Ato Forson unveils four-year New Economy plan ahead of Ghana’s 70th independence anniversary

Finance Minister Dr Cassiel Ato Forson has unveiled the government's four-year New Economy programme, scheduled to commence in 2027, with a focus on restructuring Ghana's economy and reducing its dependence on raw material exports.

Presenting the 2027 Budget Statement to Parliament, he said the initiative would prioritise increased domestic production, local processing of natural resources and the creation of more productive employment opportunities.

Dr Forson observed that Ghana had relied on exporting unprocessed commodities for decades without sufficiently developing local industries to add value to its natural resources. He said this approach had constrained job creation and limited improvements in incomes.

He noted that the country's 70th anniversary of independence in 2027 should serve as a defining moment for a shift towards a more sustainable and productive economic model.

“Our economy continues to carry the burden of long-standing structural weakness. We depend too heavily on raw material exports, add too little value at home and create too few productive jobs for our people,” he told Parliament.

The Finance Minister said the New Economy programme would seek to address these longstanding challenges by expanding production and strengthening local industries to process more of the country's resources within Ghana.

“We will expand production, process more of our resources at home and turn our nation’s wealth into decent jobs, high incomes and lasting prosperity,” he stated.

He explained that the programme was intended to fundamentally change the way Ghana generates wealth, moving beyond the traditional economic model that relies heavily on exporting raw materials.

Dr Forson said the government's ultimate objective was to ensure that the country's natural resource wealth translated into better livelihoods, higher incomes, sustainable employment and lasting prosperity for Ghanaians.