President John Dramani Mahama has announced plans for the government to invest US$10 billion over the next four years in seven strategic sectors of Ghana’s economy under a new policy initiative known as the “New Economy.”
The President said the programme will represent the next phase of the government’s economic agenda, following what he described as progress in economic stabilisation. The new focus will be on accelerating economic growth, creating jobs and expanding opportunities for Ghana’s youth.
Under the proposed policy, the government plans to commit approximately US$2.5 billion annually to the seven strategic areas over the four-year period.
Agriculture to Receive $5 Billion Investment
President Mahama disclosed that agriculture and agro-processing will receive the largest share of the planned investment, accounting for 50% of the total US$10 billion, equivalent to US$5 billion.
He said the investment will support the expansion of irrigation infrastructure, boost agricultural production and create more opportunities for farmers, particularly young people, to engage in year-round farming.
The President made the announcement during a citizen engagement in Bolgatanga as part of his Resetting Ghana Agenda Tour of the Upper East Region.
He assured residents of the Upper East Region that the area would benefit from the agricultural investment because of its potential to produce vegetables and other agricultural commodities for both the domestic and international markets.
Tomato Production and Processing to Receive Attention
President Mahama said the government has already begun implementing agricultural interventions in the region, including a tomato revitalisation programme.
The initiative is expected to place about 500 hectares of land under tomato cultivation, creating opportunities for farmers and strengthening Ghana’s tomato value chain.
The government also plans to rehabilitate the Pwalugu Tomato Processing Factory to transform it into a major processing centre for tomatoes produced in the Upper East Region.
The move is expected to promote agro-processing, reduce post-harvest losses and create jobs within the agricultural sector.
Tamne Irrigation Project to Support Dry-Season Farming
The President further announced plans to complete the Tamne irrigation dam, which is expected to support dry-season farming in four districts within the Bawku area.
He identified onion production as one of the key agricultural activities that could benefit from the irrigation project.
According to President Mahama, increasing domestic onion production will help Ghana reduce its reliance on imported onions from Niger while creating additional income opportunities for farmers.
Vea Irrigation Scheme Rehabilitation
The government is also rehabilitating the Vea Irrigation Scheme, which covers approximately 344 hectares.
President Mahama said the objective is to ensure that all the available hectares are brought under cultivation by next year, further expanding opportunities for irrigated agriculture and food production in the region.
Government Shifts Focus From Stabilisation to Economic Growth
President Mahama explained that the New Economy investment programme reflects the government’s transition from economic stabilisation to sustainable growth and job creation.
“Now that we have finished the stabilisation of the economy, our next focus is on creating jobs and opportunity for our young people.”
He said the government would maintain fiscal discipline while directing public resources towards productive sectors capable of generating employment, increasing economic activity and improving living standards.
The President attributed the government’s ability to begin implementing the new investment strategy to improvements in economic management, increased domestic revenue mobilisation and efforts to reduce waste.
He also pointed to the government’s borrowing record, noting that no new loan agreement had been presented to Parliament for about one and a half years until June 2026, describing this as an indication of prudent fiscal management.
The US$10 billion New Economy programme is therefore expected to become a major component of the government’s strategy to drive investment, expand productive capacity, create jobs and move Ghana from economic stabilisation towards long-term economic growth.
Source: newsthemegh.com