Finance Minister Dr Cassiel Ato Forson has ruled out contracting new loans to finance the government’s proposed US$13 billion New Economy Programme, saying the initiative will be funded through domestic revenue and adjustments to fiscal targets.

The programme is expected to run from 2027 to 2030 and is intended to support investments in productive sectors of the economy.

Speaking during an engagement with students and staff of the Kwame Nkrumah University of Science and Technology (KNUST) in Kumasi, Dr Forson explained that the government plans to commit an amount equivalent to 1.5 per cent of Ghana’s Gross Domestic Product (GDP) annually to the programme.

How the government plans to raise the funds

According to the Finance Minister, 0.5 per cent of GDP will come from government revenue, while another 1 per cent will be made available by reducing the primary surplus target from 1.5 per cent to 0.5 per cent.

He said the two measures are expected to provide at least US$13 billion over the four-year period without increasing public debt through fresh borrowing.

Dr Forson also maintained that the government remains committed to reducing public debt to 45 per cent of GDP by 2028.

He cited Ghana’s primary surplus of 2.5 per cent of GDP in 2025 and the projected 1.5 per cent surplus for 2026 as part of efforts to improve the country’s debt position.

Forson dismisses claims that traders cannot sell goods

The Finance Minister also rejected claims that traders and business owners are struggling to sell their goods because of weak consumer demand.

He described the claims as propaganda and argued that available economic data does not support the suggestion that trading activity is declining.

Dr Forson pointed to growth in the trade sector and said falling prices were improving consumers’ ability to purchase food and other essential goods.

He urged critics to examine the country’s GDP figures, insisting that the economy was performing better than some public commentary suggests.

Focus on productive investment

Dr Forson said the government intends to direct public resources towards productive sectors that can support economic growth and create jobs.

He also clarified that the Ghana Gold Board (GoldBod) does not generate revenue for the Finance Ministry or government, explaining that public revenue mainly comes from direct taxes, indirect taxes and non-tax sources.

The Finance Minister’s comments come ahead of the presentation of the 2027 Budget to Parliament on Thursday, November 12, where further details of the government’s economic plans are expected to be outlined.

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