Ato Forson Outlines Ghana’s Eight Pillars Of US$10bn Economic Plan For 2027–2030

Finance Minister Dr Cassiel Ato Forson has outlined eight key pillars of the government’s US$10 billion economic transformation programme, which is expected to be implemented between 2027 and 2030.

The initiative is aimed at moving Ghana towards a production-based economy, expanding local industries, creating jobs and reducing the country’s dependence on the export of raw commodities.

Presenting the 2027 Budget Statement and Economic Policy to Parliament on Thursday, November 12, Dr Forson said the programme would bring together investments in key sectors of the economy while protecting the gains made in macroeconomic stability.

The programme is expected to begin in 2027, the year Ghana marks 70 years of independence. Its broader goal is to address the recurring cycles of economic growth and decline by strengthening the country’s productive capacity.

The eight areas identified are macroeconomic stability and affordable finance, commercial agriculture, energy infrastructure, critical minerals value addition, tourism, culture and creative arts, textiles and garments, pharmaceuticals and biomanufacturing, and the technology economy.

1. Macroeconomic Stability and Affordable Finance

The first pillar is intended to protect economic stability while making loans and other sources of financing more affordable for businesses.

Government plans to maintain a primary budget surplus of at least 0.5 per cent of Gross Domestic Product (GDP), keep public debt at approximately 45 per cent of GDP and sustain single-digit inflation.

By 2030, the country is targeting real GDP growth of 8 per cent, unemployment below 8 per cent and an investment-grade sovereign credit rating.

The plan also seeks to reduce the cost of borrowing to single-digit levels, with institutions including Development Bank Ghana and Ghana EXIM Bank expected to support access to affordable funding.

1. Commercial Agriculture – US$3bn

With US$3 billion allocated, the agriculture component will focus on increasing local food production, expanding commercial farming and reducing the amount Ghana spends on food imports.

The government intends to establish eight integrated agro-industrial projects covering rice, sugar, poultry, maize and soya feed, aquaculture, oil palm, vegetables and cocoa processing.

Among the targets is to eliminate commercial rice imports by 2030 and ensure that all cocoa produced in Ghana is processed locally by the same year.

The programme also provides for the cultivation of 100,000 hectares of oil palm, backed by US$500 million in long-term financing from the World Bank.

Additionally, the US$1 billion Pwalugu Multipurpose Dam is expected to contribute to the country’s agricultural expansion plans.

1. Energy Infrastructure – US$2.2bn

The government has earmarked US$2.2 billion for energy infrastructure, with the aim of improving energy security and making electricity generation less expensive.

One of the targets is to reduce the cost of electricity generation from 16 US cents to 8 US cents or below per kilowatt-hour.

Under the plan, government intends to finance and own a 1,450-megawatt thermal power plant at Kafodzidzi-Abrobeano, with construction expected to start in December 2026.

Plans are also in place for a 600-megawatt solar power facility, supported by battery storage capacity of 2,000 megawatt-hours.

Another US$500 million is expected to go into upgrading the transmission network of the Ghana Grid Company Limited (GRIDCo). Government also intends to phase out expensive emergency power plants by 2030.

A further US$200 million will be committed to a 24-month nuclear-readiness programme.

1. Critical Minerals Value Addition – US$1.5bn

The fourth pillar, backed by US$1.5 billion, is designed to increase the amount of mineral processing carried out in Ghana instead of exporting the country’s resources in their raw form.

As part of the policy, government intends to stop the export of raw artisanal and small-scale gold by December 2028. It also plans to end raw manganese and bauxite exports by the end of 2030.

A 24-hour critical minerals processing enclave is expected to be established in the Western Region to support local processing of bauxite, manganese and battery-grade lithium.

The proposed development will be supported by a railway line linking Takoradi to Nyinahin to facilitate the transportation of minerals to processing facilities.

1. Tourism, Culture and Creative Arts – US$1bn

The tourism, culture and creative arts sector will receive US$1 billion under the programme.

The government intends to build on the success of the December in Ghana initiative and develop the Black Star Experience into an all-year tourism and cultural attraction.

Plans include the preservation of Ghana’s heritage sites, the establishment of a Ghana Medical Tourism Hub and the completion of a new National Theatre in Kumasi.

Government also intends to empower the Social Security and National Insurance Trust (SSNIT) to develop an international convention centre at the La Trade Fair site.

The programme further provides for the construction of five new four- and five-star hotels in different parts of the country.

1. Textiles and Garments – US$1bn

A further US$1 billion has been set aside to revive and expand Ghana’s textile and garment manufacturing industry.

Through the 24-Hour Economy framework, the government plans to establish dedicated industrial zones to accommodate textile mills and garment factories.

It also intends to amend public procurement laws to ensure that uniforms, hospital textiles and protective clothing purchased with public funds are obtained exclusively from manufacturers in Ghana.

The measure is expected to create a reliable market for locally produced textiles and garments while supporting job creation in the industry.

1. Pharmaceuticals and Biomanufacturing – US$1bn

The pharmaceutical and biomanufacturing sector is another beneficiary of the programme, with US$1 billion allocated to reduce Ghana’s reliance on imported medicines.

Currently, imported drugs account for an estimated 70 to 75 per cent of the country’s pharmaceutical needs.

To address this dependence, government plans to establish pharmaceutical hubs in the Eastern and Central Regions through state-owned special purpose vehicles.

The proposed policy will also restrict the use of public funds allocated for medicines to locally manufactured products that meet the standards of the Food and Drugs Authority (FDA) and the World Health Organisation (WHO).

By 2030, the government hopes to produce between 60 and 80 per cent of essential medicines locally and create 20,000 jobs through the sector.

1. Technology Economy – US$300m

The final pillar has an allocation of US$300 million and is focused on strengthening Ghana’s digital infrastructure and building expertise in emerging technologies.

Between 2027 and 2028, government plans to upgrade rural mobile networks currently operating on 2G to 4G to improve internet access and connectivity in underserved communities.

The programme also includes the establishment of a National Artificial Intelligence Centre. The centre is expected to provide shared high-performance computing facilities, promote applied research and offer practical digital skills training to young people and small and medium-sized enterprises.

Overall, the government says the US$10 billion economic transformation programme is intended to build on the country’s economic stabilisation efforts by increasing production, promoting industrialisation and creating employment opportunities to support long-term economic growth.