President John Dramani Mahama has announced plans to invest US$2 billion annually over the next four years under the government’s proposed US$10 billion New Economy Programme aimed at accelerating industrialisation, expanding production, creating jobs and positioning Ghana as a manufacturing and logistics hub in West Africa.
The President made the announcement on Thursday during a sod-cutting ceremony for the construction of the Afienya Industrial Park, a major industrial development expected to enhance the country’s productive capacity, attract investment and generate employment opportunities.
President Mahama explained that the New Economy Programme would channel investments into key productive sectors of the economy, with 50 per cent of the funding dedicated to agriculture and agro-processing, while the remaining resources would support industrial development and infrastructure projects designed to link producers to local and international markets.
According to the President, the programme forms part of the government’s broader strategy to transform the economy through value addition, increased productivity and export-led growth.
He noted that the decision to develop the Afienya Industrial Park was informed by growing investor interest in Ghana and the limited space available at the Tema Export Processing Zone (EPZ) to accommodate new industries and enterprises.
President Mahama said the industrial park would provide the land and infrastructure required to attract investors seeking opportunities in manufacturing, agro-processing and related sectors, thereby supporting Ghana’s industrialisation agenda.
The Minister for Trade, Agribusiness and Industry and Board Chairperson of the Free Zones Authority, Elizabeth Ofosu-Adjare, highlighted the importance of securing land free from litigation to facilitate investment and avoid costly delays in industrial projects.
Drawing on her experience at the Bar, she stressed that access to undisputed land remains critical to creating an enabling environment for businesses to establish factories and expand operations.
The Minister commended the cooperation of traditional authorities and local communities in making land available for the project, describing their support as a key factor in attracting investment and promoting industrial growth.
She expressed confidence that the Afienya Industrial Park would become a catalyst for economic transformation by providing opportunities for manufacturing expansion, job creation and increased exports.
The project is expected to strengthen Ghana’s position as a preferred investment destination while contributing to the government’s objective of building a resilient, production-driven economy capable of sustaining long-term growth and development.