Finance Minister Dr Cassiel Ato Forson says Ghana’s New Economy Programme will receive at least US$13 billion between 2027 and 2030 without the government taking on new loans.
Speaking to students and staff at Kwame Nkrumah University of Science and Technology (KNUST) in Kumasi, Dr Ato Forson said domestic revenue and revised fiscal targets would provide the funding required for the programme.
The forum came after his meeting with the National House of Chiefs in Kumasi, held ahead of the 2027 Budget presentation on Thursday, November 12.
Under the proposed framework, the programme would receive funding equivalent to 1.5 per cent of Ghana’s Gross Domestic Product (GDP) in each year from 2027 to 2030.
Government revenue would account for 0.5 per cent of GDP annually. A further 1 per cent would be made available by reducing the primary surplus target from 1.5 per cent to 0.5 per cent.
Dr Ato Forson said the two measures would generate at least US$13 billion over the four-year period.
However, President John Dramani Mahama said at the Hogbetsotso durbar on Saturday that the New Economy plan would invest more than US$9 billion in sectors capable of creating jobs between 2027 and 2030.
It remains unclear whether the US$9 billion refers to specific investments within the wider US$13 billion fiscal framework. Think tank IERPP has called on the government to publish a detailed breakdown in the budget.
Dr Ato Forson also said the Ghana Gold Board (GoldBod) does not provide revenue to either the government or the Finance Ministry. He said state finances instead rely on direct and indirect taxes, as well as non-tax income.
The government is maintaining its target of reducing public debt to 45 per cent of GDP by 2028. The minister pointed to a primary surplus equivalent to 2.5 per cent of GDP in 2025 and a further 1.5 per cent expected in 2026.
He said those surpluses would reduce the debt ratio by about 4 per cent of GDP. From 2027, the annual pace of debt reduction would fall to 0.5 per cent of GDP, creating room for greater investment in production-led job creation.
Minister rejects claims of weak demand
Dr Ato Forson dismissed reports that traders and business owners were unable to sell their goods because of weak consumer demand, calling the allegations propaganda that was not supported by economic data.
He urged critics to examine GDP growth figures, arguing that the trade sector was expanding and that lower prices were improving people’s ability to buy food and other essential goods.
“If you look carefully at the growth numbers, the GDP growth numbers, and analyze it carefully. You see that trade is growing.”
“Trade is growing and what is being said is not supported by empirical evidence. There’s no evidence to it,” he said.
“Economy is doing well. When you go and speak to market women, they will tell you that prices of goods and services are coming down and people can now buy food at the minimum unlike yesterday,” Dr Ato Forson added.
He said his responsibility as Finance Minister was to direct public money into productive sectors and move Ghana towards an investment-grade rating, rather than returning to unsustainable borrowing.
