Mahama announces $2bn annual investment to accelerate industrialisation

President John Dramani Mahama has announced plans to invest $2 billion annually over four years under the government’s proposed $10 billion New Economy Programme to accelerate industrialisation, boost production, create jobs and position Ghana as a manufacturing and logistics hub for West Africa. The President said the programme would channel investment into productive sectors of the economy, with 50% of the funding earmarked for agriculture and agro-processing. The remaining allocation would support industry and the infrastructure required to connect producers to markets. The initiative is expected to strengthen local production, expand economic opportunities and support Ghana’s ambition to become a regional industrial centre. President Mahama made the announcement on Thursday, October 15, 2026, when he cut the sod for the commencement of construction works on the Afienya Industrial Park. The project is expected to expand the country’s industrial capacity, attract investment and create employment opportunities. He explained that the development was a strategic response to growing investor interest in Ghana and the limited space available at the Tema Export Processing Zone to accommodate new businesses. Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, who also chairs the Board of the Ghana Free Zones Authority, underscored the importance of securing land free from litigation to support industrial development. Drawing on her 22 years of experience at the Bar, she said cooperation from traditional authorities and local communities deserved recognition, noting that access to undisputed land was critical to helping businesses establish factories, expand operations and avoid costly delays.