President John Dramani Mahama says Ghana will invest more than US$9 billion in sectors capable of creating jobs between 2027 and 2030 under the government’s proposed “New Economy” policy.
The full programme will be presented to Parliament when Finance Minister Dr Cassiel Ato Forson delivers the 2027 Budget Statement and Economic Policy on Thursday, November 12.
Speaking at the grand durbar of the 2026 Hogbetsotso Festival in Anloga on Saturday, November 7, Mahama said the next stage of his administration’s economic plans would prioritise decent and dignified livelihoods for citizens.
“In this presentation, we will outline our plan for what we call the New Economy. This is a bold initiative that will seek to invest over $9 billion in job-rich sectors of the economy between 2027 and 2030,” he told the gathering.
Volta Region identified for targeted investment
Mahama said the Volta Region would be among the areas to benefit from the policy, with textiles, garments, commercial agriculture, hospitality and tourism identified as priority sectors because of their potential to create employment.
“The Volta Region is expected to benefit greatly under the New Economy policy, particularly in the areas of textiles, garments, commercial agriculture, hospitality and tourism,” he said.
The announcement follows a broader framework outlined by the president in October during a meeting with chiefs from Western North. At that time, he described a five-year, US$10 billion New Economy programme, with approximately US$2 billion a year allocated across nine productive pillars, including pharmaceuticals, agribusiness, textiles and tourism. The plan was to be implemented without new borrowing.
Saturday’s statement sets out spending of more than US$9 billion specifically for the four-year period from 2027 to 2030.
The Institute for Economic Research and Public Policy (IERPP) has urged the government to use the forthcoming budget to publish details of how the programme will be financed, the criteria for investment and the amounts assigned to each sector.
Mahama also highlighted district-level projects, including health facilities, classroom blocks and feeder roads, funded through the District Assemblies Common Fund (DACF). He said these projects had been supported by a directive issued after he took office requiring at least 80 per cent of DACF releases to be transferred directly to district assemblies.
Forson links policy to investment-grade rating
Forson said the New Economy programme would also be used to move Ghana towards an investment-grade sovereign credit rating. He said that would lower borrowing costs and enable Ghanaian businesses to secure long-term capital.
Speaking at a New Economy engagement in Accra, the finance minister said Ghana’s domestic bond market had largely stalled in 2022, while local banks lost access to credit lines following the sovereign debt default and the Domestic Debt Exchange Programme.
“Now we have restored it and the country is now rated B,” Forson said. “We want to get to investment grade.”
He said a higher rating would allow institutional investors limited to better-rated debt to buy government bonds, while helping expand the domestic corporate bond market and giving companies more options to fund equipment and growth.
“If we are able to get to investment grade, we would have laid the foundation for corporate bonds and others to take off,” Forson said, adding that economic stability and predictability would be essential.
Earlier on Thursday, November 5, after hosting UN Secretary-General’s Special Advocate Queen Maxima of the Netherlands, Forson said the New Economy must also provide financial security for households in Ghana.
