2027 Budget to Unveil $10 Billion 'New Economy' Plan as Terminal 2 Refurbishment Hits 80%

The Minister for Finance, Dr. Cassiel Ato Forson, is set to present a landmark budget on Thursday, November 12, 2026, that will officially introduce government's comprehensive four-year economic transformation agenda dubbed the "New Economy."

This was disclosed by the Minister of State in charge of Government Communications and Spokesperson to the President, Hon. Felix Kwakye Ofosu, in a Facebook post.

According to Hon. Kwakye Ofosu, the 2027 Budget Statement and Economic Policy of Government, themed _"New Economy, New Ghana: Jobs and Prosperity,"_ will move Ghana from stabilization to transformation.

The New Economy is a flagship US$10 billion investment programme announced by President John Dramani Mahama, scheduled to run from 2027 to 2030.

According to documents from the Ministry of Finance, government intends to commit 1.5% of Gross Domestic Product (GDP) annually to fund the programme.

The core objectives are:

- To increase domestic production and reduce over-reliance on imports

- To process more of Ghana's raw materials locally - including cocoa, gold, and critical minerals - instead of exporting them raw

- To support Ghanaian-owned enterprises to expand

- To create decent and sustainable jobs, especially for the youth

The Finance Ministry has outlined seven strategic pillars for the New Economy:

1. Macroeconomic Stability

2. Commercial Agriculture, Agri-business and Agro-processing

3. Energy Sector Transformation

4. Critical Minerals and Value Addition

5. Cotton, Textiles and Garments

6. Tourism, Culture and Creative Arts

7. Pharmaceutical Manufacturing Hub

The programme is closely linked to the NDC's flagship 24-Hour Economy policy, which became law in February 2026 and seeks to encourage businesses to operate three shifts to boost production.

The 2027 Budget presentation comes at a time when Ghana's economic indicators have shown significant improvement. The economy grew by 6.0% in the second quarter of 2026, inflation dropped to 5.2% in September from 23.8% in December 2024, and Ghana completed the final review of its US$3 billion IMF Extended Credit Facility programme in July 2026.

Dr. Ato Forson is expected to provide full details on how the $10 billion will be raised and allocated without reversing the fiscal gains made.

In the same update, Hon. Kwakye Ofosu gave a major update on aviation infrastructure.

He revealed that the refurbishment of Terminal 2 at the Kotoka International Airport (KIA) in Accra is 80% complete.

He shared pictorial evidence of the ongoing works, showing massive transformation inside the terminal. Although he did not give a specific completion date, the project is expected to ease congestion and improve passenger experience when fully completed.