Amin Adam questions how the Mahama gov’t will raise US$10bn for the ‘New Economy’

The Minority in Parliament has expressed doubts about the government's ability to finance its proposed US$10 billion New Economy programme, demanding a detailed funding plan ahead of the 2027 Budget.

The Caucus raised the concerns through the Ranking Member on Parliament’s Finance Committee, Dr Mohammed Amin Adam, who addressed the media on its behalf on Tuesday, November 10.

Dr Amin Adam questioned the government's capacity to mobilise the proposed investment, particularly when, according to the Minority, the administration has yet to demonstrate that it secured the resources promised for the 24-Hour Economy.

He recalled that the earlier programme was presented as requiring US$4 billion, with the government expected to provide between US$300 million and US$400 million in seed capital.

However, he said the 2026 Budget allocated only GH¢110 million to the initiative, while the US$5.5 billion in Joint Development Agreements being cited as progress should not be confused with actual funds raised.

The Minority also pointed to what it described as a 39.3 per cent shortfall in capital expenditure against target in the first half of 2026, as well as a subsequent GH¢5 billion reduction in capital spending. It questioned how government could undertake a new capital-intensive programme while struggling to meet existing expenditure commitments.

Dr Amin Adam further demanded clarification on the different financing figures communicated by government, including the investment outlined in the 2027 Fiscal Strategy Document and the President's proposal of US$2 billion annually.

The Caucus wants the Finance Minister to distinguish between budget-funded expenditure, private investment, public-private partnerships, concessional financing and commercial borrowing, with clear timelines and funding commitments.

“Until these questions are answered with a costed, published financing plan, the New Economy is a slogan, not a policy,” he said.