2027 Budget: Private sector to lead investment, job creation under new economy – Ato Forson

The private sector will take the principal responsibility for investment, innovation, production and sustainable employment under the government’s proposed New Economy programme, Finance Minister Dr. Cassiel Ato Forson has said.

He said government’s role would focus on maintaining macroeconomic stability, providing strategic infrastructure, preparing viable projects and creating predictable conditions for businesses to expand.

Presenting the 2027 Budget Statement to Parliament, Dr. Forson said the approach was intended to create an environment in which private businesses could invest, increase production and generate employment.

“The private sector will carry the principal responsibility for investment, innovation, production, and sustainable employment,” he said.

He added that government support would be transparent, time-bound and linked to verifiable results.

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

The Finance Minister said the arrangement would be part of a broader four-year economic transformation programme beginning in 2027, with government planning to spend the equivalent of US$10 billion across eight priority areas.

These include 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.

Dr. Forson said affordable finance would be important in helping farmers, manufacturers and exporters expand their operations, while reliable energy would support production and the government’s 24-hour economy agenda.

He also highlighted the need to process more of Ghana’s natural resources locally, expand domestic manufacturing and strengthen the country’s capacity to produce medicines and vaccines.

The Minister said government would protect the economic recovery through fiscal discipline, accountability and diligence while pursuing faster growth and higher employment.

He stressed that the programme’s success would be measured by the number of jobs created, improvements in living standards and the pace of development in communities.

“The measures of success will be how many jobs we create, improvement in the quality of life, and how quickly our communities develop,” he said.

The programme is part of government’s plan to address structural weaknesses in the economy, including dependence on raw commodity exports and insufficient domestic value addition.