The Minister of Finance, Dr Cassiel Ato Forson, has summarised the funding source for the New Economy Programme.
Presenting the 2027 budget statement to Parliament on Thursday, November 12, he said the Programme is estimated to cost US$10 billion over four years.
This translates into approximately US$2.5 billion annually, he said.
“Funding will come from two main sources: Primary surplus: Ghana achieved its 2026 target of a 1.5% primary surplus of GDP; Government will retain 0.5% of GDP from 2027 to 2030; The remaining 1% of GDP will be allocated to financing the New Economy; Enhanced revenue measures: Improved revenue collection has exceeded the 2026 targets and contributed an additional 0.5% of GDP,” he said.
Together, he said, these resources are expected to provide the 1.5% of GDP required to finance the programme.
Under the New Economy, the Finance Minister, said that 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.
