President John Dramani Mahama has announced plans for the government to invest approximately $2 billion annually for five years under a proposed New Economy Policy aimed at accelerating job creation and boosting domestic production.

The President made the announcement when the Western North Regional House of Chiefs paid a visit to the Jubilee House on Tuesday, October 13, 2026.

He explained that the government intends to use its own funds to finance the initiative rather than resorting to borrowing, with investments targeting selected sectors of the economy to create an enabling environment for businesses to grow and generate employment.

“Government must invest in order to create the environment to speed up job,” President Mahama said, adding that the Finance Minister would announce the policy when presenting the 2027 national budget.

He stated that the New Economy Policy would focus on nine pillars, with the government committing about $2 billion annually for five years, amounting to a planned investment of approximately $10 billion.

“This is our own money, we are not going to borrow money for the New Economy Policy,” the President said.

According to him, the investments would target sectors including textiles and garments, agriculture and agribusiness, as well as pharmaceuticals.

President Mahama said the government intends to expand pharmaceutical production in Ghana to position the country as a potential hub for pharmaceutical manufacturing and distribution in West Africa.

The planned investment in textiles and garments is expected to support domestic manufacturing, while the focus on agriculture and agribusiness is intended to strengthen productive activities and create opportunities across the agricultural value chain.

The pharmaceutical sector, meanwhile, has been identified as another area for expansion, with increased local production expected to support the country’s ambition of serving wider regional markets.

The President’s remarks place job creation and investment in productive sectors at the centre of the proposed economic policy, which he said would be formally outlined during the presentation of the 2027 budget.