Finance Minister Dr Cassiel Ato Forson has said the government plans to invest at least US$13 billion in its New Economy Programme between 2027 and 2030 without taking on new debt to fund it.

Speaking to students and staff at the Kwame Nkrumah University of Science and Technology (KNUST), Dr Forson stated that the government would set aside the equivalent of 1.5% of Ghana’s gross domestic product (GDP) each year for the programme.

He said government revenue would cover 0.5% of GDP. The remaining 1% would come from lowering the government’s primary surplus target from 1.5% of GDP to 0.5%.

A primary surplus occurs when government revenue exceeds spending before interest payments on public debt are counted. Lowering the target would give the government more room to spend on the programme.

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Dr Forson also addressed suggestions that the Ghana Gold Board (GoldBod) brings in revenue for the government. He said the government relies mainly on direct taxes, indirect taxes and non-tax revenue.

The minister said the government still aims to bring public debt down to 45% of GDP by 2028. He pointed to a primary surplus of 2.5% of GDP in 2025 and a projected surplus of 1.5% in 2026.

According to him, those two surpluses would help reduce public debt by an amount equal to about 4% of GDP.

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From 2027, the government plans to reduce debt at a slower pace to free up money for priority projects under the New Economy Programme. Dr Forson said the approach would allow the government to increase investment while keeping public debt on a downward path.

DR/BAI

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