ACCRA, Ghana / AfricaWire.IO / – Ghana’s parliamentary Minority has challenged the government to show how it will raise the US$10 billion needed for its New Economy programme. The caucus wants a full financing plan published before the 2027 Budget is presented. Dr Mohammed Amin Adam, Ranking Member of Parliament’s Finance Committee, raised the concerns at a media briefing on Tuesday, November 10. He said gaps in funding for the earlier 24-Hour Economy programme cast doubt on the new plan.
Amin Adam, a former Finance Minister, said the government had yet to prove it had mobilised the money promised for the 24-Hour Economy. That initiative was initially projected to need US$4 billion. The government was expected to contribute between US$300 million and US$400 million as seed capital. However, only GH¢110 million was allocated to the programme in the 2026 Budget, he said.
He also said the US$5.5 billion in Joint Development Agreements cited by the government should not be presented as funds already raised. The Minority pointed to a 39.3% shortfall in capital expenditure against target in the first half of 2026. That was followed by a GH¢5 billion cut in capital spending. The caucus asked how the government would fund another capital-heavy programme while struggling to meet existing targets.
Minority seeks a breakdown of funding sources
Amin Adam called for clarity on differing funding estimates, including figures in the 2027 Fiscal Strategy Document. He also cited President John Dramani Mahama’s proposal of US$2 billion in annual investment. The Minority wants the Finance Minister to separate budget allocations from private investment, public-private partnerships, concessional loans and commercial borrowing. It is also seeking clear timelines and firm funding commitments. “Until these questions are answered with a costed, published financing plan, the New Economy is a slogan, not a policy,” Amin Adam said.
Finance Minister Cassiel Ato Forson is scheduled to present the 2027 Budget to Parliament on Thursday, November 12. Mahama has said the New Economy will be funded with Ghana’s own resources rather than new borrowing. The government plans to commit 1.5% of gross domestic product a year from 2027 to 2030, MyJoyOnline reported. Priority areas include commercial agriculture, energy, critical minerals, textiles, tourism and pharmaceutical manufacturing.
Economy recovers after debt crisis
The debate comes as Ghana’s economy recovers from its debt crisis. Inflation eased to 5.2% in September 2026 from 23.8% in December 2024. The economy grew by 6% in the second quarter, and Ghana completed the final review of its International Monetary Fund programme in July 2026. Public debt fell to 45% of GDP at the end of June from 61.8% at the end of 2024. Ghana is also competing for foreign direct investment into Africa, which reached $70 billion in 2025.
Financing remains a challenge for many emerging economies, with public debt in developing countries rising sharply in recent years. The Bank of Ghana held its policy rate at 14% in September. The 2027 Budget is expected to give the first detailed picture of how the New Economy will be financed. Investors will watch whether it sets out clear sources of funding and timelines for the programme.