Amid the debate over the 2027 Budget Statement and Economic Policy of the government, the Minority in Parliament is questioning the credibility of the government’s proposed $10 billion New Economy Programme.
The minority says the Mahama administration has been repeatedly changing its financial commitments, timelines and priority sectors without presenting a clear and consistent strategy, denting the credibility of the initiative.
The Ranking Member of Parliament’s Economy and Development Committee and Ofoase Ayirebi MP, Kojo Oppong Nkrumah, argues that the initiative is essentially a repackaging of existing government programmes, with a new price tag, rather than a clearly defined economic transformation agenda.
Speaking in a press conference following the presentation of the 2027 Budget Statement, he said the government’s changing descriptions of the programme over five months demonstrate that it is making up the initiative as it goes along.
The Ever-Changing Figures And Priority Sectors
Kojo Oppong Nkrumah traced what he described as inconsistencies in the programme’s evolution, citing several announcements by government officials between June and October 2026.
According to him, Finance Minister Dr Cassiel Ato Forson first introduced the initiative at the Ghana-UK Investment Summit in June 2026, identifying four priority areas, which were commercial activities, agriculture, the mining value chain, and energy and transport infrastructure, without attaching a financial commitment.
However, on August 14, President John Dramani Mahama reportedly announced a $10 billion programme over four years, equivalent to $2.5 billion annually, with seven sectors. On September 2, the Deputy Finance Minister reportedly outlined six sectors.
Shortly afterwards, the President reduced the priority sectors to five and subsequently announced a $2 billion annual allocation across nine sectors at Jubilee House on September 17. The Finance Minister reportedly reduced the annual figure further to $1.6 billion on September 27, before the President returned it to $2 billion annually on October 15, bringing the four-year commitment to $8 billion.
By October 21, however, the President had announced a $10 billion programme spread over five years. For the Minority, these changing figures and timelines undermine confidence in the initiative.
“In five months, the New Economy has been sometimes seven sectors, sometimes five sectors, sometimes nine sectors, sometimes eight pillars,” he argued, adding that its financial commitment had variously been presented as $8 billion, $9 billion, $10 billion and $13 billion,” he remarked.
Numerous Unfulfilled Promises Undermine Government’s Credibility
Beyond the changing programme details, the ranking member questioned why Ghanaians should trust another ambitious economic promise when, in his assessment, previous commitments remain unaccounted for.
He cited the government’s alleged failure to account for promises of 800,000 jobs in its first two years, subsequently projected to reach 1.7 million jobs. He also questioned the GH¢110 million reportedly allocated to the 24-Hour Economy initiative, arguing that the government had yet to demonstrate delivery against its promises.
Other examples included GH¢451 million earmarked for the proposed Women’s Development Bank, which he said was supposed to establish branches in every district, and funding for the oil palm development programme, including a target of 100,000 hectares and 250,000 jobs.
Accountability Must Precede New Economic Promises
The Minority also pointed to the government’s commitments concerning Agenda 111 hospitals, including 10 facilities expected to open this year, and three proposed stadiums, arguing that the promised projects had not been delivered despite funding commitments.
For the minority, the government must first account for public resources already committed to existing programmes before asking Ghanaians to embrace another ambitious initiative.
“If he promised you 800,000 jobs in the first two years … and has not accounted for it, don’t believe him when he tells you that he has a New Economy for you,” he said.
The Bottomline
The Minority is therefore dismissing the $10 billion programme as an unconvincing promise. Ranking member insists that economic transformation requires clear planning, consistent targets, measurable commitments and accountability for public expenditure, rather than repeatedly repackaged announcements.
