Ofoase-Ayirebi MP Kojo Oppong Nkrumah has criticised the Mahama administration’s proposed New Economy programme, describing it as a repackaging of promises made under the government’s 24-Hour Economy initiative.
Speaking at a press conference in Parliament on Tuesday, November 10, the lawmaker argued that the New Economy concept does not represent a new policy direction but rather a rebranding of what he considers previously failed promises.
“This New Economy is a scam; these are the failed old promises that have been repackaged. They are rebranding the 24-Hour Economy as the New Economy,” he said.
His comments come as Finance Minister Dr Cassiel Ato Forson prepares to present the 2027 Budget Statement to Parliament on Thursday, November 12, with the New Economy programme expected to feature prominently.
Dr Forson has indicated that the budget will outline how the government intends to translate the country’s economic recovery into decent jobs for young people, improved incomes for farmers and increased opportunities for local businesses to expand and employ more people.
The New Economy programme is a four-year, US$10 billion investment plan announced by President John Dramani Mahama. Running from 2027 to 2030, the initiative is aimed at boosting domestic production, increasing local processing of raw materials and creating opportunities for Ghanaian businesses to compete in both local and international markets.
According to Dr Forson, the government believes the economic recovery achieved so far must translate into tangible improvements in the lives of Ghanaians.
He has indicated that the upcoming budget will explain how the gains made in stabilising the economy will be converted into jobs, better incomes and broader economic opportunities.
The budget presentation comes after Ghana completed the final review of its IMF-supported programme in July. Figures from the Ghana Statistical Service also indicate that the economy recorded 6.0 per cent growth in the second quarter of 2026, while annual inflation stood at 5.2 per cent in September.
Dr Forson had earlier signalled a stronger focus on job creation during the July Mid-Year Fiscal Policy Review.
The November 12 presentation is therefore expected to provide further details on the government’s investment priorities for 2027, how the proposed programme will be funded and the measures it intends to adopt to sustain the country’s economic recovery.
