President John Dramani Mahama has announced a $10 billion New Economy Programme to be implemented over four years to boost production, create jobs, reduce dependence on imports and expand Ghana’s exports.
The programme will involve an annual investment of $2 billion in productive sectors of the economy, with the aim of strengthening agriculture, agro-processing, industry and infrastructure.
Speaking at the sod-cutting ceremony for the Afienya Industrial Park, President Mahama said the initiative was designed to translate the country’s economic progress into increased production, higher incomes and sustainable employment.
“This is the purpose for which we are introducing what we call the New Economy Programme. The New Economy Programme will be a $10 billion programme over four years, and it means that we are going to invest $2 billion every year for four years into the most productive sectors of the economy that will create jobs,” he said.
President Mahama explained that half of the investment would be allocated to agriculture and agro-processing, while the remaining funds would support industry and infrastructure connecting producers to markets.
He said the programme would also support the development of the Afienya Industrial Park, including the provision of infrastructure required to make the facility operational.
The industrial park, which covers 1,238 acres, is expected to accommodate more than 120 enterprises and attract investment into manufacturing and other productive sectors.
President Mahama said the development would provide businesses with access to serviced land, electricity, water, roads, waste treatment facilities and other essential infrastructure needed to establish factories and begin production.
He noted that the park would create opportunities in sectors such as cocoa processing, cashew and oil palm processing, textiles and garments, pharmaceuticals, automotive assembly and light engineering.
The President also stressed the need to ensure that communities surrounding the industrial park benefit from the investment through employment, skills training and opportunities for local businesses to participate in industrial supply chains.
He said the success of the New Economy Programme would depend on enterprises investing in Ghana, employing local people and transforming the country’s resources into competitive products for domestic and international markets.
President Mahama added that the Minister for Finance would present the full framework of the New Economy Programme to Parliament in the 2027 Budget.
