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President John Dramani Mahama has announced plans to roll out a US$10 billion New Economy Programme from 2027, aimed at boosting production, creating jobs and accelerating Ghana’s industrial transformation.
The announcement came on Thursday, October 15, 2026, when the President cut the sod for the construction of the Afienya Industrial Park in the Greater Accra Region. The 1,238-acre facility is expected to accommodate more than 120 enterprises and expand Ghana’s manufacturing and export capacity.
President Mahama said the programme would direct investment towards productive sectors capable of generating employment and strengthening the domestic economy.
“The New Economy Programme will be a US$10 billion programme over four years,” he said, adding that agriculture, agro-processing, industry and infrastructure would be central to the initiative.
Agriculture and Agro-Processing to Receive Half of Investment
The President said half of the programme’s investment would be allocated to agriculture and agro-processing, with the remainder supporting industry and infrastructure connecting producers to markets.
The focus is expected to include expanding agricultural production, supporting local processing and improving the infrastructure needed to move goods efficiently from farms and factories to consumers and export destinations.
The programme forms part of the government’s broader strategy to move Ghana beyond economic stabilisation towards growth, wealth creation and employment opportunities, particularly for young people. The government has indicated that further details will be presented through the 2027 Budget process.
Afienya Industrial Park to Accommodate More Than 120 Enterprises
The Afienya Industrial Park is designed to provide investors with serviced plots, ready-to-use factory shells and essential infrastructure for establishing and expanding industrial operations.
Priority sectors include cocoa, cashew and oil palm processing, textiles and garments, pharmaceuticals, medical consumables, automotive components and light engineering. Opportunities are also expected in logistics, data services, business process outsourcing and other industrial support services.
The development follows the reported exhaustion of available space at the Tema Export Processing Zone. President Mahama said the new facility would provide additional capacity for investors seeking to establish businesses in Ghana.
He also urged investors to manufacture and develop their products locally, using Ghana as a base to reach markets across Africa and beyond.
Government Calls for Local Employment and Skills Development
President Mahama stressed that the benefits of the industrial park should extend to residents of Afienya and neighbouring communities.
He called for training programmes that would equip local people with the skills required to take up jobs created by companies operating at the facility.
The President also said local farmers, transport operators, suppliers and small businesses should have opportunities to participate in the industrial park’s supply chains.
The Ghana Free Zones Authority’s Chief Executive, Dr Mary Awusi, said 14 companies had already been allocated land at the park. She emphasised the importance of ensuring that young people benefit through employment, skills development and technology transfer.
Trade, Agribusiness and Industry Minister Elizabeth Ofosu-Adjare thanked the traditional authorities of Ningo-Prampram and Shai-Osudoku for their cooperation in making land available for the project.
Funding Details and Implementation Will Be Key
The proposed New Economy Programme is intended to provide financial support for productive sectors and infrastructure that can help Ghana increase domestic production, create employment and expand exports.
However, the annual funding figures announced publicly require clarification. At the Afienya ceremony, President Mahama referred to US$2 billion annually over four years, which would total US$8 billion. An earlier government announcement in August described the US$10 billion programme as an investment of US$2.5 billion annually over the same period.
The detailed funding framework and implementation arrangements will therefore be important in establishing the programme’s final investment targets and how the money will be allocated.
For the Afienya Industrial Park, success will ultimately depend on attracting operating businesses, developing the necessary infrastructure, creating sustainable jobs and ensuring that nearby communities benefit from the investment.
President Mahama urged investors to establish their businesses in Ghana and use the country as a platform for reaching regional and international markets.
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