President John Dramani Mahama has announced a $10 billion New Economy Programme to be implemented over four years, with an annual investment of $2 billion in productive sectors of the economy to boost production and create jobs.
Speaking at the sod-cutting ceremony for the Afienya Industrial Park, Ghana’s second nationally developed industrial park, the President said the programme would focus on sectors capable of generating employment, reducing the country’s dependence on imports and expanding exports.
“Stable currency and lower inflation is attracting more interest in the Ghanaian economy,” President Mahama said, adding that the government’s next task was to translate the country’s economic progress into higher production, higher incomes and decent, sustainable jobs.
He said half of the programme’s planned investment would be directed towards agriculture and agro-processing, while the remaining funds would support industry and infrastructure connecting producers to markets.
The President said the initiative was intended to strengthen Ghana’s productive capacity and enable businesses to turn local resources into competitive products for domestic and international markets.
“The success of the New Economy Programme will depend on enterprises that invest, employ our people, and turn Ghanaian resources into competitive products,” he said.
President Mahama added that the Minister for Finance would present the programme’s full framework to Parliament as part of the 2027 Budget.
The announcement comes as the government begins construction of the Afienya Industrial Park, which the President said would provide additional space for businesses to establish and expand operations, create opportunities for new industries and support job creation.
He explained that the decision to develop the park followed an indication from the Ghana Free Zones Authority that the Tema Export Processing Zone had no remaining space to allocate to interested industries.
According to the President, the situation demonstrated growing investor interest in Ghana’s economy and the need to provide infrastructure that would translate that interest into factories, jobs and exports.
He said industrial parks such as Afienya would play a role in supporting the government’s broader economic programme by providing the infrastructure and environment needed for productive enterprises to operate and expand.
The New Economy Programme is expected to support the government’s efforts to increase domestic production, strengthen agro-processing and industry, and create more sustainable employment opportunities, particularly for young people.
