Ato Forson pitches New Economy plan and cheaper credit ahead of 2027 Budget

Pinned summary · as of 04:20

Finance Minister Dr Cassiel Ato Forson has spent the past fortnight selling the government's New Economy programme, which is meant to shift Ghana towards making more goods at home and away from heavy reliance on imports. He set out the approach to the Association of Ghana Industries, and reports say the money will come through the 2027 Budget. The Budget itself is still being prepared.

What we know

• Dr Ato Forson said the New Economy programme would steer investment into productive sectors, with the stated aims of lifting local production, cutting dependence on imports and creating jobs.
• He made the case when he met Association of Ghana Industries officials and other business leaders. Urging firms to look at imports as openings, he was quoted saying: “every import is an opportunity to ask: why can’t we make it in Ghana?”
• The programme is due to be laid out in the 2027 Budget and is expected to commit around US$1.6 billion, near 1% of gross domestic product, to strategic sectors.
• Commercial agriculture, adding value to minerals, energy and transport infrastructure are named as the priority areas. Gas-to-power and gas-to-fertiliser schemes are among the energy proposals, and the Western Railway Line is mentioned as a possible infrastructure beneficiary.
• The 2027 Budget is under preparation at the Finance Ministry, with Dr Ato Forson commenting publicly on its direction.

What's disputed / unconfirmed

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  Onua Online's 22 September report put the New Economy programme at US$10 billion, while its later report and those of Citi Newsroom and MyJoyOnline say about US$1.6 billion will be deployed. The reports do not explain the gap, so the size of the programme should be read with care.
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  Citi Newsroom says Dr Ato Forson described the final blueprint as unfinished and promised details of more projects at a formal launch. It also says the government expects returns from the investments to help repay them over time. Neither point appears in the other reports.
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  Onua Online reports that budget hearings with ministries and agencies close this week, that the minister has said the interest of Ghanaians will guide spending choices, and that President John Dramani Mahama has called the programme a game changer. These points have not been reported elsewhere.
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  The Vaultz News says Dr Ato Forson invited Ghanaians on 24 September to name their wishes for the 2027 Budget, and that the Finance Ministry issued the 2027-2030 Budget Preparation Guidelines on 31 August with medium-term spending ceilings. These details have not been reported elsewhere.
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  The Vaultz News also offers its own views: that the Budget must weigh citizens' priorities against spending discipline, that a proposed jobs plan costing US$2 billion a year raises questions about state spending against private financing, and that revenue and grants have fallen short of targets. These are the paper's arguments, not confirmed facts.
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  According to The Vaultz News, Dr Ato Forson told a meeting of the Food and Beverages Association of Ghana held on 29 September that he wants commercial borrowing costs in single digits, that some firms can now get credit at 9% to 13%, and that banks still lend too little. No other report carries this.
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  The Vaultz News, citing Bank of Ghana data, says the average commercial lending rate fell to 15.94% in August 2026, from 30.25% in January 2025, the Ghana Reference Rate stood at 10.61% in August 2026 and the policy rate was held at 14% on 24 September. It adds that lending to the private sector stood at GH₵123.3 billion by August 2026, a rise of 35.5% and that the non-performing loan ratio eased to 15.7% from 20.8% a year earlier. These numbers have not been reported elsewhere.
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  Ghana Business News reports that Dr Ato Forson's speech at the West African Tax Administration Forum meeting in Accra, read for him by the Ghana Revenue Authority board chairman, called for closer tax cooperation among African states. No other report has confirmed this.

Why it matters for Ghana

The New Economy plan signals where the government wants public money to go next year: farming, mining value addition, energy and rail. Manufacturers and food processors in Accra, Kumasi and Takoradi will watch the 2027 Budget for what it offers them, and workers will look for the jobs it promises. If bank lending rates keep falling, as the minister wants, it would make borrowing cheaper for small firms, though the lending figures come from one report.