Key facts
- The program targets commercial agriculture, energy infrastructure, technology, textiles and garments, and critical minerals value addition, Forson told parliament.
- The budget projects GDP growth of 5.2% in 2027, up from 4.8% in 2026.
- The fiscal deficit on a cash basis is projected at 3.6% of GDP, down from 4% in 2026.
- The government plans to keep inflation within a band of 8%, plus or minus 2 percentage points.
- Forson said the government will redeem GH¢29 billion ($2.48 billion) of Domestic Debt Exchange Programme bonds due February 2027 ahead of schedule.
- The government expects early redemptions to retire more than GH¢36 billion of debt ahead of schedule.
Ghana will invest $10 billion over four years from 2027 in a domestically funded New Economy program aimed at raising output, exports and jobs, Finance Minister Cassiel Ato Forson said as he presented the 2027 budget to parliament on November 12, 2026.
The program targets commercial agriculture, energy infrastructure, technology, textiles and garments, and critical minerals value addition, among other areas. Forson told lawmakers the government would preserve stability, provide strategic infrastructure, prepare bankable projects and create predictable conditions for enterprise.
The budget projects GDP growth of 5.2% in 2027, up from 4.8% in 2026, and a fiscal deficit on a cash basis of 3.6% of GDP, down from 4% in 2026. The government plans to keep inflation within a band of 8%, plus or minus 2 percentage points.
It is the first budget since Ghana completed a $3 billion IMF support program. The oil, gold and cocoa producer sought IMF support in 2022 after debt-servicing costs rose following years of overspending, the COVID-19 pandemic, Russia's invasion of Ukraine and high global interest rates. Inflation peaked at 54.1% in December 2022 and fell to a low of 3.2% in March 2026, though it has edged up slightly since.
Forson said the government will redeem GH¢29 billion ($2.48 billion) of Domestic Debt Exchange Programme bonds due in February 2027 ahead of schedule, with the repayment taking effect immediately. He also said the government plans to repay by December 31 the second Eurobond restructured in 2024 and due to mature in January 2027. The government expects the early redemptions to retire more than GH¢36 billion of debt ahead of schedule.
Ghana is still working with the IMF through a three-year Policy Coordination Instrument, an arrangement without funding that includes regular IMF reviews.