Finance Minister Dr Cassiel Ato Forson has presented the 2027 Budget Statement and Economic Policy to Parliament, outlining a series of measures aimed at transforming Ghana’s economy, boosting local industries and creating employment opportunities.
The 2027 budget presented on Thursday, November 12, 2026, sets out the government’s economic agenda as Ghana approaches its 70th anniversary of independence.
According to Ato Forson, the 2027 budget moves beyond the focus on economic recovery and stabilisation and places considerable emphasis on industrialisation, infrastructure expansion, local production, energy development and job creation.
See the 10 key highlights from the 2027 Budget presentation:
1. Government launches US$10 billion New Economy programme
The Mahama government has unveiled a four-year US$10 billion economic transformation initiative known as The New Economy: New Ghana, Jobs and Prosperity, which will run from 2027 to 2030.
The programme seeks to move Ghana away from its dependence on raw commodity exports and build a diversified economy driven by industrialisation, value addition and increased productivity.
An initial GH¢30 billion, representing 1.5% of GDP, has been allocated to the initiative in 2027.
Ato Forson disclosed that the programme will focus on eight key areas: macroeconomic stability and affordable finance, commercial agriculture, energy infrastructure, critical minerals value addition, tourism and creative arts, textiles and garments, pharmaceuticals and biomanufacturing, and the technology economy.
2. No new taxes in 2027 Budget, solar equipment to enjoy tax exemptions
The Finance Minister in the 2027 budget announced that the government will not introduce new taxes in 2027.
As an alternative, he disclosed that the government will focus on improving revenue collection through stronger tax compliance, taxation of the digital economy and measures to prevent revenue leakages.
He disclosed that the Government is targeting total revenue and grants of GH¢323.4 billion for the year.
In another measure aimed at promoting renewable energy, solar panels and batteries will be exempted from import duties and Value Added Tax (VAT).
The exemption is expected to reduce the cost of acquiring solar equipment and encourage businesses and households to embrace clean energy.
3. Government allocates GH¢100.4 billion to direct capital expenditure
Ato Forson further disclosed that the 2027 Budget places significant emphasis on infrastructure and other capital investments, with direct capital expenditure projected at GH¢100.4 billion.
Of this amount, GH¢88.4 billion will come from domestic financing, while GH¢12 billion will be sourced externally.
When capital transfers to other government units are included, the total capital investment allocation rises to GH¢120.5 billion.
The allocation exceeds the projected GH¢61 billion for interest payments and the GH¢92.6 billion earmarked for public sector wages and salaries.
The increased spending on capital projects is intended to support infrastructure development and expand the productive capacity of the economy.
4. Early debt settlement of GH¢36 billion
Ato Forson also announced plans to settle portions of Ghana’s domestic and external debt before their scheduled maturity dates.
He disclosed that GH¢29 billion in Domestic Debt Exchange Programme (DDEP) bonds due in February 2027 will be redeemed immediately.
He further revealed plans to settle a US$590 million Eurobond obligation, originally due in January 2027, by December 31, 2026.
Together, the two transactions are expected to result in the early retirement of more than GH¢36 billion in debt.
The move is aimed at reducing near-term debt obligations, improving public debt management and strengthening investor confidence.
5. Ban on commercial rice imports and raw mineral exports
As part of efforts to promote local production and value addition, the government plans to introduce restrictions on selected imports and exports of unprocessed commodities.
Commercial rice imports are expected to be prohibited by 2030, as Ghana seeks to strengthen domestic rice production.
The government is also targeting 100% local processing of cocoa by 2030.
Other measures include ending raw artisanal and small-scale gold exports by December 2028 and restricting raw manganese and bauxite exports by the end of 2030.
The policy is intended to encourage local processing, create jobs and ensure that more economic value from Ghana’s natural resources remains within the country.
6. Public institutions to prioritise Made-in-Ghana products
Ato Forson also announced that government plans to amend public procurement laws to give locally manufactured products priority in public spending.
Under the proposed policy, public institutions will be required to purchase selected locally produced goods, including rice and other staple foods supplied to schools and hospitals.
The policy will also cover uniforms and textiles for security agencies and other state institutions.
In the pharmaceutical sector, government institutions will be encouraged to purchase medicines manufactured in Ghana where suitable local alternatives meet Food and Drugs Authority (FDA) standards.
The initiative is expected to provide a dependable market for local manufacturers, stimulate production and create employment opportunities.
7. US$2.2 billion to energy expansion and nuclear readiness
The Mahama government also earmarked US$2.2 billion for energy infrastructure development under the New Economy programme.
One of the key targets is to reduce electricity generation costs from 16 US cents per kilowatt-hour to 8 US cents or less.
The plans include constructing a 1,450-megawatt state-owned thermal power plant and a 600-megawatt solar facility supported by 2,000 megawatt-hours of battery storage.
The government also intends to phase out emergency power plants by 2030 to reduce electricity generation costs and improve energy security.
Additionally, US$200 million will be invested in a 24-month nuclear-readiness programme. The initiative will involve training more than 2,000 scientists and preparing Ghana to sign a contract for a state-owned nuclear power plant by December 2028.
8. Accra-Kumasi Expressway and other major projects to receive resource-backed financing
The government has announced plans to finance major infrastructure projects using proceeds from Ghana’s natural resources rather than relying on additional borrowing.
According to Dr Forson, the government has accumulated US$3 billion at the Bank of Ghana from oil revenues and mineral royalties to fully finance the Accra-Kumasi Expressway.
He said the financing arrangement is expected to generate savings of more than US$1 billion compared with the project’s initial cost estimates.
The savings are expected to support the construction of the Accra Orbital Expressway.
The government also intends to apply the same financing model in 2027 and 2028 to develop the Western Corridor Railway Line, linking Takoradi to Nyinahin.
The approach is designed to channel proceeds from natural resources into long-term infrastructure projects while limiting additional public borrowing.
9. Ghana Sovereign Wealth Fund and new fiscal laws to be introduced
The government plans to establish a Ghana Sovereign Wealth Fund through the merger of the Minerals Income Investment Fund (MIIF) and the Ghana Infrastructure Investment Fund (GIIF).
The proposed fund is expected to serve as an equity investment partner for projects under the 24-Hour Economy programme and support other strategic national investments.
Dr Forson also announced plans to introduce a Natural Resource Revenue Management Act to strengthen the management of proceeds from Ghana’s natural resources.
A new Loans Act will also be introduced to tighten controls over public borrowing and improve fiscal discipline.
Additionally, the State Proceedings Act will be amended to prevent judgment creditors from garnishing the Consolidated Fund and Contingency Fund.
10. GH¢1 billion additional funding for youth employment and poultry production
The Mahama government plans to amend the Earmarked Funds Capping and Realignment Act to uncap revenue from the Communications Service Tax and direct additional resources towards youth development.
The measure is expected to release an additional GH¢1 billion immediately to support youth employment, skills development and apprenticeship programmes.
Ato Forson disclosed that the government will also uncap levies allocated to the Ghana EXIM Bank, with at least 40% of the proceeds earmarked for efforts to make Ghana self-sufficient in poultry and animal feed production.
The poultry initiative is intended to strengthen local production, support businesses and reduce Ghana’s reliance on imported poultry products.
Emotions run high as Thomas Partey’s mother breaks down in tears while the casket of her late husband is carried away during the burial service. #GHnow https://t.co/FoORCRcq0Q
— GHnow (@ghnow_) November 13, 2026
