Accra, Nov. 13, GNA – Government will invest US$10 billion in an economic transformation programme from 2027 to 2030, targeting agriculture, energy, critical minerals and other productive sectors.
The programme, known as the New Economy, is designed to strengthen domestic production, expand value addition, create jobs and position the private sector as the principal driver of economic growth.
Dr Cassiel Ato Forson, Minister of Finance, announced this when presenting the 2027 Budget Statement and Economic Policy to Parliament on Thursday.
He said the programme would be anchored on eight pillars: macroeconomic stability and affordable finance; commercial agriculture; energy infrastructure; critical minerals value addition; tourism, culture and creative arts; textiles and garments; pharmaceuticals and biomanufacturing; and the technology economy.
For 2027, Government has earmarked GHS30 billion, representing 1.5 per cent of Gross Domestic Product (GDP), for the programme.
Commercial agriculture is expected to receive US$3 billion to develop eight priority value chains: rice, sugar, poultry, maize and soya feed, aquaculture, oil palm, vegetables and cocoa value addition.
Under the rice development initiative, production hubs will be established in the Afram Plains, Volta Basin, Western Ghana and Northern Ghana.
The programme will bring an additional 100,000 hectares under rice cultivation, with a target yield of five to six metric tonnes per hectare and the potential to create about 125,000 jobs.
Government intends to prohibit commercial rice imports by 2030, while import licences from 2027 will be linked to purchases of locally produced rice.
The programme also seeks to achieve sugar self-sufficiency by 2030 and increase domestic cocoa processing to at least 50 per cent by 2028 and 100 per cent by 2030, paving the way for a move away from raw cocoa exports.
The energy pillar, with an estimated investment of US$2.2 billion, will focus on expanding generation capacity, strengthening transmission infrastructure and reducing the cost of electricity.
A state-owned 1,450-megawatt thermal power plant is to be constructed at Kafodzidzi-Abrobeano in the Central Region, with work expected to begin in December 2026.
The first 600 megawatts are expected to be available by December 2028, with the remaining 850 megawatts scheduled for completion by December 2030.
Government also plans to develop a 600-megawatt state-owned solar plant, supported by 2,000 megawatt-hours of battery storage, and invest US$500 million in modernising the transmission network.
The programme will also provide two million prepaid meters and seek to end the use of emergency power plants by 2030. The target is to reduce the cost of generation from 16 US cents per kilowatt-hour to eight US cents or less.
The critical minerals pillar will attract US$1.5 billion to promote local processing and value addition.
Government aims to have 70 per cent of artisanal and small-scale gold refined locally by December 2027 and 100 per cent by December 2028, when raw gold exports from the sector are expected to be prohibited.
It also targets the local processing of 50 per cent of manganese and bauxite by the end of 2028, with all production to be processed locally by the end of 2030.
An estimated US$1 billion will be invested in tourism, culture and the creative arts to develop a year-round visitor economy, strengthen heritage tourism, improve conference infrastructure and promote medical tourism.
The remaining pillars will focus on developing the textiles and garments industry, pharmaceuticals and biomanufacturing, and the technology economy.
Dr Forson said the programme would place the private sector at the centre of investment, innovation, production and sustainable job creation.
Government support, he said, would be transparent, time-bound and linked to measurable results.
The New Economy programme forms part of the Government’s broader strategy to move the economy towards higher productivity, domestic value addition and sustainable growth.
GNA
Edited by Beatrice Asamani Savage