Finance Minister Dr Cassiel Ato Forson has outlined eight key pillars of the government’s four-year, US$10 billion economic transformation programme, aimed at repositioning Ghana as a production-driven economy and creating sustainable employment opportunities. The new programme marks a clear departure from the “24-hour Economy” flagship policy of the Mahama administration.
The programme, scheduled to begin in 2027 as Ghana marks 70 years of independence, is designed to reduce the country’s dependence on raw commodity exports, strengthen local industries and end recurring boom-and-bust economic cycles.
Presenting the 2027 Budget Statement and Economic Policy to Parliament on Thursday, November 12, Dr Forson described the initiative as an integrated production system that will channel investment into critical sectors while consolidating macroeconomic stability.
The eight pillars are Macroeconomic Stability and Affordable Finance; Commercial Agriculture; Energy Infrastructure; Critical Minerals Value Addition; Tourism, Culture and Creative Arts; Textiles and Garments; Pharmaceuticals and Biomanufacturing; and the Technology Economy.
1. Macroeconomic Stability and Affordable Finance
The first pillar focuses on sustaining macroeconomic stability through fiscal discipline and improved access to affordable financing for businesses.
The government intends to maintain a primary surplus of at least 0.5% of Gross Domestic Product (GDP), keep public debt at around 45% of GDP and preserve single-digit inflation.
By 2030, Ghana is targeting real GDP growth of 8%, an unemployment rate below 8% and an investment-grade sovereign credit rating.Ghana News Website
The government also plans to push the cost of capital into single digits through institutions such as Development Bank Ghana and Ghana EXIM Bank.
2. Commercial Agriculture – US$3bn
The second pillar has an allocation of US$3 billion and will focus on expanding commercial agriculture and reducing Ghana’s food import bill.
Government plans to establish eight integrated agro-industries covering rice, sugar, poultry, maize and soya feed, aquaculture, oil palm, vegetables and cocoa value addition.
Key targets include ending commercial rice imports by 2030 and ensuring that 100% of cocoa produced in Ghana is processed locally by the same year.Ghana News Website
The programme also includes the development of 100,000 hectares of oil palm plantations, supported by US$500 million in patient financing from the World Bank.
The US$1 billion Pwalugu Multipurpose Dam is also expected to support the agricultural transformation agenda.
3. Energy Infrastructure – US$2.2bn
The third pillar, allocated US$2.2 billion, seeks to strengthen Ghana’s energy security and reduce electricity generation costs from 16 US cents to 8 US cents or less per kilowatt-hour.
The government plans to fully finance and own a 1,450-megawatt thermal power plant at Kafodzidzi-Abrobeano, with construction expected to begin in December 2026.
It will also develop a 600-megawatt solar facility supported by 2,000 megawatt-hours of battery storage.
An additional US$500 million will be invested in modernising the transmission network of the Ghana Grid Company Limited (GRIDCo), while expensive emergency power plants are expected to be phased out by 2030.Ghana News Website
Government will also commit US$200 million to a 24-month nuclear-readiness programme.
4. Critical Minerals Value Addition – US$1.5bn
The fourth pillar is focused on increasing local processing of Ghana’s mineral resources to retain more value from the country’s natural wealth.
The government plans to halt the export of raw artisanal and small-scale gold by December 2028 and end raw manganese and bauxite exports by the close of 2030.
A 24-hour critical minerals processing enclave will be established in the Western Region, supported by a proposed railway line linking Takoradi to Nyinahin.
The facility is expected to support the local processing of bauxite, manganese and battery-grade lithium.
5. Tourism, Culture and Creative Arts – US$1bn
The fifth pillar, with an allocation of US$1 billion, seeks to build on the momentum of December in Ghana and establish the Black Star Experience as a year-round tourism and cultural attraction.Ghana News Website
The government plans to conserve heritage sites, establish a Ghana Medical Tourism Hub and complete a new National Theatre in Kumasi.
The programme also includes plans to empower the Social Security and National Insurance Trust (SSNIT) to develop an international convention centre at the La Trade Fair site, alongside five new four- and five-star hotels across the country.
6. Textiles and Garments – US$1bn
The sixth pillar has US$1 billion earmarked for the modernisation and expansion of Ghana’s textile and garment industry.
Under the 24-Hour Economy framework, dedicated industrial enclaves will be developed to support local textile mills and garment factories.
The government also plans to amend procurement laws to require that uniforms, hospital textiles and protective clothing purchased with public funds are sourced exclusively from Ghanaian manufacturers.Ghana News Website
The policy is expected to create a dependable market for locally manufactured products and support employment in the sector.
7. Pharmaceuticals and Biomanufacturing – US$1bn
The seventh pillar seeks to reduce Ghana’s dependence on imported medicines, which currently account for an estimated 70 to 75% of the country’s pharmaceutical needs.Ghana News Website
The government plans to invest US$1 billion in the sector, with state-owned special purpose vehicles expected to establish pharmaceutical hubs in the Eastern and Central Regions.
Under the proposed policy, public funds allocated for medicines will be restricted to locally manufactured drugs that meet Food and Drugs Authority (FDA) and World Health Organisation (WHO) standards.
The government is targeting local production of between 60% and 80% of essential medicines and the creation of 20,000 jobs by 2030.
8. The Technology Economy – US$300m
The final pillar focuses on expanding Ghana’s digital infrastructure and developing local capacity in emerging technologies.Ghana News Website
Between 2027 and 2028, the government plans to upgrade rural 2G mobile networks to 4G to improve connectivity and access to digital services.
It will also establish a National Artificial Intelligence Centre to provide shared high-performance computing infrastructure, support applied research and deliver practical digital skills training for young people and small and medium-sized enterprises.
The government says the broader objective of the US$10 billion programme is to transform the gains from economic stabilisation into increased production, industrialisation, job creation and lasting prosperity.
