Ghana's 2027 Budget: Ato Forson unveils a $10 billion 'New Economy' programme and an early GH¢29bn DDEP redemption
Finance Minister Dr Cassiel Ato Forson presented Ghana's 2027 Budget to Parliament on Thursday, unveiling a US$10 billion 'New Economy' programme for 2027–2030 across eight pillars, with GH¢30 billion to be invested in 2027 and no new taxes. He set targets of a primary surplus of at least 0.5% of GDP, debt consistent with 45% of GDP and single-digit inflation, and announced the early redemption, effective immediately, of GH¢29 billion in DDEP bonds due in February 2027.
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Key points
- A US$10 billion 'New Economy' programme for 2027–2030, in eight pillars, with GH¢30 billion to be invested in 2027.
- No new taxes in 2027; targets: primary surplus of at least 0.5% of GDP, debt consistent with 45% of GDP, single-digit inflation.
- Early redemption, effective now, of GH¢29 billion in DDEP bonds due on 16 February 2027 — 'your cash is ready', the minister told holders.
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- By 2030 the government targets growth of about 8% and unemployment below 8%.
Watch: the moment itself
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Video: JoyNews · Watch on YouTube
What happened
Ghana is marking 70 years of independence in 2027 and is coming out of the 2022 debt crisis and the domestic debt exchange that followed it. The minister told Parliament that stability had been restored by the end of 2025, with inflation down from 23.8% to 5.4%, and that the budget is meant to turn that stability into production and jobs rather than spend the recovery.
The early DDEP redemption matters because the February and August 2027 maturities concentrate about GH¢53 billion of obligations into a single year. Clearing the February principal early, from a sinking fund built up in advance, is the government's attempt to show bondholders — many of them Ghanaian savers and pension funds — that the restructured debt will be paid in full and on time.
What we know / what we don't know yet
What we know
- That the budget was presented on Thursday, with the $10 billion programme, its eight pillars and its fiscal targets as the minister stated them.
- That the early redemption of the GH¢29 billion February 2027 DDEP bonds is open from 12 November.
What we don't know yet
- The opposition's and independent economists' response to the budget — none appears in the reporting read.
- Whether bondholders take up the early redemption in large numbers, and on what terms the interest element is settled.
- Whether the growth, debt and inflation targets are met — they are targets, not outcomes.
Claim by claim
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Why this label: The programme, its size, its dates and its eight pillars are the minister's own presentation to Parliament, reported in the same terms by Graphic and Joy Online.
On the ladder: a claim earns Verified from primary evidence, or from two independent sources that do not copy each other.
Why this label: These are the minister's stated targets and tax position in the budget presentation; whether they are met is a separate question, carried in the don't-know list.
On the ladder: a claim earns Verified from primary evidence, or from two independent sources that do not copy each other.
Why this label: The redemption offer, the sinking-fund balance and the settlement plan are the minister's announcements in the budget presentation, reported by Graphic in full and by Channel One News in the same terms.
On the ladder: a claim earns Verified from primary evidence, or from two independent sources that do not copy each other.
Why this label: The debt figures are the minister's figures to Parliament in the budget presentation, carried as his statement of the provisional position.
On the ladder: a claim earns Verified from primary evidence, or from two independent sources that do not copy each other.
Why it matters
This is the budget that decides what Ghana's recovery is for: a $10 billion bet on local production, processing and jobs, paid for without new taxes, alongside an early cash offer to the domestic bondholders who bore the debt exchange. Whether Parliament and the markets accept the numbers will shape borrowing costs and household incomes through 2027.
Background
Ghana's debt crisis leads to the Domestic Debt Exchange Programme, restructuring domestic bonds.
Finance Minister Ato Forson presents the 2027 Budget and opens the early redemption of the February 2027 DDEP bonds.
Update history
No silent edits. Every change is written here, with its time.
- Latest
Published in Checking state — the budget has been presented and its figures are the minister's own; reaction from the opposition and economists is still to come.