Government is set to invest $10 billion into its New Economy agenda over a four year period, the Finanace Minister Dr Cassiel Ato Forson has announced.

He disclosed this during the budget presentation yesterday, Thursday November 12 citing government’s commitment to shifting Ghana from an import-dependent economy to one driven by local production, industrialisation and value addition with a focus on eight interconnected pillars

The programme also seeks to promote private-sector-led job creation and is expected to mobilise at least US$13 billion between 2027 and 2030.

“Over a four-year period, from 2027 to 2030, the government will spend US$10 billion equivalent to create a modern Ghanaian economy for jobs and prosperity,” he said.

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 manufacturing, including biomanufacturing; and the technology economy.

The Minister explained that, the eight pillars are interconnected with the growth of one sector supporting that of the others.

“Affordable finance must reach farmers, manufacturers and exporters. Agriculture must supply food and industrial raw materials, while reliable energy must support a 24-hour economy,” he said.

Dr Forson said the government also wanted to ensure that more value was added to Ghana’s natural resources before they were exported. He identified minerals and cocoa as key commodities that should be processed locally to create more jobs and retain a greater share of their value in the country.

He said the government would focus on making tourism, culture and the creative arts more profitable by creating business opportunities, jobs and generating foreign exchange from Ghana’s cultural heritage and creative talents.

For the textiles and garments sector, he said the government planned to increase local production, create more jobs and help Ghanaian businesses and workers access international fashion markets.

He also highlighted the importance of building local capacity in pharmaceuticals and biomanufacturing, saying the country must produce more medicines and vaccines to strengthen health security and supply markets across Africa.

“Pharmaceuticals and biomanufacturing must produce more medicines and vaccines in Ghana, strengthen health security and supply markets across Africa,” he said.

He said the technology sector would also create jobs and bring in foreign exchange, adding that better internet access and digital connections would allow skilled Ghanaians to take part in the economy no matter where they lived.

He said the government would focus on keeping the economy stable, providing key infrastructure, preparing projects that can attract investment and creating a business-friendly environment.

The private sector, on the other hand, would drive investment, innovation and production while creating jobs that can be sustained over time.

“Government support will be transparent, time-bound and linked to verifiable results,” he told Parliament.

He added that the government would protect the gains made in the economic recovery through fiscal discipline, greater accountability and diligence, while pursuing faster economic growth and higher employment.

He urged Ghanaians to support the government's vision for the country's economic future, arguing that the recovery presented an opportunity to make long-term investments rather than repeat past mistakes.

“I call on Ghanaians to make a defining national choice about the future we want to build. We can spend the recovery as though history has taught us nothing, or invest in it,” he said.