President John Dramani Mahama has called for urgent economic reforms to restore macroeconomic stability and set Ghana on a path toward long-term economic transformation.
Speaking at the opening session of the National Economic Dialogue at the Accra International Conference Centre, he emphasized that discussions must go beyond theory and lead to “real, impactful decisions that will guide our national economy forward.”
The president acknowledged that Ghana’s economy is in crisis, burdened by excessive debt, high inflation, and declining investor confidence.
“The financial struggles our nation faces did not arise overnight. They are the result of several years of financial mismanagement, excessive borrowing, reckless spending, and weak leadership that failed to address the structural issues within our economy,” he stated.
Mahama stressed the need for structural reforms to unlock the private sector’s potential, making it “the engine of growth that drives job creation and innovation.” He also called for stronger economic governance institutions, emphasising that transparency and accountability must be at the forefront of Ghana’s economic recovery.
“We must shine a light on transparency and accountability at all levels of government while taking decisive action to combat corruption and eliminate barriers to progress,” he urged.
Reiterating his commitment to fiscal discipline, Mahama promised that under his leadership, the Bank of Ghana would operate independently to curb inflation and stabilise the national currency.
He also vowed to enforce stricter procurement policies to curb financial waste, citing an instance where a government contract allowed a supplier to profit excessively at the expense of the nation. “If this were our own company, would we manage resources this way?” he questioned.
Mahama further emphasised the importance of inclusive growth, stating that economic gains must be equitably distributed.
“We must foster inclusive growth that benefits every sector of society, from marginalised communities to the industrialists of tomorrow,” he said.
The president expressed optimism that with the right policies and political will, Ghana can reclaim its economic strength and become a beacon of prosperity in Africa.
