Minority Calls Mahama's New Economy Policy a Rebranded 24-Hour Economy

The Minority in Parliament has dismissed President John Dramani Mahama's proposed New Economy policy as a relabelled version of the 24-Hour Economy programme. It is demanding that the government explain how the plan will be funded and what earlier initiatives have delivered.

Leading the criticism, Ofoase-Ayirebi MP Kojo Oppong Nkrumah described the policy as a political scam, as first reported by Citi News. He spoke at a press conference at Parliament on Tuesday, November 10, 2026, ahead of Finance Minister Dr Cassiel Ato Forson's presentation of the 2027 Budget.

The former Information Minister accused the Mahama administration of attaching new names to old promises without showing convincing evidence that they had been fulfilled. He said Ghanaians deserved more than new announcements, attractive financial projections and pledges of millions of jobs.

Questions over funding

According to the report, President Mahama announced the New Economy policy on August 14, 2026. It carries an investment ambition of US$10 billion over four years, with about US$2.5 billion a year expected to flow into seven priority sectors. Agriculture is reportedly expected to receive US$5 billion.

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Mr Oppong Nkrumah questioned the basis for these projections. He asked how the financing would differ from earlier commitments under the 24-Hour Economy and Big Push initiatives, and where the money would actually come from.

He noted that the 24-Hour Economy was launched on July 2, 2025, two days after it was announced. It aimed to raise US$4 billion over four years and create around 1.7 million jobs by 2028.

The MP said the 24-Hour Economy Secretariat had indicated that, as of October 19, 2026, it could not give a definitive jobs figure. The Secretariat said it was working with the Ghana Statistical Service on a way of measuring jobs. Four projects have reportedly been linked to about 160,000 projected jobs, which the Minority said falls well short of the original target.

He also cautioned against presenting the US$5.5 billion in project agreements announced in July 2026 as money already disbursed or projects already running. He called for a clear distinction between commitments, signed agreements, actual inflows and completed projects.

Spending shortfalls cited

The Minority called on the government to account for about GH¢650 billion in public funds it says the administration has received in its first two years.

It cited 2025 figures showing capital expenditure of about GH¢7.1 billion between January and June, against a budget of GH¢18.1 billion. By September, the figure was about GH¢10.9 billion against a budget of GH¢26.6 billion. For 2026, the caucus pointed to first-half total spending of GH¢127.2 billion against a budget of GH¢158.6 billion. It added that capital spending reached about GH¢24 billion by July, out of a full-year allocation of roughly GH¢57.5 billion.

On the Big Push, the Minority said road contracts worth about GH¢63 billion compare with combined allocations of GH¢43.8 billion in the 2025 and 2026 budgets. That leaves a gap of roughly GH¢19 billion. It also said the Annual Budget Funding Amount, which draws on petroleum revenue, had received only US$1.9 million by September 2025 against an annual ceiling of US$573.1 million.

Mr Oppong Nkrumah further asked whether the government's job figures referred to permanent posts, temporary construction work, indirect employment or projections based on economic multipliers.