Finance Minister Dr Cassiel Ato Forson has presented Ghana’s 2027 Budget Statement and Economic Policy, outlining an ambitious economic programme focused on industrialisation, job creation, infrastructure development and strengthening local production.
The budget, presented to Parliament on Thursday, November 12, 2026, signals a shift from economic stabilisation towards long-term economic transformation as the government seeks to build a more productive and resilient economy.
A major highlight is the government’s proposed US$10 billion economic transformation programme, known as The New Economy: New Ghana, Jobs and Prosperity, which will be implemented between 2027 and 2030.
The initiative is expected to reduce Ghana’s dependence on raw commodity exports, strengthen domestic industries, expand business opportunities and create employment, particularly for young people. Editorial Standards
For 2027, the government has allocated GH¢30 billion as the initial investment in the programme, representing approximately 1.5 per cent of Gross Domestic Product (GDP).
Presenting the budget, Dr Forson emphasised that Ghana must move beyond economic recovery and focus on building industries capable of generating sustainable growth and improving living standards.
Here are 10 major takeaways from the 2027 Budget and what they mean for Ghana’s economy.
1. GH¢30 billion allocated to the New Economy programme
One of the biggest announcements is the allocation of GH¢30 billion towards the first year of the government’s four-year US$10 billion New Economy programme.
The initiative will operate through eight strategic pillars: 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.
The government believes these sectors can help diversify the economy, strengthen local businesses and create new employment opportunities.
Commercial agriculture will receive particular attention, with US$3 billion earmarked for expanding agricultural production and developing agro-industrial businesses.
2. No new taxes in the 2027 financial year
The government has announced that it will not introduce new taxes in 2027, providing some relief for businesses and households concerned about additional financial obligations. Editorial Standards
Instead, the Finance Minister said the government would concentrate on improving revenue collection, strengthening tax compliance, expanding digital taxation and addressing revenue leakages.
Another important measure is the planned exemption of solar panels and batteries from import duties and Value Added Tax (VAT).
The exemption is intended to encourage renewable energy adoption, reduce energy costs and support businesses operating under the government’s 24-Hour Economy initiative.
3. Capital expenditure to increase significantly
The 2027 Budget places considerable emphasis on infrastructure and long-term development projects.
Government has projected total expenditure of GH¢389.2 billion, with direct capital expenditure estimated at GH¢100.4 billion.
When capital transfers to other government institutions are included, total capital spending rises to GH¢120.5 billion, representing approximately 26.4 per cent of total government expenditure. Editorial Ethics & Independence
The allocation is expected to support infrastructure development, transportation, public facilities and other investments considered important for economic growth.
The government says increasing capital expenditure will help shift public spending towards projects that generate long-term economic benefits.
4. Government to retire more than GH¢36 billion in debt early
Another major development is the government’s plan to settle significant debt obligations ahead of their scheduled maturity dates.
Dr Forson announced the early redemption of GH¢29 billion in Domestic Debt Exchange Programme (DDEP) bonds originally due in February 2027.
The government also plans to settle a US$590 million Eurobond obligation due in January 2027 by December 31, 2026.
Together, the two transactions represent more than GH¢36 billion in early debt repayments, based on the government’s projected exchange-rate valuation.
The move is intended to reduce future repayment pressures, improve public debt management and strengthen investor confidence.
5. Restrictions on selected raw material exports and food imports
The government is planning measures to reduce Ghana’s dependence on imported food and encourage local processing of natural resources.
Under the proposed policy, commercial rice imports are targeted to end by 2030, while the government aims to ensure that all cocoa produced in Ghana is processed locally by the same year.
The plan also includes ending raw artisanal and small-scale gold exports by December 2028, alongside restrictions on raw manganese and bauxite exports by the end of 2030.
The objective is to retain more economic value within Ghana by developing local processing industries, creating jobs and expanding opportunities for domestic manufacturers.
However, the success of these restrictions will depend on whether local industries can produce sufficient quantities at competitive prices.
6. Public institutions to prioritise Made-in-Ghana products
The 2027 Budget also introduces a stronger push for locally manufactured products through public procurement reforms.
Government intends to amend procurement laws to encourage public institutions to purchase selected goods from Ghanaian manufacturers rather than rely heavily on imported alternatives.
