President John Dramani Mahama has announced plans to invest US$10 billion in nine key sectors of Ghana’s economy over five years to create jobs, support local businesses and boost economic growth.

The investment, amounting to US$2 billion annually, forms part of a proposed New Economy Policy expected to be unveiled in the 2027 Budget.

The policy will target key sectors, including agriculture, textiles and garments, pharmaceuticals and tourism, to expand production and create employment opportunities.

Speaking during a courtesy call by chiefs from the Western North Region, President Mahama said the government would finance the programme without borrowing.

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“As I have said, this is our own money. We are not going to borrow money for the New Economy Policy,” he stated.

He said Ghana’s economy was recovering from the debt crisis, citing an International Monetary Fund projection of 5.7% economic growth, compared with an average forecast of about 4% for sub-Saharan Africa.

According to him, reduced government borrowing had helped bring Treasury bill rates down from about 29% to 7%, creating opportunities for banks to lend more to private businesses.

“It is better for them to lend at about 13 per cent to a private company. That is going to enable private companies to invest, expand their businesses and employ more people,” he said.

President Mahama also said the government’s Big Push infrastructure programme had created hundreds of thousands of construction jobs.

He cited a textile factory in northern Ghana that employs 2,300 people, about 80% of whom are women, as an example of the country’s growing manufacturing potential.

The President further announced plans to establish a vaccine and pharmaceutical production hub to reduce Ghana’s dependence on imported medicines.

“We have learnt a lesson, and we want to produce our own vaccines and medicines,” he said, referring to Africa’s difficulties in accessing vaccines during the COVID-19 pandemic.

He disclosed that the government had secured land and provided essential infrastructure for the proposed pharmaceutical hub, adding that foreign companies had already expressed interest in the project.

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Further details of the US$10 billion investment programme are expected to be outlined in the 2027 Budget.

DR/MA

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