Ato Forson unveils ‘New Economy’ plan to drive local production and job creation
The government is preparing to launch a major economic transformation programme aimed at reducing Ghana’s reliance on imports, expanding local production and creating jobs through targeted investments in key sectors.
Finance Minister Dr Cassiel Ato Forson said the initiative, dubbed the New Economy, will focus on strengthening productive sectors of the economy and creating opportunities for businesses to grow while generating employment.
Addressing leaders of the Association of Ghana Industries (AGI) and other industry stakeholders, Dr Forson said the country’s development strategy must be centred on producing more goods locally rather than depending heavily on imports.
“Our mission is to produce more of what we consume and create more jobs here at home,” he said.
The Finance Minister argued that Ghana should view imported products as an opportunity to build domestic manufacturing capacity and develop local industries capable of meeting consumer demand.
“Every import is an opportunity to ask: why can’t we make it in Ghana?” he stated.
The New Economy programme is expected to feature prominently in the 2027 Budget, with government planning to deploy about US$1.6 billion, equivalent to roughly one per cent of Ghana’s Gross Domestic Product (GDP), to support strategic investments and stimulate private-sector growth.
According to Dr Forson, the programme forms part of a broader effort to channel public resources into sectors capable of generating sustainable economic growth, creating jobs and producing long-term returns.
Agriculture, energy, transport infrastructure and value addition in the mining sector have been identified as key areas for investment under the framework.
He said the government intends to prioritise sectors with strong growth prospects and the capacity to drive economic activity on a large scale.
In the energy sector, planned investments will include gas-to-power and gas-to-fertiliser projects aimed at boosting energy security and supporting industrial expansion.
The Finance Minister also identified the Western Railway Line and other strategic transport infrastructure projects as potential beneficiaries of the programme.
While outlining the broad direction of the initiative, Dr Forson indicated that work on the final framework is still ongoing, with further details expected to be announced when the New Economy programme is officially launched.
Source: CNR
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