Mahama’s US$10 billion New Economy Agenda promises jobs, prosperity

……. Ato Forson reveals ahead of next Thursday’s Budget Statement

Finance Minister, Dr Cassiel Ato Forson, has pledged that the government’s ambitious US$10 billion New Economy programme will transform Ghana’s economic recovery into sustainable jobs, improved incomes for farmers and expanded opportunities for local businesses.

The programme, which is expected to take centre stage in the 2027 Budget Statement, forms part of President John Dramani Mahama’s broader economic transformation agenda aimed at moving Ghana beyond economic stabilization towards increased domestic production, industrialization and sustainable growth.

Dr Forson, who is scheduled to present the 2027 Budget Statement and Economic Policy to Parliament on Thursday, November 12, 2026, has indicated that the government will outline concrete measures to ensure that the sacrifices made by Ghanaians during the country’s economic recovery translate into tangible improvements in their living conditions.

In a Facebook post yesterday, Tuesday, November 3, 2026, the Finance Minister acknowledged the hardships endured by Ghanaians during the economic recovery process, insisting that the next phase must deliver meaningful economic opportunities, particularly for young people, farmers and the private sector.

“Ghanaians made sacrifices to get our economy back on its feet. Now, that recovery must mean decent jobs for our young people, better incomes for our farmers and room for Ghanaian businesses to grow and hire,” Dr Forson stated.

He added: “Next week, I will show how the New Economy will turn the gains we have made together into jobs and prosperity for all.”

His remarks signal a major shift in the government’s economic priorities, from restoring macroeconomic stability to stimulating productive investments, creating employment and strengthening the capacity of Ghanaian businesses to compete both locally and internationally.

The anticipated budget is expected to provide details of how the government intends to implement the US$10 billion New Economy programme, including the sectors earmarked for investment, financing arrangements and measures to stimulate private-sector participation.

The programme, announced by President Mahama, is designed to accelerate Ghana’s economic transformation by reducing the country’s longstanding dependence on the export of unprocessed raw materials and encouraging greater value addition through local manufacturing and industrial development.

Under the programme, the government intends to channel substantial investments into strategic sectors of the economy to expand domestic production, strengthen industrial capacity, create employment and increase Ghana’s competitiveness in international markets.

The initiative is also expected to provide opportunities for Ghanaian entrepreneurs and businesses to expand their operations, access new markets and employ more workers.

Agriculture and agribusiness are anticipated to feature prominently, with particular attention to improving productivity, increasing farmers’ incomes and promoting the local processing of agricultural produce.

Other priority areas are expected to include textiles and garments, pharmaceuticals, tourism and manufacturing, as the government seeks to diversify the country’s productive base and reduce its reliance on imported goods.

The New Economy programme is also intended to encourage Ghanaian businesses to take advantage of opportunities under the African Continental Free Trade Area (AfCFTA), while strengthening their participation in regional and international value chains.

Dr Forson’s latest assurances come against the backdrop of improving macroeconomic indicators, which the government has cited as evidence of Ghana’s gradual recovery from the economic difficulties experienced in recent years.

Ghana completed the final review of its International Monetary Fund (IMF)-supported lending programme in July 2026, marking a significant milestone in the country’s economic stabilization efforts.

Figures from the Ghana Statistical Service indicate that the economy expanded by 6.0 percent in the second quarter of 2026, while annual inflation declined to 5.2 percent in September.

These developments have strengthened expectations that the government will now shift greater attention towards employment creation, improved household incomes and productive investments.

However, the challenge facing the administration is how to ensure that improvements in macroeconomic indicators translate into practical economic benefits for ordinary Ghanaians, particularly unemployed young people, small-scale businesses and farmers.

The Finance Minister had earlier signalled the government’s intention to prioritize job creation and economic transformation during the presentation of the Mid-Year Fiscal Policy Review in July.

His latest comments suggest that the 2027 Budget will provide a clearer picture of how the administration intends to pursue those objectives without undermining the fiscal discipline and macroeconomic stability achieved under the recovery programme.

Attention will also focus on the government’s proposed financing arrangements for the New Economy initiative, particularly how it intends to mobilize the required resources while managing public expenditure and avoiding a return to unsustainable borrowing.

The budget is further expected to outline specific investments and policy interventions intended to support domestic industries, stimulate agricultural production and encourage Ghanaian businesses to expand their operations.

For the Mahama administration, the programme represents a major test of its ability to move beyond economic recovery figures and deliver the employment opportunities, improved incomes and broader prosperity promised to Ghanaians.

With the 2027 Budget presentation just days away, businesses, investors, workers and other stakeholders will be looking for concrete measures, implementation timelines and credible financing strategies to demonstrate how the government’s US$10 billion investment ambition will translate into measurable economic benefits.

Dr Forson maintains that the sacrifices made by Ghanaians to restore economic stability must ultimately yield tangible rewards through decent employment, stronger businesses and improved living standards.

The November 12 budget presentation is therefore expected to offer the clearest indication yet of how the Mahama government intends to convert Ghana’s economic recovery into sustained growth, jobs and prosperity.