Ghana's Finance Minister, Dr. Cassiel Ato Forson, has initiated discussions on a new economic strategy, termed the “New Economy,” across various national platforms. This new approach aims to increase domestic production and generate employment opportunities within Ghana. The Minister has presented this vision to bodies such as the Association of Ghana Industries, the Trade Ministry, and local banks.
This new economic push comes as prominent figures, including Kojo Oppong Nkrumah, are urging the government to provide a clear account of its previous economic initiatives. Nkrumah argues that Ghanaians deserve an honest report on the outcomes of past programs before investing hope and resources into new proposals. The government's earlier programs, such as One District One Factory and Planting for Food and Jobs, also aimed at similar goals but have faced questions regarding their tangible results.
The current administration, which came into office with several economic promises, has struggled to demonstrate significant achievements from these programs. For instance, the 24-Hour Economy, presented as a core economic plan, promised 1.7 million decent jobs by the end of 2028. It received a direct budget allocation of GHS 110 million for 2026. However, a July inquiry into its progress revealed only 268 filling stations and 33 manufacturers operating in shifts, many of which were already operational before the program's inception. The Centre for Policy Scrutiny echoed these concerns in its mid-year budget review.
Another key promise, the Women's Development Bank, received GHS 51.3 million in 2025 and several hundred million more in 2026. The Minister informed Parliament in July that GHS 400 million had been deposited at the Bank of Ghana as capital. Yet, almost two years after its campaign promise, the bank has not disbursed any funds. It was incorporated in January 2026 and is still awaiting a banking license, leaving women's groups like NETRIGHT to publicly press for its operationalization. Market women, who were promised financial assistance, continue to rely on informal lenders at high interest rates.
The One Million Coders Programme, designed to train one million young Ghanaians over four years, aimed for 300,000 trainees in 2026 alone. By the mid-year review, 140,000 registrations and 40,000 enrolments were reported, with about 28,000 completing at least one module. Critics point out that completing a single module does not equate to becoming a professional coder, and no figures have been published on how many trainees have secured employment. Similarly, the Feed Ghana initiative, particularly its Nkoko Nkitinkiti poultry component, intended to reduce chicken imports. However, the Agriculture Minister admitted that some beneficiaries consumed the birds instead of rearing them. The Poultry Farmers Association called the first phase an “abysmal failure,” stating their offer to provide free training was ignored. The Minister claims success, citing falling poultry prices, but has not released data on active beneficiaries or import volumes. Livestock components of Feed Ghana have not yet commenced.
The proposed “New Economy” plans to commit approximately US$10 billion over four years to commercial agriculture, mining value addition, energy, and transport infrastructure. Many of these areas, such as commercial agriculture and energy projects like the Buipe solar plant, already fall under existing programs like Feed Ghana and the 24-Hour Economy. Access to finance for small producers was also a central aim of the Women's Development Bank. This overlap raises questions about what new elements the “New Economy” truly introduces beyond a fresh starting point for government performance measurement.
The Finance Minister attributes current economic stability, including lower inflation and a steadier cedi, to the government's “bold reforms.” However, critics argue that these improvements largely stem from the International Monetary Fund (IMF) program secured by the previous government in May 2023. The domestic debt exchange and agreements with bilateral and commercial creditors, which eased pressure on interest payments, were also initiated by the prior administration. The current government's initial idea of renegotiating the IMF program was quietly abandoned once in office, suggesting that the current stability is built on foundations laid by its predecessors rather than its own new policies.