Finance Minister Dr Cassiel Ato Forson has announced a US$10 billion economic transformation programme aimed at boosting domestic production, expanding industrial capacity and creating jobs over the next four years.
The initiative, known as The New Economy: New Ghana, Jobs and Prosperity, will be implemented between 2027 and 2030 through eight strategic pillars targeting key sectors of the economy.
Presenting the 2027 Budget Statement and Economic Policy to Parliament on Thursday, November 12, Dr Forson said the programme would address structural weaknesses that have limited Ghana’s economic potential, particularly its dependence on raw material exports, inadequate local processing and insufficient employment opportunities.
The government intends to use the programme to increase local manufacturing, strengthen agricultural production, improve energy infrastructure and position Ghana to retain more value from its natural resources.
The eight pillars are designed to operate as an interconnected framework, with the private sector expected to play a leading role in investment, production and job creation.
Below are the eight pillars and their key interventions:
1. Macroeconomic Stability and Affordable Finance
The first pillar focuses on maintaining economic stability while improving access to affordable long-term financing for businesses, farmers and manufacturers.
Government is targeting single-digit inflation, public debt of approximately 45 per cent of GDP and a primary surplus of at least 0.5 per cent of GDP.
By 2030, it also aims to achieve economic growth of about 8 per cent, reduce unemployment to below 8 per cent and make progress towards securing an investment-grade sovereign credit rating.
To support businesses, government plans to reduce the cost of capital to single digits through stronger bank lending, development of the corporate bond market and expanded financing from institutions such as Development Bank Ghana and Ghana EXIM Bank.
Credit guarantees, equipment leasing and export financing will also be introduced to improve access to funding.
As part of the programme, government intends to invest GH¢30 billion in 2027, representing 1.5 per cent of GDP.
2. Commercial Agriculture – US$3 Billion
The second pillar, which carries the largest allocation of US$3 billion, seeks to transform agriculture into a commercially driven industry capable of meeting domestic demand and supplying raw materials to local manufacturers.
The programme will concentrate on eight value chains: rice, sugar, poultry, maize and soya feed, aquaculture, oil palm, vegetables and cocoa processing.
Under the rice initiative, government will establish production hubs in the Afram Plains, Volta Basin, Western and Northern Ghana, bringing an additional 100,000 hectares under cultivation.
The intervention is projected to create approximately 125,000 jobs, while government intends to end commercial rice imports by 2030. From 2027, import licences will be linked to purchases from verified local farmers and millers.
Other interventions include achieving sugar self-sufficiency by 2030, expanding poultry production and increasing domestic fish farming to address an estimated annual supply gap of 500,000 metric tonnes.
The oil palm programme will cover 100,000 hectares across five regions, supported by a US$500 million financing facility, with the potential to generate more than 250,000 jobs.
Government will also invest US$1 billion in the Pwalugu Multipurpose Dam to provide irrigation for more than 25,000 hectares, support aquaculture and generate 70 megawatts of hydropower.
In the cocoa industry, the target is to process at least 50 per cent of Ghana’s production locally by 2028, rising to 100 per cent by 2030.
3. Energy Infrastructure – US$2.2 Billion
The third pillar is aimed at expanding electricity generation, improving the reliability of power supply and reducing the cost of energy to support industrial growth.
Government plans to commence construction of a 1,450-megawatt state-owned thermal power plant at Kafodzidzi-Abrobeano in the Central Region in December 2026.
The first 600 megawatts are expected to be operational by December 2028, while the remaining 850 megawatts are scheduled for completion by December 2030.
A separate 600-megawatt state-owned solar power plant, supported by 2,000 megawatt-hours of battery storage, will also be developed.
Government intends to phase out emergency power plants by 2030 and reduce the cost of power generation from approximately 16 US cents per kilowatt-hour to 8 US cents or less.
The investment package further includes US$500 million for electricity transmission network upgrades and the deployment of two million prepaid meters to reduce distribution losses.
Private-sector participation in electricity distribution is also expected to begin through a performance-based arrangement by the end of 2027.
Additionally, US$200 million will be committed to a nuclear-readiness programme between January 2027 and December 2028 to prepare the country for an engineering, procurement, construction and financing agreement for a state-owned nuclear power plant.
More than 2,000 scientists are expected to receive training to strengthen Ghana’s local expertise in nuclear energy.
4. Critical Minerals and Value Addition – US$1.5 Billion
The fourth pillar seeks to increase domestic processing of Ghana’s mineral resources instead of relying heavily on exports of unprocessed materials.
The US$1.5 billion investment will target manganese, bauxite, lithium and gold, with emphasis on developing local refining and manufacturing capacity.
Government wants at least 70 per cent of artisanal and small-scale gold to be refined locally by December 2027, increasing to 100 per cent by December 2028, when exports of raw small-scale gold are expected to be prohibited.
For manganese and bauxite, the target is to process at least 50 per cent of production locally by the end of 2028 and achieve full domestic processing by 2030.
The programme will also support lithium refining and the production of battery-grade chemicals, components and cells.
A 24-hour critical minerals processing enclave will be established in the Western Region, supported by investments in energy infrastructure.
