President John Dramani Mahama has announced a $10 billion, four-year New Economy Programme aimed at restructuring Ghana’s economy, boosting local production, creating employment opportunities and strengthening the Ghanaian cedi.
The ambitious economic transformation programme forms the foundation of the government’s 2027 Budget and Economic Policy, which is expected to outline major interventions to accelerate economic growth, promote industrialisation and reduce Ghana’s dependence on imported goods.
President Mahama announced the initiative during the launch of the Bank of Ghana’s Cedi Heritage Series, where he explained that the programme seeks to build a productive economy capable of meeting more of its domestic needs while generating increased revenue from exports.
According to the President, the government’s vision is to develop an economy that produces more of what it consumes, processes more of what it grows and earns greater foreign exchange from goods exported to international markets.
He explained that the four-year programme is designed to fundamentally transform the structure of the Ghanaian economy by strengthening agriculture, expanding local manufacturing and improving the country’s productive capacity.
“Our responsibility now is to give that resilience a firmer economic foundation, and this is central to our New Economy Programme, which anchors the 2027 Budget. The new economy programme is a $10 billion four-year programme aimed to transform the very structure of the Ghanaian economy,” President Mahama stated.
Mahama Links New Economy Programme to Cedi Stability
The President highlighted the importance of domestic production and industrial development in strengthening the Ghanaian cedi and improving the country’s economic resilience.
He explained that when local farmers supply Ghanaian markets and domestic factories transform raw materials into finished products, the country creates more employment opportunities while reducing the amount of foreign exchange spent on imports.
Mahama noted that the launch of the redesigned Cedi Heritage Series also offered an opportunity to reflect on Ghana’s economic journey, resilience and long-term financial prospects.
Describing the significance of the national currency, he said the cedi had endured several economic difficulties and uncertainties but remained an important symbol of Ghana’s economic sovereignty.
The President stressed that the New Economy Programme would provide a stronger economic foundation for the currency by increasing exports, expanding local industries and reducing dependence on foreign products.
He further explained that diversifying Ghana’s export base would generate additional foreign exchange, while increasing domestic production would help reduce pressure on the country’s foreign currency reserves.
According to him, these measures, supported by disciplined public financial management and credible monetary policies, would create the conditions for a stronger and more stable Ghanaian cedi capable of withstanding external economic shocks.
Government Targets More Jobs and Increased Local Production
President Mahama emphasised that the economic transformation agenda is intended to deliver practical benefits to businesses, manufacturers, traders and households.
He said improved economic stability should give traders greater confidence when importing essential supplies, enable manufacturers to plan production more effectively and help families protect their incomes and savings.
The President maintained that the strength of the Ghanaian currency should not merely be reflected in financial market indicators but should translate into improved living conditions and greater economic security for ordinary citizens.
He expressed confidence in the future of the cedi, citing the productive potential of Ghanaian workers, farmers, entrepreneurs and industrial operators.
Mahama reiterated that expanding the country’s productive capacity through the New Economy Programme would strengthen the foundations of the national currency and support sustainable economic development.
2027 Budget to Detail Government’s Economic Plans
The announcement comes ahead of the presentation of the 2027 Budget Statement and Economic Policy by the Minister of Finance, Dr Cassiel Ato Forson, to Parliament.
The budget is expected to provide further details on the government’s economic priorities, funding arrangements and policy interventions for the coming financial year.
The $10 billion New Economy Programme is expected to play a central role in the government’s broader strategy to promote local manufacturing, strengthen agriculture, expand exports, create jobs and achieve long-term economic transformation.
With the initiative placing emphasis on domestic production and export growth, the government aims to build a more resilient Ghanaian economy while reducing import dependence and strengthening the cedi.
Source: newsthemegh.com