Minority demands funding details for government’s US$10bn New Economy programme

The Minority in Parliament has challenged the government’s ability to raise the US$10 billion required for its proposed New Economy programme, calling for a comprehensive financing plan before the presentation of the 2027 Budget.

The Caucus says the government must explain how it intends to fund the initiative, particularly in view of what it describes as gaps in the financing of the previously announced 24-Hour Economy programme.

Addressing the media on Tuesday, November 10, Ranking Member of Parliament’s Finance Committee, Dr Mohammed Amin Adam, said the administration had yet to provide evidence that it had mobilised the resources promised for the earlier programme.

He recalled that the 24-Hour Economy initiative was initially projected to require US$4 billion, with government expected to contribute between US$300 million and US$400 million as seed capital.

However, Dr Amin Adam noted that only GH¢110 million was allocated to the programme in the 2026 Budget. He also argued that the US$5.5 billion in Joint Development Agreements cited by the government should not be presented as funds already mobilised.

The Minority further raised concerns over what it described as a 39.3 per cent shortfall in capital expenditure against the target for the first half of 2026, followed by a GH¢5 billion reduction in capital spending.

It questioned how the government intends to finance another capital-intensive initiative when it is struggling to meet existing expenditure targets.

Dr Amin Adam also called for clarification on the varying funding estimates communicated by the government, including figures contained in the 2027 Fiscal Strategy Document and the President’s proposal of US$2 billion in annual investment.

The Caucus wants the Finance Minister to provide a breakdown of the proposed financing sources, distinguishing between government budget allocations, private-sector investment, public-private partnerships, concessional loans and commercial borrowing.

It is also demanding clear timelines and firm funding commitments to support the programme.

“Until these questions are answered with a costed, published financing plan, the New Economy is a slogan, not a policy,” Dr Amin Adam said.

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