The Finance Minister, Dr Cassiel Ato Forson, has outlined eight pillars that will underpin the New Economy that government intends to roll out from 2027.
He announced the pillars when he presented the 2027 Budget on November 12.
According to the Minister, the New Economy will be characterised by value addition to Ghana’s raw materials with a $10 billion funding
“Mr Speaker, the eight pillars that will underpin the New Economy are;
- Macroeconomic stability
- Commercial agriculture, agri-industry and agribusiness
- Energy sector reforms and investment
- Critical minerals and value addition
- Tourism, culture and creative arts
- Cotton, textiles and garments
- Pharmaceutical manufacturing hub
- Technology
Dr Forson said under the New Economy the government is going to judge economic growth by the number of jobs it creates.
Also, he said the income that is generated will be used to assess the growth.
“We will judge growth by the jobs and income it creates,” he said.
Dr Cassiel Ato Forson further assured Ghanaians that the government will protect the economic recovery.
He says the government will scale up fiscal discipline as part of the efforts to protect stability and present the benefits to the people of Ghana.
“Government will preserve stability. Government support to the private sector will be transparent. We will protect the recovery with fiscal discipline,” he said.
He further said that Ghana has made significant gains and emerged from its worst economic crisis.
He says that stability is restored, confidence is back, and Ghanaians can breathe again.
He said, “Ghana has made significant gains, has emerged from the most painful economic crisis in our history, stability has returned, confidence is back, and Ghanaians can breathe again.”
“The Ghanaian people paid heavy prices; the debt restructuring imposed severe hardships,”
Dr Forson further stated that “We [Ghana] have grown but we have not built enough resilience into that growth.”
Prior to the budget presentation, the Minister of Government Communications Felix Kwakye Ofosu said that the New Economy that will be announced by the Finance Minister in the 2027 budget statement will spell out clear plans to provide jobs for the youth.
He says the New Economy is not business as usual; it intends to serve a useful purpose.
“It is not business as usual; it creates jobs for the youth; it is a government programme intended to transform the economy over the next four years. 24-hour economy was never meant to be an event; it was a government initiative that brings incentives to the private sector,” he told TV3 ahead of the 2027 budget presentation on Thursday November 12.
“Substantial work has gone into it; yes, we are yet to realise the full scale of the programme,” he added.
