Cassiel Ato Forson unveils $10bn New Economy plan in 2027 budget

Finance Minister Dr. Cassiel Ato Forson has presented the 2027 Budget Statement to Parliament, introducing a $10 billion "New Economy" programme designed to transform Ghana’s industrial landscape and create sustainable jobs. Delivered under the theme "The New Economy: New Ghana, Jobs and Prosperity," the budget outlines a four-year investment strategy aimed at reducing the national unemployment rate to below 8% by 2030. Key targets for the upcoming fiscal year include an overall GDP growth rate of 5.2%, with the government signaling a shift away from reliance on raw commodity exports toward increased domestic production and mineral value addition, particularly regarding the nation's lithium resources.

Specific allocations within the budget include GH₵3.5 billion for road maintenance and GH₵295 million to fund the distribution of free sanitary pads to schoolgirls, a move that drew notable reactions from the education caucus. In the tourism and creative arts sector, the government plans to restore historical forts and castles while expanding the "Black Star Experience" into a year-round initiative. These efforts are intended to position Ghana as a premier destination for heritage tourism, leveraging sites related to the Trans-Atlantic Slave Trade to boost local economies through ancestry services and educational programming.

The Minority Caucus, however, has heavily criticized the budget, with Minority Leader Alexander Afenyo-Markin describing it as a "paper economy" that fails to address the high cost of living and food inflation faced by ordinary citizens. Ranking Member on the Finance Committee, Dr. Mohammed Amin Adam, accused the government of rebranding previous failed initiatives, specifically labeling the New Economy programme as a repackaged version of the 24-Hour Economy policy. The Minority also dismissed the 5.2% growth target as unambitious, arguing it offers little hope for the country’s youth while several MPs disrupted the session with chants of "cocaine economy" to protest the government's handling of drug trafficking.

Further controversy surrounding the presentation involved accusations from the Minority Leader that Speaker Alban Bagbin was "gagging" the opposition by denying them the opportunity to make immediate preliminary observations. Outside the chamber, veteran journalist Kwesi Pratt Jnr raised concerns regarding national sovereignty, alleging the budget had been submitted to the International Monetary Fund (IMF) for approval prior to being shown to Parliament. Despite these tensions, the government maintains that the fiscal plan is a necessary blueprint for stability. Detailed debates on the budget estimates are expected to begin following a mandatory three-day study period for Members of Parliament.