New economy to prioritise local production, create jobs – Ato Forson

The government is preparing to channel about US$1.6 billion into strategic sectors as part of its New Economy programme, with Finance Minister Dr Cassiel Ato Forson saying the focus will be on producing more goods locally and creating jobs.

The programme, expected to feature prominently in the 2027 Budget, is intended to move the economy beyond stabilisation towards increased production, private-sector growth and wealth creation.

Dr Forson said the government wants to change the way Ghana approaches imports by identifying products that could instead be manufactured domestically.

“Every import is an opportunity to ask, ‘Why can’t we make it in Ghana?” he said.

He explained that the strategy would direct investment towards areas where Ghana has the capacity to build competitive industries, while reducing dependence on imported goods.

The proposed US$1.6 billion investment, equivalent to about one per cent of GDP, is expected to target commercial agriculture, value addition in the mining sector, energy and transport infrastructure.

Among the projects being considered are gas-to-power and gas-to-fertiliser initiatives, as well as infrastructure such as the Western Railway Line.

Dr Forson said the approach is designed to stimulate production and create an environment in which businesses can expand, export more and employ more Ghanaians.

Speaking at a meeting with the leadership of the Association of Ghana Industries (AGI) and other industry leaders, he said the government’s economic strategy would place domestic production at the centre of the next phase of Ghana’s development.

“Our mission is to produce more of what we consume and create more jobs here at home. That is the promise of the New Economy: Ghana producing. Ghanaians working. Prosperity growing,” he added.

The Finance Minister said the government expects the strategy to strengthen productive sectors while opening up greater opportunities for private-sector investment and expansion.

Also read:

• Ghana’s reliance on imported fuel, gold exports exposes economy to shocks – Prof Quartey

• Finance Minister begins consultations with Trade Ministry on New Economy Programme