From commercial farming and mineral processing to pharmaceutical manufacturing and artificial intelligence, the government has set out an ambitious plan to redirect Ghana’s economy towards local production, industrial growth and job creation.
The plan, known as The New Economy: New Ghana, Jobs and Prosperity, will require US$10 billion in government investment over four years, from 2027 to 2030.
Finance Minister Dr. Cassiel Ato Forson presented the programme as part of the 2027 Budget Statement and Economic Policy to Parliament on Thursday, November 12, describing it as a response to the structural weaknesses that have kept Ghana heavily dependent on raw material exports and imported products.
The programme is built around eight pillars, each targeting a key area of the economy. Together, they are expected to expand domestic production, improve value addition, increase exports and create employment.
Dr. Forson said the country’s 70th independence anniversary in 2027 should mark a turning point in its economic development.
“Our economy continues to carry the burden of longstanding structural weaknesses. We depend too heavily on raw material exports, add too little value at home and create too few productive jobs for our people,” he told Parliament.
Below is a breakdown of the eight pillars and the key interventions government intends to pursue.
1. Macroeconomic stability and affordable finance
The first pillar focuses on maintaining economic stability and ensuring that businesses can access affordable, long-term financing to expand their operations.
Government intends to maintain single-digit inflation, keep public debt consistent with 45 per cent of GDP and sustain a positive primary balance of at least 0.5 per cent of GDP from 2027.
The longer-term targets include real economic growth of about 8 per cent and unemployment below 8 per cent by 2030, alongside a credible path towards an investment-grade sovereign credit rating.
To improve access to credit, government will work with Development Bank Ghana, Ghana EXIM Bank and participating financial institutions.
The proposed measures include credit guarantees, equipment leasing, export financing and efforts to deepen corporate bond markets. The ultimate goal is to bring the cost of capital into single digits.
2. Commercial agriculture – US$3 billion
With US$3 billion allocated, commercial agriculture is one of the largest investment areas under the programme.
Government plans to build commercially organised value chains in rice, sugar, poultry, maize and soya feed, aquaculture, oil palm, vegetables and cocoa processing.
The targets include ending commercial rice imports by 2030, achieving sugar self-sufficiency and increasing the processing of cocoa within Ghana.
The plan also includes developing 100,000 hectares of oil palm plantations and expanding aquaculture production.
Another major intervention is the US$1 billion Pwalugu Multipurpose Dam, which is expected to support irrigation, agricultural production and hydropower generation.
The government says the agricultural programme will link farms to processing facilities and markets, helping to reduce food imports, strengthen food security and provide industrial raw materials.
3. Energy infrastructure – US$2.2 billion
The energy pillar is intended to address the cost and reliability of electricity, which government considers essential to industrial expansion.
An allocation of US$2.2 billion will support projects aimed at reducing generation costs from about 16 US cents per kilowatt-hour to 8 US cents or less.
Among the major investments is a 1,450-megawatt thermal power plant at Kafodzidzi-Abrobeano in the Central Region. Government also plans a 600-megawatt solar facility with battery storage.
A further US$500 million will go towards modernising the electricity transmission network, while US$200 million will fund a nuclear-readiness programme.
The investments are expected to strengthen the country’s energy security and provide industries with more dependable power for production.
4. Critical minerals value addition – US$1.5 billion
Government plans to commit US$1.5 billion to developing local processing capacity for critical minerals, including gold, manganese, bauxite and lithium.
The policy is aimed at reducing the export of raw minerals and ensuring that more of the value generated from Ghana’s natural resources remains in the country.
At least 50 per cent of Ghana’s manganese and bauxite is expected to be processed locally by the end of 2028. By 2030, government intends to process all the country’s manganese and bauxite locally and prohibit exports of the raw minerals.
The programme also targets an end to raw artisanal and small-scale gold exports by December 2028.
A 24-hour critical minerals processing enclave is planned for the Western Region. To support the initiative, government will begin construction in 2027 of a railway line linking Takoradi to Nyinahin through mineral-producing communities such as Nsuta and Awaso.
The railway is expected to transport minerals to the processing enclave, with a planned extension from Nyinahin to Hamile in the Upper West Region from 2030.
5. Tourism, culture and creative arts – US$1 billion
The tourism, culture and creative arts sector will receive US$1 billion to position Ghana as a year-round destination for visitors and investors.
A major part of the plan is to expand the Black Star Experience beyond the December festivities by promoting heritage tourism, ancestry services, family reunions, educational programmes and creative arts throughout the year.
Government also intends to conserve forts, castles and other historical sites, while developing a Ghana Medical Tourism Hub and an international convention centre at the La Trade Fair site.
Five hotels are planned under the programme. These comprise 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.
The plan further includes a new National Theatre in Kumasi, aimed at strengthening the country’s creative arts infrastructure.
6. Textiles and garments – US$1 billion
The textiles and garments industry is expected to benefit from US$1 billion in investment to modernise existing mills, expand factory capacity and develop dedicated industrial enclaves.
Government is also looking to use its purchasing power to support local manufacturers.
Proposed amendments to public procurement laws will require public institutions to buy locally produced uniforms, hospital textiles, bedding and protective clothing from Ghanaian companies.
The intervention is intended to provide manufacturers with a more predictable market, encourage investment and create jobs.
By 2030, government expects Ghanaian textile and garment businesses to be producing at commercial scale and supplying international markets.
7. Pharmaceuticals and biomanufacturing – US$1 billion
The government has allocated US$1 billion to expand local pharmaceutical production and biomanufacturing, in a bid to reduce dependence on imported medicines.
Ghana currently imports an estimated 70 to 75 per cent of its medicine requirements.
Under the programme, pharmaceutical manufacturing hubs will be established in the Eastern and Central Regions, with construction expected to commence in 2027 through a state-owned special purpose vehicle.
Government is targeting local production of between 60 and 80 per cent of the country’s essential medicine requirements by 2030.
It also plans to make Ghanaian-produced medicines the preferred option for public procurement, subject to registration and approved manufacturing standards.
The pharmaceutical and biomanufacturing pillar is projected to create about 20,000 direct and indirect jobs.
8. Technology economy – US$300 million
The technology pillar will receive US$300 million over 2027 and 2028, with two major priorities: establishing a National Artificial Intelligence Centre and upgrading rural 2G mobile networks to reliable 4G.
The proposed centre will provide facilities for high-performance computing, applied research, model testing, professional training and start-up support.
It will also support the application of artificial intelligence in areas such as agriculture, healthcare, energy, mining, logistics, Ghanaian languages and public services.
Government says the investment will equip young people with practical skills in software development, data analytics, artificial intelligence, networking and digital business services.
The rural connectivity component is expected to help farmers access market and weather information, enable students to use digital learning resources and allow small businesses to reach customers beyond their communities.
Government expects private sector to lead investment
While government will provide strategic infrastructure and create conditions for businesses to grow, Dr Forson said the private sector would be responsible for driving investment, innovation, production and sustainable employment.
He said the programme’s success would be measured by the jobs created, improvements in living standards and the pace of development in communities.
The Finance Minister also stressed that public investment would be subject to accountability and value-for-money requirements.
The programme, which begins in 2027, is expected to form the centrepiece of government’s effort to use the country’s economic recovery to build a stronger productive base.
Dr. Forson said the ultimate objective was to ensure that Ghana’s resources translate into opportunities and prosperity for its people.
“The true wealth of Ghana will be found in what our people are able to make, grow, design, discover and sell to the world,” he said.
