Finance Minister Dr Cassiel Ato Forson will present the New Economy plan in the 2027 Budget on November 12, aiming to push Ghana to investment grade.

Published 7 Nov 2026, 19:58 GMT

3 min read

President John Dramani Mahama at the podium — President John Dramani Mahama

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President John Dramani Mahama has announced plans to invest more than US$9 billion in job-creating sectors between 2027 and 2030 under the government's proposed “New Economy” policy.

“In this presentation, we will outline our plan for what we call the New Economy. This is a bold initiative that will seek to invest over $9 billion in job-rich sectors of the economy between 2027 and 2030,” the President told the gathering.

Priority sectors and district funding

Mahama said the Volta Region is lined up to benefit from targeted investments under the proposed policy, naming textiles, garments, commercial agriculture, hospitality and tourism as priority areas selected for their capacity to generate jobs.

“The Volta Region is expected to benefit greatly under the New Economy policy, particularly in the areas of textiles, garments, commercial agriculture, hospitality and tourism,” he said.

In October, during a meeting with Western North chiefs, Mahama had described a broader five-year US$10 billion New Economy framework allocating about US$2 billion annually across nine productive pillars — including pharmaceuticals, agribusiness, textiles and tourism — without new borrowing. Saturday's remarks specify more than US$9 billion for the four-year window from 2027 to 2030.

At the local government level, Mahama also pointed to ongoing district projects — health facilities, classroom blocks and feeder roads — financed through the District Assemblies Common Fund (DACF). He credited a directive he issued after taking office requiring that at least 80 per cent of DACF releases be sent directly to district assemblies.

Ato Forson targets investment-grade credit rating

Meanwhile, Finance Minister Dr Cassiel Ato Forson says the government intends to use the New Economy programme to push Ghana toward an investment-grade sovereign credit rating to reduce borrowing costs and help local companies raise long-term capital.

Speaking at a New Economy engagement in Accra, Forson noted that Ghana's domestic bond market largely ground to a halt in 2022 and local banks lost access to credit lines after the sovereign debt default and the Domestic Debt Exchange Programme.

“Now we have restored it and the country is now rated B,” Forson said. “We want to get to investment grade.”

He said an investment-grade rating would bring government bonds within reach of institutional investors restricted to higher-rated debt while deepening the domestic corporate bond market so businesses can finance equipment and expansion.

“If we are able to get to investment grade, we would have laid the foundation for corporate bonds and others to take off,” Forson said, adding that reaching that goal requires keeping the economy stable and predictable.

Earlier on Thursday, November 5, after hosting UN Secretary-General's Special Advocate Queen Máxima of the Netherlands, Forson said the New Economy must also deliver household financial security for Ghanaians.

Araba IncoomAraba Incoom writes on multiple topics with a vast knowledge across different sector. You can almost call me an AI, after all, my initials are Araba Incoom.

Mahama outlines US$9bn &#39;New Economy&#39; plan for 2027–2030 ahead of November 12 budget

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Mahama outlines US$9bn 'New Economy' plan for 2027–2030 ahead of November 12 budget

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