Ghana’s proposed $10 billion New Economy initiative is facing growing scrutiny over its financing, implementation plans and accountability, with the Institute of Economic Research and Public Policy (IERPP) demanding answers about the performance of the government’s existing $4 billion 24-Hour Economy programme.
The institute says the government must demonstrate what it has achieved with the resources committed to the 24-Hour Economy initiative before embarking on another ambitious investment programme that could shape the country’s fiscal priorities over the next four years.
At the centre of the concerns is whether the government can provide verifiable evidence of the financing secured, projects implemented and jobs created under the existing programme, particularly as it prepares to advance a significantly larger economic initiative.
Speaking at a press conference at the IERPP Conference Room in Adabraka, Accra, on Tuesday, October 27, 2026, the institute’s Executive Director, Professor Isaac Boadi, questioned the credibility of announcing a $10 billion economic programme without first publishing a comprehensive account of the original initiative.
He argued that Ghana’s economic transformation ambitions must be supported by transparent financial reporting, measurable results and credible implementation arrangements.
“The era of announcing numbers must end. The era of accounting for results must begin,” he said.
$10bn Economic Plan Faces Financing Questions
The proposed New Economy initiative, announced by President John Dramani Mahama on August 14, 2026, is expected to run over four years, with an estimated $2.5 billion allocated annually across seven priority sectors.
The programme is intended to support economic transformation, with agriculture and agro-processing among the areas expected to receive substantial investment.
However, Prof. Boadi has questioned the timing of the initiative, particularly the reported allocation of $5 billion to agriculture and agro-processing, arguing that the government must explain how the proposed investment will be financed and implemented.
He wants the administration to publish a detailed financing structure showing the respective contributions expected from public resources, private investors, development partners and financial institutions.
The institute is also demanding clarity on the investment criteria, sectoral allocations, implementation timetable and accountability mechanisms that will govern the new programme.
These details are important because the scale of the proposed investment raises questions about the government’s ability to mobilise capital while managing public expenditure and protecting the country’s fiscal position.
Prof. Boadi also wants the government to explain whether the initiative could create additional fiscal obligations or contingent liabilities for the State.
Such disclosures would help establish whether the programme’s financing arrangements are sustainable and how potential risks to public finances would be managed.
$4bn Programme Under Pressure Over Jobs and Spending
The demand for accountability stems from concerns about the performance of the 24-Hour Economy and Accelerated Export Development Programme, known as 24H+.
On June 30, 2025, Presidential Adviser on the 24-Hour Economy, Augustus Goosie Obuadum Tanoh, announced plans to mobilise $4 billion over four years for the programme.
Abdul-Nasser Suglo Alidu, then Head of Strategy and Programmes at the 24-Hour Economy Secretariat, had also set a target of at least 1.7 million jobs within the same period.
President Mahama subsequently launched the programme on July 2, 2025, with the aim of expanding domestic production, boosting exports, attracting private investment and creating employment.
However, questions about the programme’s measurable results have intensified following a MyJoyOnline report published on October 19, 2026, in which Mr Suglo Alidu reportedly acknowledged that the Secretariat could not provide a total figure for jobs created under the initiative.
“I won’t be able to give you a number in terms of the total number of jobs the 24-hour economy created. We don’t want to throw numbers around,” Mr Suglo Alidu was quoted as saying.
Prof. Boadi believes the absence of a verified employment figure makes it difficult to assess progress towards the 1.7 million-job target.
He has consequently demanded an account of the programme’s financing, including amounts pledged, secured, released and spent, alongside details of completed projects and those awaiting implementation.
The institute also wants the government to distinguish between permanent, temporary and indirect employment, as well as projected jobs that have yet to materialise.
$5.5bn Agreements Raise Questions About Actual Investment
The institute has separately questioned a reported announcement by the Secretariat in July 2026 that agreements worth approximately $5.5 billion had been signed, with four projects expected to generate more than 160,000 direct jobs.
Prof. Boadi wants the government to clarify how much of the reported amount represents binding financing commitments, how much has actually been disbursed and which projects have progressed to implementation.
The distinction is economically significant because signed agreements, financing commitments and actual expenditure represent different stages of an investment process.
An agreement may signal investor interest, but it does not necessarily mean that the money has been released, construction has started or employment has been created.
Without transparent reporting, the public cannot determine how much investment has entered productive activity or whether the programme is delivering the expected economic benefits.
GH¢90m and GH¢110m Budget Figures Under Scrutiny
IERPP has also raised concerns over what Prof. Boadi described as a discrepancy in the 2026 Budget documents concerning allocations to the 24-Hour Economy programme.
He said the detailed expenditure table in the Budget presented by Finance Minister Dr Cassiel Ato Forson on November 13, 2025, listed GH¢90 million for the programme, comprising GH¢70 million for goods and services and GH¢20 million for capital expenditure.
However, he said the Budget Speech cited an allocation of GH¢110 million.
The institute is demanding that the government reconcile the two figures and disclose how much was actually released and spent.
Prof. Boadi stressed that an allocation in the national budget does not automatically mean the entire amount has been disbursed or expended.
Resolving the discrepancy would help clarify the programme’s actual fiscal cost and provide a clearer basis for assessing the relationship between public spending and economic outcomes.
IERPP Calls for Stronger Fiscal Accountability
Prof. Boadi has outlined measures he believes should guide the implementation of both economic programmes, including a comprehensive financing and implementation report for the 24-Hour Economy initiative.
He is also calling for independently verifiable employment figures, reconciliation of the disputed budget figures and publication of the New Economy initiative’s financing arrangements.
Another proposal is the introduction of a public dashboard supported by periodic independent audits to track financial commitments, disbursements, project milestones and jobs created.
The proposed measures would give citizens, investors and policymakers a clearer picture of how public commitments translate into productive investment and employment.
The concerns come as the government continues consultations on the New Economy initiative, with further details expected in the 2027 Budget, according to Prof. Boadi.
Ghana’s economic transformation agenda will ultimately depend not only on the amount of capital announced but also on the quality of investment, the resources actually deployed and the returns generated for the economy.
IERPP insists that demonstrating the performance of the existing programme is essential to establishing confidence in the next phase of economic investment.
The institute wants the government to show how much has been invested, what that spending has achieved and how lessons from the 24-Hour Economy programme will shape the proposed $10 billion initiative.
As Ghana prepares for another major economic programme, the demand for transparent financing, credible employment data and measurable outcomes is becoming central to the debate over how the country should allocate resources and pursue sustainable growth.
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