Finance Minister, Dr Cassiel Ato Forson, has said the government’s New Economy programme is designed to strengthen local production, lessen Ghana’s reliance on imports, and create jobs by channelling investment into productive sectors of the economy. Speaking at a meeting with leaders of the Association of Ghana Industries and prominent business executives, Dr Forson emphasised the government’s commitment to building a self-sustaining economy. “Our mission is to produce more of what we consume and create more jobs here at home,” he stated.
He stressed that every imported product should serve as a reminder of the need to develop local manufacturing capacity. “Every import is an opportunity to ask: why can’t we make it in Ghana?” he remarked. According to the Finance Minister, the New Economy agenda marks a bold transition towards a more productive, employment-driven and prosperous nation. He described the vision as one where Ghana expands domestic production, creates opportunities for its people and accelerates economic growth. “That is the promise of the New Economy: Ghana producing, Ghanaians working, and prosperity growing,” he added.
New Economy Programme
The programme, which is expected to be introduced under the 2027 Budget, will mobilise approximately US$1.6 billion, representing about one per cent of Gross Domestic Product (GDP), to support strategic sectors of the economy and create opportunities for private-sector businesses to expand and generate employment.
The initiative forms part of the government’s broader strategy to direct resources towards productive sectors that can drive sustainable economic growth while generating returns capable of supporting the repayment of the investments over time.
Agriculture, mining and energy targeted
Dr Forson said the framework would prioritise key sectors including commercial agriculture, value addition in the mining industry, energy and transport infrastructure. He explained that the government was redirecting its focus towards sectors with strong growth prospects and the potential to drive economic activity and create jobs.
The energy sector is expected to play a central role in the programme, with proposed investments in gas-to-power and gas-to-fertiliser projects aimed at improving energy security and supporting industrial growth. In the transport sector, Dr Forson identified the Western Railway Line and other strategic infrastructure projects as potential beneficiaries of the framework.
He, however, noted that the final blueprint was still being developed, with details of additional projects expected to be made public when the programme is officially launched.
