Cassiel Ato Forson presents GH₵389.2bn budget for 2027

Finance Minister Dr. Cassiel Ato Forson has presented the 2027 Budget Statement and Economic Policy to Parliament, proposing a GH₵389.2 billion spending plan focused on industrial transformation and job creation. Titled "The New Economy: New Ghana, Jobs and Prosperity," the budget introduces an ambitious $10 billion investment programme set to run from 2027 to 2030 without the introduction of new taxes. The government targets a real GDP growth rate of at least 5.2% for the coming year, supported by a strategic shift toward productive investment as the nation prepares for its 70th independence anniversary.

A central pillar of the fiscal policy is the "New Economy" initiative, which allocates GH₵30 billion for its initial phase in 2027. Dr. Forson identified eight interconnected pillars for this transformation, including commercial agriculture, energy infrastructure, critical minerals processing, and technology development. The Minister emphasized the urgency of this structural shift, noting that 1.34 million young Ghanaians are currently not in employment, education, or training. To address this, the government has significantly increased funding for social and employment programmes, including boosting the Youth Employment Agency allocation to GH₵2 billion and the Livelihood Empowerment Against Poverty (LEAP) programme to GH₵2.1 billion.

The budget outlines aggressive measures to reduce Ghana's reliance on imports and raw commodity exports. By 2030, the government plans to ban the export of raw manganese and bauxite, as well as the commercial export of raw cocoa beans, in favour of local value addition. Similarly, the administration aims to end commercial rice imports by 2030 through the establishment of regional Rice Development Hubs. To support local industry, public procurement laws will be amended to mandate that public institutions purchase uniforms and hospital textiles exclusively from local manufacturers. In the mining sector, a new 3% discount on small-scale gold purchases will be introduced to boost national reserves following a record $12 billion in small-scale gold exports in 2026.

Dr. Forson also announced institutional reforms to optimize public resource management. The Minerals Income Investment Fund (MIIF) and the Ghana Infrastructure Investment Fund (GIIF) will be merged into a single Ghana Sovereign Wealth Fund to provide equity financing for large-scale development projects. Additionally, the Minister proposed a new Loans Act to restrict government borrowing to productive assets, prohibiting commercial loans for consumption. In a move to bolster financial inclusion, the Women's Development Bank is scheduled to begin operations in early 2027 to provide affordable financing for women-led enterprises.

On the fiscal front, the government plans to settle over GH₵36 billion in debt obligations before their scheduled maturity dates, including a $590 million Eurobond due in early 2027. Capital expenditure is projected to reach GH₵120.5 billion, representing 26.4% of total government spending. Dr. Forson defended the decision to lower the primary surplus target from 1.5% to 0.5% of GDP, arguing that the fiscal stabilization achieved over the past two years now allows the government to redirect resources toward infrastructure and the "Big Push" programme, which receives an allocation of GH₵28 billion.