President John Dramani Mahama has announced plans by the government to invest US$10 billion over the next four years in seven strategic sectors of the Ghanaian economy under a new policy dubbed the “New Economy.”
He said the initiative would form the next phase of the government’s economic programme, following what he described as the successful stabilisation of the economy, with the focus now shifting to economic growth, job creation and expanding opportunities for young people.
“…and so, because of that, this year, the Minister of Finance will soon present to Parliament a new policy called the ‘New Economy’,” he announced.
Under the policy, the government intends to invest US$2.5 billion annually in the seven strategic pillars over the four-year period.
President Mahama said agriculture and agro-processing would be the biggest beneficiaries, accounting for 50 per cent of the total US$10 billion investment.
He said the investment would support the expansion of irrigation infrastructure and create opportunities for farmers, particularly young people, to produce throughout the year.
“The biggest is agriculture and agro-processing, and that’s where the Upper East comes in. Agriculture and agro-processing is going to take 50 per cent of that US$10 billion investment. So US$5 billion is going to go into agriculture and agro-processing,” he said.
President Mahama made the announcement during a citizen engagement in Bolgatanga as part of his Resetting Ghana Agenda tour of the Upper East Region.
He said the Upper East Region would receive its fair share of the US$5 billion allocation to agriculture and agro-processing, given its potential to produce vegetables and other agricultural commodities for domestic and export markets.
He disclosed that the government had already commenced some agricultural interventions in the region, including a tomato revitalisation project, which would put 500 hectares of land under tomato cultivation.
The President said the government would also rehabilitate the Pwalugu Tomato Processing Factory to serve as a processing hub for tomatoes produced in the region.
He further announced plans to complete the Tamne irrigation dam to support dry-season farming in four districts in the Bawku area, particularly onion production.
According to him, the intervention was aimed at reducing Ghana’s dependence on imported onions from Niger by increasing domestic production.
President Mahama also said the government was rehabilitating the Vea Irrigation Scheme, covering about 344 hectares, with the expectation that all the hectares would be brought under cultivation by next year.
He explained that the investments formed part of the government’s broader strategy to move the economy from stabilisation to growth and job creation.
“Now that we have finished the stabilisation of the economy, our next focus is on creating jobs and opportunity for our young people. So growth, we have finished stabilization, we are now looking at growth and job creation opportunities,” he said.
He said the government would continue to maintain fiscal discipline while directing resources towards productive sectors capable of creating jobs and expanding economic opportunities.
President Mahama said the government’s ability to begin implementing the new investment programme had been supported by the recovery of the economy, which he attributed to fiscal discipline, increased revenue mobilisation and efforts to reduce waste.
He noted that the government had not presented any loan agreement to Parliament for about one and a half years until June 2026, describing the development as evidence of prudent economic management.
The President said the government was now ready to move beyond economic stabilisation and focus on sustained growth and job creation through strategic investments in the productive sectors of the economy.
By Anthony Adongo Apubeo