ACCRA, Ghana / AfricaWire.IO / – Former Finance Minister Dr Mohammed Amin Adam has questioned the Ghanaian government’s ability to raise US$10 billion for its New Economy programme. Speaking for the Minority in Parliament on Tuesday, November 10, he demanded a detailed financing plan before the 2027 Budget. Amin Adam is the Ranking Member of Parliament’s Finance Committee. He said the record of the earlier 24-Hour Economy initiative raised doubts about the new pledge.
The 24-Hour Economy was initially projected to cost US$4 billion, with the state providing US$300 million to US$400 million in seed capital. Amin Adam said the 2026 Budget set aside only GH¢110 million for the programme. He added that the government had not shown evidence that it had mobilised the promised resources. In his view, US$5.5 billion in Joint Development Agreements should not be counted as money already secured.
The Minority also cited a 39.3% shortfall in capital spending against target in the first half of 2026. Capital expenditure was then reduced by GH¢5 billion. The caucus said those figures raise questions about financing another capital-intensive programme. It argued that the government was already struggling to meet its existing spending targets. The government has also indicated that it does not intend to return to the international Eurobond market.
Call for a costed financing plan
Amin Adam asked the government to reconcile varying estimates, including those in the 2027 Fiscal Strategy Document and President John Dramani Mahama’s proposal of US$2 billion a year. The Minority wants the Finance Minister to break down funding between the budget, private investors, public-private partnerships, concessional loans and commercial borrowing. It also wants clear timelines and firm commitments. Amin Adam said the New Economy would remain “a slogan, not a policy” until a costed plan is published.
Mahama unveiled the US$10 billion New Economy programme as a plan to create jobs in priority sectors. In October, he said it would be financed with the country’s own money and without new borrowing. Sectors include agriculture and agribusiness, textiles and garments, pharmaceuticals and tourism. Other target areas named in government plans include energy and critical minerals. Finance Minister Cassiel Ato Forson is due to present the 2027 Budget on Thursday, November 12.
Budget follows strong recovery
Ghana’s economy has stabilised after its debt crisis, giving the budget a stronger starting point. Inflation slowed to 5.2% in September, down from 23.8% in December 2024. Growth reached 6% in the second quarter. The Bank of Ghana held its policy rate at 14% in September. Ghana completed the final review of its International Monetary Fund programme in July 2026. Public debt fell to 45% of GDP by the end of June.
Investors are watching how African governments fund development, with foreign direct investment in Africa hitting $70 billion in 2025. Rising public debt across developing countries has also limited borrowing options. Reports say the government plans to commit 1.5% of GDP a year to the programme from 2027 to 2030. The budget is expected to give the first detailed account of how the New Economy will be funded.