The government is reviewing decades-old investment policies, including the Free Zones Act, as it develops a New Economy Programme aimed at accelerating growth, creating jobs and shifting the economy toward greater industrialisation and productive investment.
Finance Minister Cassiel Ato Forson held discussions with Trade, Agribusiness and Industry Minister Elizabeth Ofosu-Adjare to gather proposals from the trade ministry for the programme, which the government says will build on recent efforts to restore macroeconomic stability.
The proposed framework is expected to prioritise high-impact interventions capable of accelerating job creation and driving structural transformation, according to the government.
Forson said existing policies and incentives must be reassessed to determine whether they have delivered measurable benefits to Ghana’s economy and remain suited to changing economic conditions.
He singled out the Free Zones Act, which has been in operation for nearly three decades, saying the government must assess the programme’s contribution to job creation, industrial development and investment.
The finance minister called for a review of the challenges associated with the policy and its broader economic impact.
The finance minister said investment incentives should translate into tangible benefits for the country, particularly through increased investment, employment and the retention of economic value within Ghana.
He also called for stronger systems to monitor companies benefiting from government incentives, with greater attention to their contributions to investment and job creation.
The discussions form part of broader consultations being led by the Finance Ministry as the government seeks to move from macroeconomic stabilisation toward policies focused on sustainable and inclusive growth.
Ofosu-Adjare said the Trade, Agribusiness and Industry Ministry would provide sector-specific proposals to support the development of the programme.
She said the initiative could help advance the government’s objective of achieving shared prosperity and expanding job creation by 2030.
The engagement signals a potential shift in the government’s economic strategy toward a closer examination of whether long-standing incentives and investment programmes are generating sufficient returns for the economy.
The New Economy Programme is expected to provide the policy framework for interventions focused on productive investment, industrialisation, employment and long-term economic growth.
