These are the 8 pillars of the ‘New Economy’ in the 2027 Budget

Finance Minister Dr Cassiel Ato Forson has announced a US$10 billion investment programme to transform the country's economy over the next four years, with a focus on expanding local production, processing raw materials, creating jobs and reducing dependence on imports.

Presenting the 2027 Budget Statement and Economic Policy to Parliament on Thursday, November 12, Dr Forson said the programme, dubbed The New Economy: New Ghana, Jobs and Prosperity, would run from 2027 to 2030 and be implemented through eight interconnected pillars.

The programme is intended to address longstanding structural weaknesses in the economy, particularly Ghana's dependence on raw material exports, limited local processing capacity and inadequate productive employment opportunities.

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

Below is a summary of the 8 pillars and their key interventions

The first pillar seeks to consolidate Ghana's economic recovery and ensure that businesses have access to affordable long-term financing to expand production and create jobs.

Government intends to maintain single-digit inflation, keep public debt at about 45 per cent of GDP, sustain a primary surplus of at least 0.5 per cent of GDP and strengthen the country's foreign reserves.

By 2030, it is targeting economic growth of about 8 per cent, unemployment below 8 per cent and progress towards achieving an investment-grade sovereign credit rating.

The government also plans to reduce the cost of capital to single digits by strengthening bank lending, developing the corporate bond market and expanding financing through institutions such as the Development Bank Ghana and Ghana EXIM Bank.

Credit guarantees, equipment leasing and export financing will also be introduced to support businesses, farmers and manufacturers.

Government plans to invest GH¢30 billion, equivalent to 1.5 per cent of GDP, in the New Economy programme in 2027 as part of the broader US$10 billion commitment.

The second pillar will receive US$3 billion to transform agriculture into a commercially organised sector capable of meeting domestic food demand, reducing imports and supplying raw materials to local industries.

Government plans to develop eight major agricultural value chains: rice, sugar, poultry, maize and soya feed, aquaculture, oil palm, vegetables and cocoa processing.

Under the rice programme, development hubs will be established in the Afram Plains, Volta Basin, Western Ghana and Northern Ghana. The initiative is expected to bring an additional 100,000 hectares under cultivation and create about 125,000 jobs.

Government also intends to prohibit commercial rice imports by 2030, with import licences from 2027 tied to purchases from verified local farmers and millers.

In the sugar industry, the target is to achieve self-sufficiency by 2030 through irrigated production zones, nucleus estates and commercial processing mills.

The poultry programme will develop the entire production chain, from hatcheries and feed production to processing, cold storage and distribution. Commercial maize and soya production will also be expanded to reduce the cost of poultry feed.

To address Ghana's estimated annual fish supply gap of 500,000 metric tonnes, the government will expand aquaculture, establish fish farming clusters and improve fishing infrastructure.

The oil palm initiative will develop 100,000 hectares across five regions, supported by a US$500 million financing facility, with the potential to create more than 250,000 jobs.

Government will also invest US$1 billion in the Pwalugu Multi-purpose Dam to irrigate more than 25,000 hectares for vegetable production, support aquaculture and generate 70 megawatts of hydropower.

For cocoa, Ghana intends to process at least 50 per cent of its production locally by 2028 and achieve 100 per cent local processing by 2030, as part of a transition away from raw cocoa exports.

The third pillar focuses on expanding electricity generation, reducing the cost of power and improving the reliability of energy supply to support industrialisation.

Government plans to begin constructing 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 ready by December 2028, with the remaining 850 megawatts 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.

The government intends to phase out emergency power plants by 2030 and reduce the cost of power generation from about 16 US cents per kilowatt-hour to 8 US cents or less.

Another US$500 million will be invested in modernising the electricity transmission network, while two million prepaid meters will be deployed to reduce distribution losses.

Government also plans to introduce private-sector participation in electricity distribution through a performance-based arrangement by the end of 2027.

The pillar further includes a US$200 million nuclear-readiness programme between January 2027 and December 2028. The initiative will prepare Ghana to sign 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 develop local expertise in nuclear energy.

The fourth pillar seeks to move Ghana away from exporting largely unprocessed minerals towards refining and manufacturing products locally.

The US$1.5 billion investment will focus on manganese, bauxite, lithium and gold, retaining more value from the country's mineral resources.

Government plans to ensure that at least 70 per cent of artisanal and small-scale gold is refined locally by December 2027, rising to 100 per cent by December 2028, when exports of raw small-scale gold will be prohibited.

For manganese and bauxite, at least 50 per cent of production is expected to be processed locally by the end of 2028, with full local processing targeted by 2030.