The policy is expected to cover products such as rice and other staple foods supplied to schools and hospitals, uniforms and textiles for security agencies, and medicines that meet Food and Drugs Authority (FDA) standards.
This approach could provide local manufacturers with more predictable markets, encourage factory expansion and support employment.
It is also expected to strengthen the government’s broader industrialisation agenda by connecting public spending directly to domestic production.
7. US$2.2 billion investment in energy infrastructure
Energy infrastructure is another major priority, with the government committing US$2.2 billion towards improving electricity generation, transmission and reliability.
The programme includes plans to construct a state-owned 1,450-megawatt thermal power plant at Kafodzidzi-Abrobeano and develop a 600-megawatt solar facility supported by battery storage capacity of 2,000 megawatt-hours.
Government also intends to invest US$500 million in modernising the transmission network operated by the Ghana Grid Company Limited (GRIDCo).
The broader objective is to reduce electricity generation costs from approximately 16 US cents per kilowatt-hour to 8 US cents or less.
Additionally, the government plans to phase out expensive emergency power plants by 2030 and invest US$200 million in a nuclear-readiness programme.
8. Major infrastructure projects to receive resource-backed financing
The government is also exploring ways to finance major infrastructure projects using revenues generated from Ghana’s natural resources instead of relying entirely on additional borrowing.
Dr Forson disclosed that approximately US$3 billion had been accumulated at the Bank of Ghana from oil revenues and mineral royalties to finance the Accra-Kumasi Expressway.
The financing arrangement is expected to generate savings of more than US$1 billion compared with earlier project estimates, according to the Finance Minister. Newscard
The government also intends to use the financing model to support the Accra Orbital Expressway and the Western Corridor Railway Line, which is expected to connect Takoradi to Nyinahin.
If properly implemented, the approach could help Ghana direct more of its natural resource wealth towards infrastructure development while limiting additional borrowing.
9. New Ghana Sovereign Wealth Fund and stronger financial regulations
Another significant policy direction is the proposed establishment of a Ghana Sovereign Wealth Fund through the merger of the Minerals Income Investment Fund (MIIF) and the Ghana Infrastructure Investment Fund (GIIF).
The proposed institution is expected to serve as an equity investment partner for strategic national projects, including initiatives under the government’s 24-Hour Economy programme.
The government also plans to introduce a Natural Resource Revenue Management Act and a new Loans Act to strengthen the management of resource revenues and improve borrowing controls.
Additionally, amendments to the State Proceedings Act are planned to prevent judgment creditors from garnishing the Consolidated Fund and Contingency Fund.
These proposed reforms are intended to improve financial governance and ensure that public resources are managed more effectively.
10. Additional GH¢1 billion for youth employment and support for poultry production
Youth employment and agricultural development also feature prominently in the 2027 economic programme.
The government plans to amend the Earmarked Funds Capping and Realignment Act to uncap revenue from the Communications Service Tax, releasing an additional GH¢1 billion for youth employment, skills development and apprenticeship opportunities.
The move is expected to strengthen funding for programmes designed to help young Ghanaians acquire practical skills and access employment opportunities.
Government also plans to uncap levies allocated to the Ghana EXIM Bank, with at least 40 per cent of the proceeds earmarked to support domestic poultry and animal feed production.
The initiative is intended to reduce Ghana’s dependence on imported poultry products, support local farmers and encourage investment in the country’s agricultural value chain.
What the 2027 Budget means for Ghanaians
Beyond the individual announcements, the 2027 Budget reflects the government’s attempt to transform Ghana’s economic structure by placing greater emphasis on production, industrialisation and job creation.
For households, the decision not to introduce new taxes and the proposed solar equipment exemptions could provide some relief. For businesses, increased infrastructure spending, local procurement reforms and affordable financing initiatives could create new opportunities.
Young people are also expected to benefit from additional funding for employment, apprenticeships and skills development.
However, the success of the budget will depend largely on implementation, effective monitoring and the government’s ability to ensure that allocated resources produce measurable results.
The proposed restrictions on imports and raw material exports will also require sufficient investment in local production capacity to prevent supply shortages and unnecessary increases in consumer prices.
Ultimately, Dr Forson’s economic blueprint sets out an ambitious direction for Ghana between 2027 and 2030.
Whether the programme delivers sustainable growth, stronger industries and improved living conditions will depend on how effectively the government translates its commitments into tangible outcomes.