Finance Minister Dr Cassiel Ato Forson told Parliament on Thursday evening that the 2027 Budget "will not introduce any new tax," as he presented a GH¢389.2 billion spending plan built around the government's New Economy programme.
Forson said revenue and grants would reach GH¢323.4 billion, or 17.9% of GDP, leaving a cash deficit of GH¢65.8 billion, 3.6% of GDP, Citi Newsroom and 3News reported. On a commitment basis, the deficit is 2.9% of GDP.
Bondholders offered early payment
The Finance Minister announced the early redemption, effective Thursday, of GH¢29 billion in Domestic Debt Exchange Programme (DDEP) bonds due on February 16, 2027. "Your cash is ready. Come for your money," he told bondholders, according to Graphic Online.
He said the Cedi Sinking Fund held GH¢29 billion as of November 11, and that the government was still building a buffer for GH¢11.1 billion in interest due on the same date, Citi Newsroom reported. Graphic Online and Citi Newsroom also report that the government plans to settle a US$590 million Eurobond due in January 2027 before December 31.
Targets for 2027
Forson said the government is targeting real GDP growth of at least 5.2%, end-year inflation of 8% plus or minus two points, and reserves covering at least six months of imports, according to Citi Newsroom and 3News. The primary surplus target falls from 1.5% of GDP in 2026 to at least 0.5%.
US$10 billion New Economy
The government will spend the equivalent of US$10 billion from 2027 to 2030 across eight pillars, starting with GH¢30 billion next year, MyJoyOnline, Citi Newsroom and 3News reported. According to 3News, commercial agriculture gets the largest share at US$3 billion, followed by energy at US$2.2 billion and critical minerals at US$1.5 billion.
Forson said the programme would be paid for without new loans, mainly from the lower surplus target and better tax collection, GBC and 3News reported.
New laws and a railway
In 2027, the government will introduce a Natural Resource Revenue Management Act, establish a Ghana Sovereign Wealth Fund and enact a Loans Act, Forson said, according to MyJoyOnline. 3News reports that the Minerals Income Investment Fund and the Ghana Infrastructure Investment Fund will be merged into the new fund.
Petroleum revenue and mineral royalties for 2027 and 2028 will fund the Western Corridor railway from Takoradi through Nsuta and Awaso to Nyinahin, with no borrowing, 3News and Adomonline reported.
3News noted that the speech did not mention a 2027 minimum wage, a public-sector pay rise or any change to fuel levies. The full Budget Statement may carry more detail.