Jobs, ‘New Economy’ agenda to headline 2027 Budget

Job creation, economic transformation and growth-focused spending are expected to feature prominently in the 2027 Budget as the government seeks to consolidate recent economic gains.

JoyBusiness understands from sources familiar with the preparations that Finance Minister Dr Cassiel Ato Forson is likely to outline measures to move Ghana beyond stabilisation towards sustained growth and job creation.

The budget is expected to be presented under the theme, “New Economy, New Ghana: Jobs and Prosperity”, although this is yet to be confirmed.

The policy direction is expected to prioritise local value addition as a driver of growth, export earnings and employment, with fiscal policy supporting the government’s broader New Economy agenda.

Sources indicate that the budget could include significant allocations to complete ongoing infrastructure projects.

However, overall spending is not expected to depart substantially from the estimates outlined in the 2026 Budget.

The planned expenditure is expected to remain within the government’s fiscal and debt framework, with an emphasis on avoiding excessive deficits and spending overruns.

The Finance Minister may also outline plans to lower the primary surplus target, creating additional room for priority spending.

Sources say the government views this approach as the next phase of economic policy following the current fiscal adjustment programme.

On economic projections, the budget could target about 5% growth in 2027, alongside an inflation target of 8%, with a two-percentage-point tolerance band.

The medium-term fiscal strategy is expected to focus on preserving fiscal and debt sustainability while creating space for investments that support economic transformation.

Sources say these measures will be pursued alongside efforts to safeguard macroeconomic stability, strengthen resilience, and protect poor and vulnerable households.

The New Economy Programme

The New Economy Programme is expected to be central to the budget, signalling a greater emphasis on growth-focused spending while maintaining fiscal discipline.

Sources say the government intends to use the programme to expand economic opportunities and support employment.

However, Dr Forson is also expected to stress that the government must sustain recent gains through continued discipline and commitment.

Priority areas identified in the New Economy blueprint include:

• Macroeconomic stability;
• Commercial agriculture, agro-industry and agribusiness;
• Energy sector reforms and investment;
• Critical minerals and value addition;
• Cotton, textiles and garments; and
• Tourism, culture and the creative arts.

Budget Presentation Date

The 2027 Budget is likely to be presented to Parliament in the second week of November, rather than the first week, as earlier indications suggested.

The proposed timing remains subject to Parliament’s approval and scheduling, as well as the Finance Minister’s final briefing to Cabinet.

Meanwhile, an International Monetary Fund mission is expected in Ghana this week for consultations with the government on its fiscal strategy for next year.

Sources indicate that the discussions could influence the budget’s policy measures. However, the implications of Ghana’s proposed Policy Coordination Instrument programme for the budget and its presentation timetable remain unclear.

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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.