aimed at restructuring Ghana’s economy over the next four years by expanding local production, creating jobs, processing raw materials domestically and reducing dependence on imports.
Presenting the 2027 Budget Statement and Economic Policy to Parliament on Thursday, Dr Forson said the initiative, dubbed “The New Economy: New Ghana, Jobs and Prosperity,” would be implemented between 2027 and 2030 through eight strategic pillars designed to tackle the country’s longstanding structural weaknesses.
The programme seeks to reduce Ghana’s reliance on raw material exports, expand industrialisation, strengthen value addition and create sustainable employment through investments in agriculture, energy, manufacturing, tourism, pharmaceuticals and technology.
The first pillar focuses on maintaining macroeconomic stability while improving access to affordable long-term financing for businesses. Government aims to achieve single-digit inflation, reduce public debt to about 45 per cent of GDP, attain economic growth of about eight per cent by 2030 and lower unemployment to below eight per cent. The plan also seeks to expand access to credit through institutions such as Development Bank Ghana and Ghana EXIM Bank.
The second pillar commits US$3 billion to commercial agriculture, with plans to develop eight major agricultural value chains, including rice, sugar, poultry, aquaculture, oil palm and cocoa processing. Government also intends to phase out commercial rice imports by 2030, expand irrigation infrastructure and ensure all cocoa produced in Ghana is processed locally by the end of the decade.
A further US$2.2 billion has been allocated to energy infrastructure to increase electricity generation, lower power costs and improve supply reliability. The programme includes the construction of a 1,450-megawatt state-owned thermal power plant, a 600-megawatt solar power project, expansion of the national transmission network and preparatory work towards establishing Ghana’s first nuclear power plant.
Government also plans to invest US$1.5 billion in promoting value addition to critical minerals, including gold, bauxite, manganese and lithium. The initiative includes a ban on exports of unrefined small-scale gold by 2028, the establishment of a critical minerals processing enclave in the Western Region and the construction of a railway linking mining areas to processing facilities.
The fifth pillar allocates US$1 billion to tourism, culture and the creative arts. Planned interventions include expanding the Black Star Experience into a year-round programme, preserving heritage sites, constructing an international convention centre and providing incentives for the development of new hotels across the country.
Another US$1 billion will be invested in reviving Ghana’s textile and garment industry through the modernisation of textile mills, expansion of garment factories, establishment of industrial enclaves and reforms requiring public institutions to procure locally manufactured uniforms and other textile products.
The seventh pillar sets aside US$1 billion to strengthen pharmaceutical manufacturing and biomanufacturing by establishing pharmaceutical hubs in the Eastern and Central regions and prioritising locally manufactured medicines in public procurement.
Government will also invest US$300 million in developing the technology economy through the establishment of a National Artificial Intelligence Centre, expansion of rural 4G connectivity and digital skills training for young people in software development, artificial intelligence, data analytics and other technology-driven fields.
Dr Forson said the eight pillars would form the centrepiece of the government’s four-year economic transformation agenda, with the private sector expected to lead investment, production and innovation while government provides strategic infrastructure, macroeconomic stability and an enabling business environment. He said the programme’s success would ultimately be measured by the number of jobs created, improvements in household incomes and Ghana’s ability to retain more value from its natural and human resources.