The government will invest GH¢30 billion in 2027 under a four-year, US$10 billion economic transformation programme, with US$3 billion earmarked for commercial agriculture to increase domestic production, create jobs and reduce the country's dependence on imports.
The Finance Minister, Dr Cassiel Ato Forson, announced the investment plans when he presented the 2027 Budget Statement and Economic Policy to Parliament on Thursday, November 12, 2026.
The programme, dubbed New Economy, New Ghana: Jobs and Prosperity, will run from 2027 to 2030 and cover eight areas: macroeconomic stability and affordable finance, commercial agriculture, energy infrastructure, value addition to minerals, tourism, culture and creative arts, textiles and garments, pharmaceuticals and biomanufacturing, and the technology economy.
Dr Forson said the initiative was intended to address structural weaknesses that had left Ghana heavily dependent on raw material exports, with limited domestic processing, industrial expansion and employment opportunities.
He said the government would invest the equivalent of US$10 billion over the four-year period, with GH¢30 billion, representing 1.5 per cent of Gross Domestic Product (GDP), allocated to the programme in 2027.
The financing strategy will involve reducing the primary surplus target from 1.5 per cent to 0.5 per cent of GDP, while tax reforms and compliance measures being implemented by the Ghana Revenue Authority are expected to generate an additional 0.5 per cent of GDP.
Dr Forson said the investment programme would protect macroeconomic stability while directing resources towards productive infrastructure, businesses and industries capable of creating jobs and increasing exports.
Government targets end to commercial rice imports by 2030
A major component of the programme is the US$3 billion allocation for commercial agriculture, which the government intends to use to increase domestic food production, reduce agricultural imports and strengthen links between farming and industry.
Dr Forson said agriculture accounted for approximately 20 per cent of Ghana's economy, nearly 40 per cent of employment and about 25 per cent of export earnings.
Despite the sector's contribution to the economy, he said Ghana continued to spend billions of dollars annually importing food and agricultural products which could be produced competitively locally.
The agricultural intervention will cover rice, sugar, poultry, maize, soya, animal feed, aquaculture, oil palm, vegetables and cocoa value addition.
Under the plan, the government will establish an integrated farm-to-market system to connect farmers to irrigation, improved seeds, mechanisation, storage facilities, processing factories, packaging, transportation and markets.
For rice production, Dr Forson announced plans to establish development hubs across the Volta Basin, Western Ghana, Northern Ghana and other flood plains.
The initiative is expected to bring an additional 100,000 hectares under rice cultivation, achieve yields of five to six metric tonnes per hectare and create an estimated 125,000 jobs.
The government will also introduce targeted tax incentives for investments in irrigation, mechanisation, silos, modern rice mills, packaging and logistics to reduce production costs and post-harvest losses.
In another policy announcement, Dr Forson said the government would amend public procurement laws to require schools, hospitals and other public institutions to purchase locally produced rice and other Ghanaian staples with public funds.
He said the policy would provide a reliable market for local farmers while ensuring that public expenditure supported domestic production and job creation.
"If you use Ghana's money to buy rice, you must buy Ghana rice," the Minister declared.
The government will also link rice import licences to purchases from verified Ghanaian farmers and millers from 2027.
Under the proposed arrangement, the local purchase requirement will increase as domestic production expands, while import quotas will gradually decline.
The ultimate target is to end commercial rice imports by December 2030, supported by increased domestic production, milling capacity, storage facilities, quality assurance and reliable distribution systems.
Government targets cheaper credit for businesses
Beyond agriculture, the New Economy programme seeks to address the high cost of borrowing, which Dr Forson identified as a major constraint on business expansion and job creation.
The government intends to work with the Development Bank Ghana, Ghana Exim Bank and participating financial institutions to expand access to affordable financing for productive businesses.
Proposed interventions include credit guarantees, equipment leasing, export financing and long-term capital for farmers and industrialists.
Dr Forson said the government's aim was to bring the cost of capital into single digits to enable businesses to access cheaper loans, expand production and employ more people.
He said financial support would be transparent, time-bound and tied to measurable results in investment, production and employment.
The Minister also announced plans to publish an annual investment-grade readiness report to assess the country's fiscal performance, debt affordability, international reserves, monetary credibility, financial sector strength, institutional quality and economic diversification.
Government promises to protect economic recovery
The investment programme comes as the government seeks to consolidate improvements in economic indicators following the severe economic crisis of 2022.
Dr Forson recalled that inflation had reached 54.1 per cent by the end of 2022, while the primary balance recorded a deficit of 4.3 per cent of GDP and gross international reserves fell below three weeks of import cover.
He said the crisis had placed considerable pressure on households and businesses through rising food prices, transport fares, medicine costs, high interest rates and currency depreciation.
According to him, economic conditions improved by the end of 2025, with inflation declining from 23.8 per cent to 5.4 per cent.
He also reported that the primary balance had moved from a deficit of 4.1 per cent to a surplus of 2.5 per cent of GDP, while public debt had fallen to 44.7 per cent of GDP.
Gross international reserves, he said, had increased to 5.7 months of import cover.
To protect the recovery, the government intends to maintain a primary surplus of at least 0.5 per cent of GDP from 2027, keep public debt consistent with 45 per cent of GDP, sustain single-digit inflation and strengthen external buffers.
Dr Forson said Ghana's economic progress must no longer be measured mainly by growth figures or commodity windfalls but by the jobs created, incomes raised and productive capacity established.
He said the private sector would remain the main driver of investment, innovation, production and sustainable employment, while the government would provide strategic infrastructure, prepare projects and create predictable conditions for businesses.
Ghana's 70th independence anniversary to mark economic shift
Dr Forson said the programme would also provide an opportunity for Ghana to renew its industrialisation ambitions as the country prepares to mark 70 years of independence in 2027.
He said despite the country's natural and human resources, Ghana had struggled to maintain a common economic direction long enough to achieve the industrial transformation envisaged by its founding generation.
He observed that the economy remained heavily dependent on raw material exports, with limited domestic value addition and inadequate productive employment opportunities.
The government, he said, intended to use the next four years to increase production, process more natural resources locally and build an economy capable of providing decent jobs, higher incomes and lasting prosperity.
Dr Forson called on Ghanaians to support the shift towards production, saying the sacrifices made during the economic crisis must translate into tangible improvements in people's lives.
He said the success of the US$10 billion programme would ultimately be measured by its ability to create jobs, strengthen businesses and improve living standards across the country.
The implementation of the programme, its financing arrangements and the level of private-sector investment it attracts will determine whether the production and employment targets are achieved.
