John Dramani Mahama announces $9bn investment in New Economy policy

President John Dramani Mahama has unveiled a $9 billion investment strategy aimed at transforming Ghana’s job market between 2027 and 2030. Speaking at the 2026 Hogbetsotso Festival, the President introduced the "New Economy" initiative, a policy framework designed to stimulate employment through targeted capital injection into job-rich sectors. This initiative will be a central feature of the administration's fiscal planning, with full details expected to be outlined in the 2027 national budget. The investment represents a significant commitment to industrialization and economic diversification during the President's current term.

The $9 billion plan prioritizes labor-intensive industries, including commercial agriculture, textiles, garments, hospitality, and tourism. President Mahama highlighted the Volta Region as a primary beneficiary of these investments, noting that the objective is to create sustainable livelihoods and reduce youth unemployment. He linked the new policy to his government’s broader development agenda, which has already seen increased funding for local development projects through the District Assemblies Common Fund (DACF) to improve roads, healthcare facilities, and classrooms across various districts.

By embedding the "New Economy" initiative into the 2027 budget, the government aims to ensure structured implementation and long-term accountability for the multi-billion dollar project. The President emphasized that these efforts are focused on improving the day-to-day lives of Ghanaians by fostering an environment where indigenous businesses and key economic sectors can thrive. As the administration prepares to roll out the program, the focus remains on leveraging these strategic sectors to build a more resilient and inclusive national economy.