Ghanaian President John Dramani Mahama has announced a $10 billion investment programme over five years aimed at accelerating industrialisation, supporting local businesses and creating jobs, with a commitment to pursue the initiative without resorting to new borrowing.

The programme, known as the “New Economy Policy,” aims to mobilise approximately $2 billion annually across nine strategic sectors of the economy. Announced in October 2026, the initiative comes as the government seeks to consolidate Ghana’s economic recovery and strengthen domestic production.

The proposed investments will target industries considered capable of generating employment and reducing the country’s dependence on imports. Sectors highlighted include agriculture and agro-processing, textiles and garments, pharmaceuticals, tourism and palm oil production. The full list of the nine sectors and the detailed allocation of funding have yet to be clarified.

Agriculture and the processing of locally produced goods are central to the strategy. The government aims to support domestic producers, expand processing capacity and generate more value within Ghana.

The programme is also intended to help local businesses expand operations, increase output and create sustainable employment, while attracting private investment into productive industries.

Mahama cited a textile factory in northern Ghana that manufactures clothing for the US and European markets. Supported by the Ghana Export-Import Bank, the facility employs about 2,300 people, nearly 80% of them women, according to figures provided by the president.

The government hopes to build on such initiatives to strengthen industrial production and expand exports.

A central element of Mahama’s announcement is the commitment to finance the programme without taking on new debt specifically for the initiative.

The president said the $10 billion would be mobilised through government resources and other funding mechanisms, as Ghana continues efforts to stabilise its public finances following an economic crisis and debt restructuring.

The government aims to create more room in the budget for investment in sectors that generate jobs and support production. Mahama has also pointed to declining Treasury bill rates, arguing that lower rates could encourage banks to direct more lending towards private businesses.

However, the precise financing arrangements, annual investment allocations and monitoring mechanisms have yet to be fully detailed. The government’s 2027 budget is expected to provide further information on implementation.

The programme also forms part of Ghana’s broader effort to strengthen domestic manufacturing in the healthcare sector.

Mahama has highlighted plans to establish a vaccine production hub to reduce dependence on imported medicines and improve the country’s capacity to respond to public health emergencies.

The initiative is intended to develop local pharmaceutical manufacturing, a priority underscored by the COVID-19 pandemic, which exposed the difficulties many African countries face in securing vaccines.

According to the president, foreign pharmaceutical companies have expressed interest in the project. The government says it has acquired land and developed some essential infrastructure, including roads, electricity and water supplies.

The $10 billion programme marks a new phase in Mahama’s economic strategy, as his administration seeks to move from macroeconomic stabilisation towards growth driven more heavily by domestic production and employment.

However, announcing an investment target does not mean that all the money has already been secured or committed to specific projects. The government will need to demonstrate its ability to mobilise the promised resources, select viable investments and ensure that projects are delivered effectively.

It will also face pressure to show that the investments generate sustainable jobs, improve business competitiveness and produce measurable benefits for the population.

Ultimately, the success of the policy will depend not only on its financing but also on its implementation and Ghana’s ability to turn its industrial ambitions into tangible economic results.