On 11 November 2026, former Finance Minister Dr Amin Adam released an open letter to the current Finance Minister ahead of the 2027 Budget presentation. He warned that Ghana’s political rhetoric around a “New Economy” must be supported by hard evidence of job creation, investment mobilisation and real‑income growth.
Adam pointed to the NDC government’s earlier 24‑Hour Economy promise, which had set ambitious targets for employment and production but failed to deliver an independently verifiable record of success. He questioned what, if anything, is truly new in the forthcoming budget beyond the branding.
The KPMG pre‑budget survey released today shows that 71 % of respondents see jobs and youth employment as a national priority, while 54 % cite the cost of living. Adam argued that these concerns must shape the 2027 Budget more than the celebration of macroeconomic gains.
He noted that inflation has fallen from a peak of 54.1 % in December 2022 to 3.2 % in March 2026, yet October’s headline inflation of 5.5 % and a 9.5 % cedi depreciation by September 2026 illustrate the fragility of these gains. Growth figures also show a moderation in real GDP and non‑oil GDP growth, with agricultural growth dropping sharply.
Adam highlighted that ICT remains a significant growth driver, suggesting that the digital economy, once dismissed, now contributes substantially to the economy. He urged the government to recognise the foundations laid by previous administrations.
Central to his letter is a critique of the proposed US$10 billion New Economy investment programme. Adam questioned the source of the funds, the relaxation of the primary surplus target from 1.5 % to 0.5 % of GDP, and the lack of a clear financing plan. He warned that easing fiscal anchors so soon after debt restructuring could undermine debt reduction efforts.
Adam concluded that economic transformation requires fiscal discipline, competitive businesses, affordable credit, reliable infrastructure and institutions capable of delivering results, not merely new slogans or inflated investment figures. He urged the Finance Minister to present a credible financing plan, clear implementation milestones and measurable employment outcomes before the budget is released.
