Speaking at the launch of the Ghana Cedi Heritage Series at the Bank of Ghana, President Mahama said the programme seeks to build a more productive and self-reliant economy by increasing domestic production, expanding local processing of agricultural and natural resources, and boosting export earnings.
He explained that the initiative is intended to strengthen the foundations of the economy by ensuring that Ghana produces more of the goods it consumes, processes a greater share of what it grows and generates more revenue from products exported to international markets.
“Our responsibility now is to give that resilience a firmer economic foundation, and this is central to our New Economy Programme, which anchors the 2027 budget. The Minister of Finance will present to Parliament later today. The New Economy Programme is a $10 billion, four-year programme aimed at transforming the very structure of the Ghanaian economy,” the President stated.
He further noted that increasing the supply of locally produced goods and expanding the capacity of Ghanaian industries to process raw materials into finished products would create employment opportunities, strengthen domestic businesses and reduce the country’s reliance on imported goods.
“When Ghanaian farms supply our markets and Ghanaian factories turn our resources into finished products, we create jobs locally and reduce the need to spend scarce foreign exchange on goods that we can produce competitively ourselves,” he said.
President Mahama also used the occasion of the new currency notes’ unveiling to reflect on the Cedi’s journey and its significance to Ghana’s economic resilience and sovereignty.
He described the national currency as a symbol of economic independence that has endured several periods of economic difficulty and uncertainty, affecting businesses and households.
“The Cedi has travelled with us through difficult seasons. It has borne the pressures of our economy and the uncertainties that have tested our businesses and households. Yet it remains an enduring expression of our economic sovereignty,” he said.
The President stressed that the New Economy Programme would play a crucial role in strengthening the economic fundamentals underpinning the Cedi.
According to him, expanding and diversifying Ghana’s export base would increase foreign exchange inflows, while boosting domestic production would help reduce demand for foreign currency by lowering the country’s dependence on imports.
He added that these interventions, supported by prudent public financial management and credible monetary policies, would help establish the conditions for a stronger and more stable Cedi, capable of withstanding external economic shocks.
The government is committed to building a stronger and more resilient economy that delivers tangible benefits to all Ghanaians. For traders, this should translate into greater predictability when importing their next consignment of goods. Manufacturers should have increased confidence in planning and expanding production, while households should feel more secure about their ability to meet daily needs through their incomes and savings.
The relationship between these objectives and the strength of the cedi is evident. Expanding and diversifying exports will generate more foreign exchange, while increasing domestic production will reduce the country’s reliance on imports. Combined with prudent fiscal management and credible monetary policies, these measures will help establish a stronger and more stable currency, capable of withstanding external economic shocks.
Ultimately, the strength of the cedi must translate into real improvements in the everyday lives of Ghanaians. I remain optimistic about the currency’s prospects because of my confidence in the productive potential of the Ghanaian people. Through the New Economy Programme, we will continue to expand this capacity and reinforce the economic foundations needed to sustain a stable and resilient cedi,” he added.
Meanwhile, the Minister of Finance, Dr Cassiel Ato Forson, is expected to present the 2027 Budget and Economic Policy Statement to Parliament later today, outlining the government’s economic priorities, policies and plans for the coming year.