The initiative will also support the development of 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.

Government will also begin constructing a railway line from Takoradi through Nsuta and Awaso to Nyinahin to transport manganese and bauxite to processing facilities.

The railway is expected to be extended to Hamile in the Upper West Region from 2030, with plans for an inland port to facilitate trade with Burkina Faso, Mali, Niger and other Sahelian countries.

The fifth pillar will receive US$1 billion to position Ghana as a major tourism, cultural and international business destination.

Government plans to expand the Black Star Experience beyond the December festivities by developing a year-round tourism calendar that includes heritage tourism, ancestry services, family reunions, educational programmes and creative arts.

The initiative will also prioritise the preservation of historical sites, particularly forts and castles associated with the Trans-Atlantic Slave Trade, through improved infrastructure, museums, archives and professional training.

Ghana also intends to strengthen its position as a preferred destination for international conferences and business tourism.

As part of the plan, SSNIT will construct an ultra-modern international convention centre at the La Trade Fair Centre.

Government is also offering tax incentives for the construction of five hotels by 2030: 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.

A new National Theatre will also be completed in Kumasi to support cultural performances, conferences and the creative industry.

The pillar further includes the establishment of a Ghana Medical Tourism Hub to attract international patients through partnerships with specialist hospitals, diagnostic centres, rehabilitation facilities, laboratories and hotels.

The sixth pillar seeks to revive and expand Ghana's textile and garment industry, positioning local manufacturers to compete regionally and internationally markets.

The government will invest US$1 billion in modernising textile mills, expanding garment factories and establishing dedicated industrial enclaves.

The facilities will provide manufacturers with serviced land, reliable electricity, industrial water, laboratories, warehouses and other essential infrastructure to reduce production costs.

The programme will also support local fashion designers, tailors and dressmakers with modern equipment, technical assistance and commercial partnerships to enable them to access larger markets.

To guarantee demand for locally manufactured products, the government plans to amend public procurement laws to require public institutions to purchase uniforms, hospital textiles, bedding and protective clothing from Ghanaian manufacturers.

The implementation will begin in 2027, with upgraded production lines expected to become operational in 2028.

By 2030, the government wants Ghanaian textile and garment manufacturers to be producing at commercial scale, supplying international markets and creating employment, particularly for women and young people.

The seventh pillar will focus on strengthening Ghana's pharmaceutical manufacturing industry and reducing the country's dependence on imported medicines.

Government says Ghana currently imports between 70 and 75 per cent of its medicine requirements, costing the country about US$500 million annually.

Under the US$1 billion programme, pharmaceutical and biomanufacturing hubs will be established in the Eastern and Central Regions to attract both local and international manufacturers.

The government also plans to amend public procurement laws to make locally manufactured medicines the preferred option for public institutions, provided they are available in sufficient quantities and meet approved quality standards.

Manufacturers will be required to meet Food and Drugs Authority registration requirements and Good Manufacturing Practice standards, while support will be provided to help them 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 aims to manufacture between 60 and 80 per cent of its essential medicine requirements locally.

The initiative is projected to create approximately 20,000 direct and indirect jobs while strengthening the country's capacity to supply pharmaceutical products across West Africa.

The final pillar will receive US$300 million between 2027 and 2028 to strengthen Ghana's digital infrastructure, artificial intelligence capabilities and technology-driven employment opportunities.

A major component is the establishment of a National Artificial Intelligence Centre to provide high-performance computing facilities, secure data environments, research laboratories, model testing, professional training and support for technology start-ups.

The centre will support the application of artificial intelligence in agriculture, healthcare, energy, mining, logistics, Ghanaian languages and public services.

Government will also upgrade rural 2G networks to reliable 4G connectivity to expand access to digital services in underserved communities.

The investment is expected to improve access to digital learning, telehealth, electronic payments, agricultural information and online markets.

Young people will receive practical training in software development, data analytics, artificial intelligence, computer networks and digital business services to prepare them for employment and entrepreneurship in the global digital economy.

The programme will also support small and medium-sized enterprises to adopt digital technologies while promoting responsible AI development through safeguards on privacy, cybersecurity and accountability.

The eight pillars form the centrepiece of the government's four-year economic transformation programme, with the private sector expected to play the leading role in investment, production, innovation and job creation.

Government says its responsibility will be to provide strategic infrastructure, maintain macroeconomic stability, prepare viable projects and create an environment that supports 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 programme 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 urged Parliament and Ghanaians to support the initiative, describing the country's 70th independence anniversary in 2027 as an opportunity to change the structure of the economy and build a stronger productive base for future generations.