New Economy to help Ghana process more of its resources locally – Ato Forson

Finance Minister Dr Cassiel Ato Forson has said Ghana must reduce its dependence on exporting raw materials and focus on processing them locally to create more jobs and improve incomes.

He said the country continues to face economic challenges because it added little value to its natural resources and had not created enough productive jobs for its growing population.

Speaking during the presentation of the 2027 Budget and Economic Policy Statement to Parliament on Thursday, November 12, he said the government's New Economy programme was designed to address these weaknesses and change how the economy operates.

“The New Economy is the Government of Ghana's four-year programme to transform the structure of the Ghanaian economy,” he told Parliament.

Dr Ato Forson said Ghana's 70th independence anniversary in 2027 should provide an opportunity to rethink the country's economic direction, noting that the economic transformation envisioned by its first President, Osagyefo Dr Kwame Nkrumah, had not been fully achieved.

He said the country must use its resources to produce more goods locally, create decent jobs and improve the incomes of its people.

“Our 70th anniversary must mark a decisive turning point,” he stated.

The programme, which will run from 2027 to 2030, is backed by a proposed US$10 billion investment plan, with government targeting about US$2.5 billion annually for strategic sectors.

These include agriculture and agro-processing, manufacturing, infrastructure, energy, critical minerals and value addition, textiles and garments, tourism, the creative economy and pharmaceutical manufacturing.

The initiative is intended to move the economy beyond the immediate focus on economic stabilisation towards increased production, industrial development and job creation.