Mahama Unveils $9 Billion New Economy Plan Targeting Jobs, Textiles and Volta Infrastructure

President John Dramani Mahama says Ghana plans to invest more than $9 billion in job-creating sectors between 2027 and 2030 under a new economic programme, as his government seeks to turn recent stabilisation into employment and infrastructure growth.

President John Dramani Mahama says Ghana plans to invest more than $9 billion in job-creating sectors between 2027 and 2030 under a new economic programme, as his government seeks to turn recent economic stabilisation into employment and infrastructure growth.

The proposed New Economy initiative will target sectors including textiles, garments, commercial agriculture, hospitality and tourism, with the Volta Region expected to be among the beneficiaries, Mahama said at the 2026 Hogbetsotso Festival in Agbogbo.

The president said the programme would be outlined in the 2027 budget, which Finance Minister Cassiel Ato Forson is scheduled to present the following week. He did not provide a breakdown of the proposed investment or specify how much would be allocated to each sector.

We have focused on stabilising the national economy and restoring it to a path of growth. Your Royal Majesty, I am pleased to report to you that the objective of stabilising the economy has largely been achieved,” Mahama said. Our next task is to invest in creating opportunities for our people so that they can realise a decent and dignified life.

Keta Light Industrial Zone

As part of the industrial push in the Volta Region, Mahama said 200 acres had been acquired in the Keta area for a light industrial zone dedicated to textile and garment production.

Ghana Exim Bank has been commissioned to begin work on the project, which is expected to create at least 3,000 jobs initially and eventually employ as many as 10,000 people when fully operational.

The zone is intended to anchor the garment and textile ambitions outlined in the government’s wider industrial strategy, which has also included a catalytic financing framework for SME manufacturers.

Coastal Protection Funding

The president announced allocations for coastal protection, including GH¢685 million to begin works under the West African Coastal Areas Resilience Investment Project (WACA).

The funding will cover engineering interventions such as breakwaters, groynes and revetments, as well as wetland restoration and livelihood support for affected communities.

An additional GH¢250 million has been allocated in the 2027 budget to continue and complete the Blekusu Phase Two Coastal Protection Project, Mahama said.

Coastal erosion has threatened homes, fishing livelihoods and community infrastructure in parts of the Volta Region — a problem highlighted by traditional leaders, including Togbui Sri III, who has pressed the government for a roadmap on delayed coastal protection and Keta Port projects.

Keta Port Advances

The government is also advancing plans for the proposed Keta Port, with 47 companies having submitted expressions of interest to partner with the Ghana Ports and Harbours Authority.

Mahama said due diligence had reduced the list to seven companies, which would proceed to the next stage of developing project designs and arranging financing.

Roads, Water and Local Government

On transport infrastructure, Mahama said most sections of the Eastern Corridor Road are expected to be completed by the end of 2027. He also plans to cut the sod for construction of the Volivo Bridge over the Southern Volta River in the first quarter of next year.

The president said the government had directed that at least 80% of the District Assemblies Common Fund be transferred directly to district assemblies to finance local development projects, including roads, schools and health facilities.

He also announced progress on the stalled Sogakope-Agodome-Tuketa Water Project, saying the government signed a memorandum of understanding with contractor Lesiko in October to allow work on its first phase to resume.

The Financing Question

Mahama’s announcements come as the government seeks to direct public investment towards employment-generating industries while maintaining fiscal discipline. The proposed $9 billion programme will be a major test of how the administration intends to finance and implement its next phase of economic policy.

That tension is the central unanswered question. Ghana is operating under a Policy Coordination Instrument with the IMF and has committed to a primary surplus of 0.5 per cent of GDP in the 2027 Budget. A $9 billion investment programme — roughly 12 per cent of GDP spread across four years — cannot be financed from domestic revenue alone without either substantially higher borrowing, significant private capital mobilisation, or both.

The details expected in the 2027 budget will determine whether the New Economy initiative represents a genuine industrial push or an aspirational framework.

The Hogbetsotso Festival, celebrated by the Anlo people, is being held under the theme “Anlo, Our Heritage and Our Values: Striving to Build One Ghana for a Better Tomorrow.”

Quick Facts

President John Dramani Mahama announced a $9 billion-plus New Economy investment programme covering 2027 to 2030, targeting textiles, garments, commercial agriculture, hospitality and tourism, with details to be set out in the 2027 Budget to be presented by Finance Minister Cassiel Ato Forson.

In the Volta Region, 200 acres have been acquired at Keta for a light industrial zone for textile and garment production, with Ghana Exim Bank commissioned to begin work; the project is expected to create 3,000 jobs initially and up to 10,000 at full operation.

Coastal protection received GH¢685 million under the WACA project for breakwaters, groynes, revetments, wetland restoration and livelihood support, plus GH¢250 million in the 2027 budget for Blekusu Phase Two. The proposed Keta Port has been narrowed from 47 expressions of interest to seven companies for design and financing.

The government has directed that at least 80% of the District Assemblies Common Fund go directly to assemblies, expects most of the Eastern Corridor Road completed by end-2027, plans to cut sod for the Volivo Bridge in Q1 next year, and signed an MoU with contractor Lesiko in October to resume the first phase of the Sogakope-Agodome-Tuketa Water Project.

Source: Accra Street Journal

Last Updated on November 8, 2026 by Samuel Kwame Boadu

Samuel Kwame Boadu

Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.

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