To facilitate transportation of raw materials to processing facilities, government plans to construct a railway line linking Takoradi through Nsuta and Awaso to Nyinahin.
The railway is expected to extend to Hamile in the Upper West Region from 2030, alongside plans for an inland port to facilitate trade with Burkina Faso, Mali, Niger and other Sahelian countries.
5. Tourism, Culture and Creative Arts – US$1 Billion
The fifth pillar has been allocated US$1 billion to develop tourism, preserve Ghana’s cultural heritage and strengthen the creative arts industry.
A major component is the expansion of the Black Star Experience beyond the December festive season into a year-round programme covering heritage tourism, ancestry services, family reunions, educational activities and creative arts.
Government also intends to improve the preservation of historical sites, particularly forts and castles associated with the Trans-Atlantic Slave Trade, through upgraded facilities, museums, archives and professional training.
To strengthen Ghana’s position as a destination for international conferences and business tourism, SSNIT is expected to construct an ultra-modern international convention centre at the La Trade Fair Centre.
Tax incentives will also be provided for the construction of five hotels by 2030. These will comprise two five-star hotels in Accra and Kumasi and three four-star facilities in the Cape Coast-Elmina heritage corridor, the Volta Region and Northern Ghana.
The plans further include completing a new National Theatre in Kumasi to support cultural performances, conferences and creative industry activities.
Government also intends to establish a Ghana Medical Tourism Hub through partnerships with specialist hospitals, diagnostic centres, rehabilitation facilities, laboratories and hotels to attract international patients.
6. Textiles and Garments – US$1 Billion
The sixth pillar is designed to revive Ghana’s textile and garment manufacturing industry through modernisation, increased production and improved access to local and international markets.
Government will invest US$1 billion in upgrading existing textile mills, expanding garment factories and establishing dedicated industrial enclaves.
These facilities will provide manufacturers with serviced land, reliable electricity, industrial water, laboratories, warehouses and other essential infrastructure to reduce production costs.
Local fashion designers, tailors and dressmakers will also receive support through modern equipment, technical assistance and commercial partnerships to expand their businesses.
To create a guaranteed market for locally manufactured products, government plans to amend public procurement laws to require public institutions to purchase uniforms, hospital textiles, bedding and protective clothing from Ghanaian manufacturers.
Implementation is expected to begin in 2027, with upgraded production lines scheduled to become operational in 2028.
By 2030, government wants local textile and garment producers to be operating at commercial scale, supplying international markets and creating employment opportunities, particularly for women and young people.
7. Pharmaceuticals and Biomanufacturing – US$1 Billion
The seventh pillar focuses on expanding local pharmaceutical production and reducing Ghana’s dependence on imported medicines.
Government estimates that the country imports between 70 and 75 per cent of its medicine requirements, at an annual cost of approximately US$500 million.
Under the US$1 billion programme, pharmaceutical and biomanufacturing hubs will be established in the Eastern and Central Regions to attract local and international manufacturers.
Government also intends to amend public procurement laws to make locally manufactured medicines the preferred choice for public institutions, provided they are available in sufficient quantities and meet approved quality standards.
Manufacturers will be required to comply with Food and Drugs Authority registration requirements and Good Manufacturing Practice standards, while receiving support to attain World Health Organisation prequalification.
Construction of the hubs is expected to begin in 2027 through a state-owned special purpose vehicle.
By 2030, Ghana is targeting local production of between 60 and 80 per cent of its essential medicine requirements.
The initiative is projected to create approximately 20,000 direct and indirect jobs while strengthening the country’s ability to supply pharmaceutical products across West Africa.
8. Technology Economy – US$300 Million
The eighth and final pillar will receive US$300 million between 2027 and 2028 to develop Ghana’s digital infrastructure, artificial intelligence capabilities and technology-driven employment opportunities.
A key intervention will be the establishment of a National Artificial Intelligence Centre equipped with high-performance computing facilities, secure data environments, research laboratories, model-testing facilities and training programmes.
The centre will support the application of artificial intelligence in agriculture, healthcare, energy, mining, logistics, Ghanaian languages and public services.
Government also plans to upgrade rural 2G networks to reliable 4G connectivity to improve digital access in underserved communities.
Young people will receive practical training in software development, data analytics, artificial intelligence, computer networking and digital business services to prepare them for employment and entrepreneurship.
Small and medium-sized enterprises will also be supported to adopt digital technologies, while safeguards on privacy, cybersecurity and accountability will guide the development of artificial intelligence.
Private Sector to Lead Implementation
The eight pillars form the foundation of government’s four-year economic transformation programme, with private businesses expected to drive investment, production, innovation and job creation.
Government says its role will be to provide strategic infrastructure, maintain macroeconomic stability, prepare viable projects and establish an enabling environment for private enterprise.
The programme will be financed through fiscal measures, including a reduction in the primary surplus target by one percentage point of GDP over the period and revenue measures expected to generate an additional 0.5 per cent of GDP.
Dr Forson said the success of the initiative would be measured by the number of jobs created, improvements in household incomes and the extent to which Ghana retains more value from its natural and human resources.
He called on Parliament and Ghanaians to support the programme, describing the country’s 70th independence anniversary in 2027 as an opportunity to reshape the economy and build a stronger productive base for future generations.
