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

Finance Minister Dr. Cassiel Ato Forson is scheduled to present the 2027 Budget and Economic Policy to Parliament on November 12. A central feature of the presentation will be the formal introduction of the "New Economy" programme, a four-year, $10 billion investment initiative. This strategic framework is designed to accelerate Ghana's economic recovery by driving job creation and enhancing financial security for households across the country. The budget presentation marks a significant transition for the government as it moves from its previous IMF-supported lending programme toward a Policy Coordination Instrument (PCI) for ongoing fiscal support.

The New Economy programme prioritizes capital investment in four key sectors: tourism, textiles, agriculture, and pharmaceuticals. Dr. Forson has emphasized that the initiative's success will be measured by its ability to provide decent employment and improve the incomes of workers, particularly farmers. During a recent meeting with Queen Máxima of the Netherlands, the Finance Minister underscored the importance of household well-being, noting that a robust national economy must empower citizens to better control their personal finances and secure their family's future.

The International Monetary Fund (IMF) has issued a positive assessment of the 2027 Budget's framework, describing it as being built on "strong foundations." The budget aims to achieve a primary surplus of 0.5% of GDP, a target supported by revenue measures passed by Parliament in July 2026. An IMF mission, led by Ruben Atoyan, confirmed that the government's plans align with the PCI programme. However, the Fund stressed that maintaining debt sustainability will require rigorous project appraisal, competitive procurement, and strict expenditure controls to ensure value for money.

Looking forward, the 2027 Budget will serve as the constitutional roadmap for government revenue and expenditures for the upcoming financial year. The government anticipates a further increase in non-oil revenue, driven by previous tax measures and ongoing reforms in revenue administration. By focusing on industrial growth and financial health, the administration aims to translate macroeconomic stability into tangible prosperity for the Ghanaian people.