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

Finance Minister Dr. Cassiel Ato Forson presented the 2027 Budget Statement and Economic Policy to Parliament on November 12, 2026, outlining a four-year, US$10 billion investment plan. Themed "The New Economy," the budget serves as a central pillar of President John Mahama’s administration, focusing on job creation, infrastructure development, and industrial growth. A key policy shift includes a mandate for all public institutions to purchase uniforms, hospital textiles, and protective gear exclusively from local manufacturers. This initiative is supported by a planned $1 billion investment to strengthen the domestic textile industry and promote Ghanaian brands internationally.

Significant financial allocations were announced for social protection and the justice sector. The Ministry of Gender, Children and Social Protection is set to receive GH₵3.4 billion, which includes GH₵2.1 billion for the School Feeding Programme and GH₵1.1 billion for the Livelihood Empowerment Against Poverty (LEAP) program. Additionally, the government has allocated GH₵2.26 billion to enhance the justice and identification sectors, with GH₵1.43 billion dedicated to the Judicial Service and GH₵100 million for improving custodial infrastructure at the Nsawam Remand Prison. To support democratic governance, GH₵900 million has been earmarked for the 2027 district-level elections and a concurrent constitutional referendum.

The budget also introduces major legal reforms and infrastructure projects. Dr. Forson revealed plans for a Natural Resource Revenue Management Act to unify the regulation of revenues from oil, gold, lithium, and bauxite, replacing the existing Petroleum Revenue Management Act. On the infrastructure front, the government committed to establishing a new National Theatre in Kumasi to serve as a cultural and creative hub, alongside tax incentives for hotel construction to boost business tourism. Furthermore, the budget includes a GH₵10 million allocation aimed at improving the welfare and professional development of journalists, particularly those involved in investigative reporting.

However, the Minority Caucus in Parliament, led by Alexander Afenyo-Markin, dismissed the budget as "sloganeering" and a repackaging of unfulfilled promises. The Minority argued that the government's claims of economic stability do not reflect the lived reality of high food prices and unemployment. Critics also raised concerns regarding the lack of specific data on job creation and the government's silence on previous pledges, such as the establishment of a women’s bank. As Parliament begins its review, the opposition has signaled it will demand greater accountability and clearer details on the funding and implementation of the proposed New Economy initiatives.