Gov’t to spend $10 billion over 4 years to create a modern Ghanaian economy – Ato Forson

Finance Minister Dr Cassiel Ato Forson has announced that the government plans to invest the equivalent of US$10 billion over four years to build a modern Ghanaian economy, create jobs and improve living standards.

Presenting the 2027 Budget and the government’s New Economy agenda to Parliament on Thursday, November 12, the Finance Minister said the programme would run from 2027 to 2030 and focus on eight interconnected pillars aimed at expanding production, strengthening key industries and creating opportunities for Ghanaians.

“Over a four-year period, from 2027 to 2030, the government will spend US$10 billion equivalent to create a modern Ghanaian economy for jobs and prosperity,” he said.

The eight pillars are macroeconomic stability and affordable finance; commercial agriculture; energy infrastructure; critical minerals value addition; tourism, culture and creative arts; textiles and garments; pharmaceuticals and manufacturing, including biomanufacturing; and the technology economy.

According to the Finance Minister, the pillars are designed to work together as one productive system, with each sector supporting the growth of the others.

“Affordable finance must reach farmers, manufacturers and exporters. Agriculture must supply food and industrial raw materials, while reliable energy must support a 24-hour economy,” he said.

Dr Forson said the government also wanted to ensure that more value was added to Ghana’s natural resources before they were exported. He identified minerals and cocoa as key commodities that should be processed locally to create more jobs and retain a greater share of their value in the country.

He said tourism, culture and the creative arts would be developed into stronger sources of business opportunities, employment and foreign exchange by turning Ghana’s heritage and creative talent into commercially successful ventures.

On the textiles and garments industry, the Minister said the government intended to expand local production, create jobs and connect Ghanaian skills and businesses to international fashion markets.

He also highlighted the importance of building local capacity in pharmaceuticals and biomanufacturing, saying the country must produce more medicines and vaccines to strengthen health security and supply markets across Africa.

“Pharmaceuticals and biomanufacturing must produce more medicines and vaccines in Ghana, strengthen health security and supply markets across Africa,” he said.

The technology economy, he added, would open up new sources of employment and foreign exchange. He stressed that improved digital connectivity was necessary to ensure that people with the relevant skills could participate in the economy, regardless of where they lived.

The Finance Minister said the New Economy Agenda would guide how the government used the fiscal space created by the country's economic recovery.

He explained that the government's role would be to maintain macroeconomic stability, provide strategic infrastructure, develop bankable projects and create predictable conditions for businesses to operate.

The private sector, he said, would be expected to take the lead in investment, innovation and production, as well as the creation of sustainable jobs.

“Government support will be transparent, time-bound and linked to verifiable results,” he told Parliament.

He added that the government would protect the gains made in the economic recovery through fiscal discipline, greater accountability and diligence, while pursuing faster economic growth and higher employment.

The Finance Minister said the success of the programme would not be judged only by the amount of money spent or the number of projects undertaken.

Instead, the government would measure its impact by the jobs created, improvements in people's quality of life and the pace of development in communities across the country.

He urged Ghanaians to support the government's vision for the country's economic future, arguing that the recovery presented an opportunity to make long-term investments rather than repeat past mistakes.

“I call on Ghanaians to make a defining national choice about the future we want to build. We can spend the recovery as though history has taught us nothing, or invest in it,” he said.