John Mahama unveils $10bn New Economy Policy to create jobs

President John Dramani Mahama has announced a $10 billion investment initiative under the 'New Economy Policy' to revitalize nine key sectors of the Ghanaian economy. This five-year plan involves an annual allocation of $2 billion starting with the 2027 Budget. The primary objectives are large-scale job creation and providing sustainable economic alternatives to illegal small-scale mining, commonly known as galamsey. The investment will focus on nine priority areas, including tourism, textiles, agriculture, and pharmaceuticals. President Mahama highlighted the strategic goal of transforming Ghana into a pharmaceutical manufacturing hub for the West African sub-region. In the agricultural sector, the government plans to establish extensive oil palm plantations and expand rubber cultivation to boost exports and raw material production for local industry. As part of broader economic reforms, the President referenced the Ghana Cocoa Board Act, 2026. This legislation is designed to protect the livelihoods of cocoa farmers by guaranteeing they receive at least 70% of the prevailing global market price for their produce. These measures, combined with the new investment plan, are intended to improve access to credit for the private sector and stimulate overall economic recovery. The New Economy Policy is expected to be formally introduced in the 2027 Budget statement. By targeting these specific sectors, the government aims to create a more resilient economy that is less dependent on traditional raw material exports and more focused on value addition and industrialization. The President emphasized that this $10 billion commitment is central to his administration's strategy to provide formal employment opportunities for the youth.