The United Party (UP), formerly known as the Movement for Change, has described the 2027 budget presented by the Finance Minister as a hopeful document that, when executed, will transform the country, boost economic activity, and create sustainable jobs for the youth.
Director of Communications for the party, Solomon Owusu, indicated that the eight pillars announced by Dr Cassiel Ato Forson for the new economy align with the party’s Great Transformational Plan (GTP), launched in 2023. He made these remarks while responding to the budget statement in an interview on Nyankonton Mu Nsem on Rainbow Radio 87.5FM.
Presenting the 2027 Budget Statement and Economic Policy to Parliament on Thursday, November 12, Dr Forson announced a US$10 billion investment programme to transform the economy over the next four years.
Dubbed The New Economy: New Ghana, Jobs and Prosperity, the 2027–2030 programme focuses on expanding local production, processing raw materials, creating jobs, and reducing import dependence through eight interconnected pillars.
These cover macroeconomic stability and affordable finance, commercial agriculture, energy infrastructure, critical minerals value addition, tourism and creative arts, textiles and garments, pharmaceuticals and biomanufacturing, and the technology economy.
Commenting on this, Mr Owusu noted that the GTP rallies Ghanaian society toward a new era of politics underpinned by an agenda to turn the country into an economic success by leveraging its vast natural resources and human capital.
According to him, the UP’s mission is to build a united, peaceful, secure, and prosperous nation that provides equal opportunities for all citizens, especially women, the youth, and vulnerable groups.
He added that Dr Forson, in presenting the budget, similarly rallied Ghanaians to support the new economy with values hinged on integrity, ethical leadership, discipline, law and order, meritocracy, and excellence, while promoting tolerance, patriotism, and entrepreneurship.
Mr Owusu observed that, just like the UP, the Finance Minister highlighted measures focused on stabilising the macroeconomy, reducing national debt, and accelerating industrialisation.
He also commended the government for prioritising the development of 10 strategic industries to position Ghana as Africa’s manufacturing hub.
“The truth of the matter is that if Ghanaians are prepared to support the Minister, he will be able to deliver. Ghanaians must be prepared to do their part. Ghana will be a shining example if these projections and projects are well executed. The majority of the things he mentioned are part of projects in our GTP. We cannot, therefore, oppose these brilliant ideas. As a party, we are excited that they have captured these things. We had planned to do them; however, we could not win the elections, and so we are happy the government wants to do them,” he stated.
He admonished the government to remain committed to these projections, noting that while budget implementation remains a consistent challenge for the country, he is hopeful the administration will deliver.
Ghana’s four-year, US$10 billion economic transformation programme aims to boost employment, household incomes, and local value retention by 2030 through private-sector leadership and public infrastructure.
To stabilise the macroeconomic environment, the plan injects GH¢30 billion into the financial sector in 2027 to achieve single-digit inflation, lower borrowing costs, an investment-grade credit rating, 8% economic growth, and an unemployment rate below 8%.
A US3 billion agricultural push targets food self-sufficiency by halting commercial rice imports, expanding large-scale oil palm and aquaculture, processing 100% of cocoa domestically, and constructing the US1 billion Pwalugu Multi-Purpose Dam.
To power industrial growth and end raw commodity exports, a US$2.2 billion energy programme will halve generation costs via thermal and solar-battery plants, grid upgrades, private distribution partnerships, and nuclear readiness.
Additionally, US1.5 billion is dedicated to mineral value addition through a 24-hour Western Region enclave for 100% local refining of gold, manganese, and bauxite, alongside lithium battery production and a Takoradi-to-Hamile railway expansion.
The remaining pillars diversify the economy by investing US1 billion each into tourism, textiles, and pharmaceuticals, plus US$300 million into digital innovation.
By: Rainbowradioonline.com/Ghana
