Ghana's opposition Minority in Parliament has questioned whether the government's proposed US$10 billion New Economy programme is a genuinely new investment agenda or a rebranding of projects already announced under existing economic initiatives.

The concern was raised by the Ranking Member on Parliament's Finance Committee, Dr Mohammed Amin Adam, who addressed the media on behalf of the Minority on Tuesday, 10 November, ahead of the presentation of the 2027 Budget on Thursday, 12 November.

Finance Minister Dr Cassiel Ato Forson is expected to present the Budget Statement and Economic Policy under the theme New Economy, outlining a four-year economic transformation programme running from 2027 to 2030.

Six sectors, old projects, critics say

The proposed New Economy is expected to focus on six areas: commercial agriculture, energy, critical minerals, textiles and garments, tourism, and pharmaceuticals. Dr Amin Adam said several of these areas overlap with projects already captured under the 24-Hour Economy and Feed Ghana programmes.

He cited the Buipe solar project, oil palm and garment initiatives, as well as commercial agriculture projects, as examples of activities that have featured in earlier government programmes. The Minority believes the government must demonstrate which investments under the New Economy are genuinely additional and which are existing projects being presented under a new policy framework.

"It is the same promise with a new label and a fresh starting point from which the Government can measure itself," Dr Amin Adam said. The Minority is demanding a clear breakdown of new projects, existing commitments, additional investments and expected employment outcomes, so that Parliament and the public can assess the programme's actual contribution to the economy.

The 24-hour economy record

Dr Amin Adam said the government must first account for the progress of its existing programmes rather than introduce new targets without demonstrating how previous commitments were being fulfilled. The 24-Hour Economy initiative was launched in July 2025, with a projected investment target of US$4 billion, alongside a government commitment to provide between US$300 million and US$400 million in seed capital.

He said the government had yet to raise the projected US$4 billion, while the 2026 Budget provided GH¢110 million for the programme. He also disputed the use of joint development agreements reportedly valued at US$5.5 billion as evidence of funds mobilised, arguing that the value of agreements signed could not automatically be treated as financing already secured and disbursed.

The initiative was expected to generate 1.7 million jobs by the end of 2028 through the One Job, Three Shifts, Three Workers model. Dr Amin Adam said the original completion target of 2026 had been shifted, with implementation now divided into two phases and completion projected for 2028. He also raised concerns about changes to the 24-Hour Economy markets, which have been redesignated as district economy markets.

Budget test on Thursday

"As the 2027 Budget approaches, the central issue is therefore not whether Ghana needs a new economy. We certainly do. The issue is whether the government has demonstrated the capacity, financing, and policy discipline to deliver one," he said.

He added that the public deserved a credible economic plan supported by realistic financing, measurable outcomes and accountability. "Therefore, before announcing a new economy, the government must first account for the promises of the old one," he said. The 2027 Budget presentation on Thursday will show whether the government provides the detailed funding plan the Minority is demanding.