President John Dramani Mahama says a US$10 billion, four-year New Economy Programme will anchor the 2027 Budget, which Finance Minister Dr Cassiel Ato Forson is due to present to Parliament at 6pm on Thursday.

The President announced the programme at Bank Square in Accra, where he launched the Bank of Ghana's new Heritage Series cedi banknotes on Thursday morning, Graphic Online and MyJoyOnline reported.

The Budget had not been read at the time of writing, and the figures below are as stated by the President and as reported ahead of the Budget.

What the plan is for

According to the President, the programme is meant to change the structure of Ghana's economy by expanding domestic production, increasing exports and reducing dependence on imported goods. Citi Newsroom reports that it covers 2027 to 2030.

"We are working towards an economy that produces more of what we consume, processes more of what we grow, and earns more from what we export to the world," President Mahama said, according to Graphic Online.

He tied the plan to the value of the cedi. "The link to the cedi is clear. Expanding and diversifying our exports can bring in more foreign exchange. Producing more at home can reduce our dependence on imports," he said, MyJoyOnline reported.

"Together with disciplined public finance and credible monetary policies, these measures will help create the conditions for a stronger, more stable cedi, better able to withstand any global shocks," he added, according to MyJoyOnline.

Seven pillars

Citi Newsroom reports that the framework rests on seven priority areas: macroeconomic stability; commercial agriculture, agri-industry and agribusiness, including oil palm; energy sector reforms and investment; critical minerals and local value addition; cotton, textiles and garments; tourism, culture and the creative arts; and a pharmaceutical manufacturing hub.

How it would be paid for

According to Citi Newsroom, the government intends to commit 1.5% of GDP each year from 2027 to 2030, about US$10 billion over the four years.

Dr Forson told selected journalists on Wednesday that the primary surplus would be scaled down to 0.5% of GDP over the medium term so that the savings, estimated at about GH¢30 billion, could be channelled into the New Economy, Graphic Online reported.

Questions for the Budget

Key details are still to come. Citi Newsroom notes that businesses and investors will be looking for the specific projects to be funded, how money will be shared across the seven pillars, implementation timelines, and how the programme will work alongside the government's 24-Hour Economy policy. It also says lowering the primary surplus target raises questions about how debt sustainability will be protected as investment spending rises.

GhEcho will bring you the key points of the 2027 Budget after Dr Ato Forson presents it.