Ghana unveils $10 billion 'New Economy' plan in 2027 budget

Ghana will invest $10 billion in a four-year economic transformation programme from 2027 to 2030, aiming to boost domestic production, expand exports and create jobs following the completion of its three-year, $3 billion IMF bailout programme.

Finance Minister Cassiel Ato Forson announced the initiative, known as the "New Economy", while presenting the 2027 budget to Parliament on Thursday. The plan will focus on commercial farming, energy infrastructure, technology, textiles and garment production, as well as processing critical minerals locally rather than exporting them in raw form.

Forson said the government would prioritise infrastructure and prepare investment-ready projects to support businesses. The budget forecasts economic growth of 5.2% in 2027, up from 4.8% in 2026, while targeting a reduction in the fiscal deficit to 3.6% of GDP.

The spending plan comes as Ghana seeks to build on gains made under its $3 billion IMF programme, which helped bring inflation down from a peak of 54.1% in December 2022. The government also plans to retire more than $3.07 billion in domestic and foreign debt ahead of schedule, including bonds due in 2027.