Cassiel Ato Forson presents GH₵389.2bn budget for 2027 fiscal year

Finance Minister Dr. Cassiel Ato Forson presented the 2027 Budget Statement to Parliament on November 12, 2026, outlining a total expenditure of GH₵389.2 billion. Representing 21.6% of the national GDP, the fiscal plan signals a definitive shift from the macroeconomic stabilization of recent years to an aggressive growth and production-led strategy. Central to the budget is the "New Economy" programme, a four-year, $10 billion investment initiative championed by President John Mahama. The minister told lawmakers that the economy has successfully emerged from its most severe crisis, with stability returned and investor confidence restored following the completion of a three-year International Monetary Fund (IMF) programme.

The budget details a significant pivot toward capital investment, with GH₵100.4 billion earmarked for infrastructure and development projects—a sharp increase from previous years where interest payments dominated spending. Revenue and grants are projected to reach GH₵323.4 billion, leaving a cash-basis deficit of GH₵65.8 billion, or 3.6% of GDP. To manage the national debt profile, the government plans to complete early debt repayments of GH₵36 billion by December 2026 and purchase GH₵29 billion in local bonds. Significant sectoral allocations include GH₵48 billion for education and GH₵40.3 billion for health, alongside GH₵104.1 billion for public sector compensation.

The $10 billion New Economy programme, scheduled to run from 2027 to 2030, is built on eight foundational pillars designed to modernize the Ghanaian economy. These pillars include commercial agriculture, energy infrastructure, critical minerals value addition, and the development of pharmaceutical and technology hubs. The programme aims to mobilize $2.5 billion annually through domestic financing and enhanced tax administration rather than relying on new external loans. Dr. Forson emphasized that this strategy focuses on transitioning Ghana from a raw material exporter to a production-driven economy, with the goal of achieving 8% real GDP growth and reducing the unemployment rate to below 8% by 2030.

Addressing the social impact of recent economic reforms, Dr. Forson acknowledged that while macroeconomic stability has returned, the true measure of success must be the quality of life for citizens. He highlighted the current national unemployment rate of 12.8% as a critical challenge that the New Economy programme is specifically structured to address. With Ghana’s 70th independence anniversary approaching in March 2027, the minister framed the budget as a turning point to fulfill the industrial visions of the nation’s founders. The government intends to leverage this fiscal stability to foster a resilient industrial base that ensures future economic growth is shared across all sectors of society.