Ghana Unveils US$10 Billion New Economy Plan

Ghana Economy

President John Dramani Mahama’s government will spend US$10 billion between 2027 and 2030 to move Ghana from selling raw materials towards making and processing goods at home. Finance Minister Cassiel Ato Forson set out the New Economy programme in the 2027 Budget Statement that he presented to Ghana’s Parliament on Thursday 12 November.

For US readers, the plan matters to investors in the cedi, Ghana’s currency, and in its government debt. Gold, cocoa and oil made up 90.4% of Ghana’s export receipts as of September 2026, and our budget-day preview explains what Ghanaians expected from the speech.

The Plan in Plain English

The budget says Ghana depends too heavily on raw material exports, adds too little value at home and creates too few productive jobs. The New Economy is meant to change that structure, starting in 2027, the year Ghana marks 70 years of independence.

The budget says the programme will “expand production, process more of our resources at home and turn our nation’s wealth into decent jobs, higher incomes for lasting prosperity.” Its pillars are meant to work as one production system, from affordable finance for farmers to reliable power for factories.

Where the US$10 Billion Goes

The budget names eight pillars: macroeconomic stability and affordable finance, commercial agriculture, energy, critical minerals, tourism and creative arts, textiles, pharmaceuticals and technology. Seven of them carry stated sums that add up to US$9.8 billion, by our arithmetic; the budget gives no separate sum for macroeconomic stability.

Agriculture already accounts for about 20% of Ghana’s economy, almost 40% of jobs and nearly 25% of export earnings, the budget says. Minerals and cocoa are meant to gain value in Ghana before export, and the budget sets a local refining target of 100% for small-scale gold by December 2028, which our gold exports report puts in context.

How Ghana Will Pay for It

The budget names two measures: a cut of 1 percentage point of GDP in the primary surplus target, which is what the state keeps after all spending except debt interest, and 0.5% of GDP from tax reforms and compliance measures. The surplus stays positive, at 0.5% of GDP or more from 2027, and Parliament had already approved the tax reforms.

In 2027 the government will invest 1.5% of GDP, which the budget puts at GH¢30 billion (about US$2.6 billion at roughly 11.7 cedis per US$1, the central bank’s interbank rate for bank-to-bank dollar trades in early November 2026). The budget says the private sector carries the principal responsibility for investment and jobs, while public funds concentrate on strategic assets and public goods.

Targets and Tests

By 2030 the budget targets real GDP growth of about 8%, unemployment below 8% and a credible path to an investment-grade credit rating, which signals a low risk of default. For 2027 to 2030 its medium-term forecast is for growth to average not less than 5.0%, so the 8% is a 2030 target above that 5.0% floor.

The budget puts public debt at 47.5% of GDP at the end of October 2026, against a 45% level it wants to stay consistent with. It also says the cedi depreciated 10.1% against the US dollar so far this year, to the end of October, and adds that “investment-grade sovereign rating cannot be conferred by a speech.”

What It Means for You

For investors, a lower surplus target leaves more room for production spending, so the credibility of the growth targets is the thing to watch in the cedi and in Ghana’s debt; this is our reading, not the budget’s. For exporters and buyers, the push to refine gold locally, with a 100% target for small-scale gold by December 2028, could change what Ghana sells abroad; see our survey of what Ghanaians want from the budget for the jobs angle.

What Is Not Known

The budget does not publish a full project list. It also gives no figure for how much private money will join the public US$10 billion or how many jobs the programme will create in total.

Frequently Asked Questions

What is Ghana’s New Economy programme?

It is a four-year government programme, running from 2027 to 2030, to move Ghana from exporting raw materials to processing and manufacturing at home. The government says it will spend US$10 billion on it.

How much will Ghana spend on it in 2027?

The budget puts 2027 spending at 1.5% of GDP, equal to GH¢30 billion or about US$2.6 billion. That is the first year of the four-year plan.

Which sectors get the most money?

Commercial agriculture gets US$3 billion and energy infrastructure US$2 billion. Critical minerals value addition follows with US$1.5 billion.

How will Ghana fund the programme?

The budget cites a 1-point cut in the primary surplus target (what the state keeps before debt interest) and 0.5% of GDP from tax reforms and better compliance. It says every project will go through appraisal and value-for-money checks.

Sources: Government of Ghana, Ministry of Finance, 2027 Budget Statement and Economic Policy, presented 12 November 2026 (paragraphs 193 to 257, 338, 391, 394, 411, 432, 452, 466, 586, 695, 795 and 1028); Bank of Ghana interbank exchange rate, about 11.65 to 11.7 cedis per US dollar, early November 2026.

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