Gov’t to invest GH¢30bn in new economy programme in 2027 – Ato Forson
Finance Minister Cassiel Ato Forson has disclosed that the government intends to invest GH¢30 billion in the New Economy programme in 2027 to support business growth, increase exports and generate employment opportunities.
Presenting the 2027 Budget Statement and Economic Policy to Parliament on Thursday, November 12, Ato Forson said the investment would lay the groundwork for Ghana’s economic transformation while advancing the government’s development agenda.
He explained that the funding would be maintained throughout the 2027–2030 period, with the government aiming to pursue its economic transformation plans without undermining macroeconomic stability or reversing the progress made in stabilising the economy.
The Finance Minister stressed that strict accountability measures would guide the allocation and utilisation of the funds, noting that all projects under the programme would undergo thorough assessments, including value-for-money evaluations.
He added that government spending would be appropriately budgeted, approved and transparently accounted for, ensuring that public funds are channelled into strategic assets and projects capable of delivering significant benefits to the country.
Commercial agriculture is expected to receive a substantial share of the planned investment, as the government considers the sector critical to economic expansion, job creation and export growth.
Ato Forson disclosed that US$3 billion of the US$10 billion equivalent investment would be allocated to the commercial agriculture pillar.
He noted that agriculture’s economic contribution goes beyond crop and livestock production, extending to transportation, processing, packaging, trading and other rural services that sustain economic activities.
Despite the sector’s potential, the Finance Minister observed that Ghana continues to spend billions of dollars importing food and agricultural products that could be produced locally at competitive costs.
He cautioned that the country’s reliance on these imports puts pressure on the cedi, increases its vulnerability to international price fluctuations and denies local businesses and communities opportunities to expand.
According to him, reducing unnecessary food imports would stimulate activities across the agricultural value chain, creating opportunities to finance farmers, revive factories, secure transportation contracts and generate employment.
He told Parliament that every import that could have been avoided represents a missed opportunity to support local farmers, keep factories operational, create business contracts and provide jobs for Ghanaians.
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