…Calls for ideas to lift economy from the ashes to growth
President John Dramani Mahama has officially opened the National Economic Dialogue, describing the event as a crucial step in resetting Ghana’s struggling economy and restoring confidence among stakeholders.
Addressing government officials, policy makers, business leaders, economists, and development partners, President Mahama emphasized that the dialogue must transcend theoretical discussions and lead to actionable solutions for the country’s economic recovery and transformation.
“Today, we are here to begin the process of engaging in honest, solution-driven discussions about the challenges we face and the opportunities before us. Our nation stands at a pivotal moment, and the choices we make now will determine the trajectory of our economy for generations to come. As president, I have the honor of leading the conversation on the theme of resetting Ghana and building the economy we want together.
“This theme reflects our shared commitment to creating an economy that is resilient, inclusive, and built on sustainable growth. It is an invitation to all stakeholders to contribute their expertise, ideas, and dedication to this national effort. Ghana is at a critical crossroads in its economic development.”
President Mahama acknowledged that Ghana stands at a pivotal moment in its economic development, with numerous challenges requiring urgent intervention.
He painted a stark picture of the economic distress currently facing the country, citing high inflation, rising unemployment, declining foreign direct investment, and waning business confidence as major concerns, whiles attributing these difficulties to years of financial mismanagement, irresponsible borrowing, and reckless spending.
“The financial struggles that our nation is facing have not arisen overnight. They have been the result of several years of financial mismanagement, irresponsible borrowing, reckless spending, and weak leadership. That failed to address the underlying structural issues within our economy. This pervasive mismanagement culminated in Ghana’s default on its debt obligations.
“This marked a devastating milestone for our dear country. Spawning a cascade of economic problems that have impacted our people. Huge fiscal deficits, excessive government expenditures, and overall financial impudence are have compromised our economic resilience.”
The President further highlighted how Ghana’s default on its debt obligations under the previous NPP administration led to a series of economic setbacks, including fiscal deficits, excessive government expenditure, and declining investor trust.
He noted that almost all international credit rating agencies, such as Moody’s, Fitch, and Standard & Poor’s, had downgraded Ghana’s credit ratings, leading to capital flight and exacerbating the country’s economic woes.
President Mahama was particularly critical of the Bank of Ghana leadership at the time, which he claimed deviated from its role as an independent monetary authority to become a “financing tool for government excesses, blaming this for fueling inflation and devaluing the Ghanaian cedi, making the cost of living unbearable for ordinary citizens.
“Meanwhile, the ill-considered collapse of indigenous banks significantly reduced the indigenous presence in Ghana’s financial and banking space and led to massive job losses. For too long, Ghana has been plagued by short-term decision-making that prioritizes political expediency over long-term stability. We refuse to accept this as Ghana’s reality.
“We reject the notion that economic hardship must be our norm. We refuse to surrender to the forces of stagnation and decline. We are gathered here today because we believe in Ghana’s ability to rise again. We are gathered here to reclaim our country’s economic strength and emerge as a beacon of progress on the African continent not only a beacon of democracy but a beacon of economic prosperity.”
Declaring the dialogue a turning point, Mahama urged all stakeholders to contribute their expertise toward Ghana’s economic recovery.
He outlined his administration’s key economic priorities, including restoring macroeconomic stability, enforcing fiscal discipline, and ensuring transparency in public financial management.
“My priority as president is to restore macroeconomic stability. We must enforce responsible public financial management and ensure fiscal discipline at all levels of government while working to reduce hardships for our people.”
He also reaffirmed his commitment to safeguarding the independence of the Bank of Ghana, ensuring that prudent monetary policies are implemented to curb inflation, stabilize the currency, and rebuild foreign reserves.
President Mahama also pledged to review laws governing government procurement processes to eliminate waste and inefficiency, decrying the frequent use of single-source procurement, which he said had led to inflated government contracts and corruption.
“We must review our laws to eliminate excessive waste in the procurement of government supplies and projects. Single-source procurement must be the rare exception rather than the norm. We must also subject government exception rather than the norm. We must also subject government projects above a certain threshold to value-for-money audits.”
Citing an example from the previous administration, he revealed a case where a company was awarded a single-source contract to supply poultry farming equipment at inflated prices, resulting in massive financial losses to the state.
‘The reason for a single source was agency and one company was given the contract to supply 10,000 units of whatever it was. The supplier and the person who assembles it were not allowed to bid. And so the company would have won it, went to the supplier, bought the items for GHS 45,000, 000 and came and sold them for GHS 66, 000,000 to the government, and walked away with GHS 21,000,000 on that supply.
“I mean, how can you do this? I mean, if it was our own company we’re running, how would we do a thing like this? But that is government bleeding. Everybody cuts in their pound of flesh. That must stop.”
Additionally, President Mahama reiterated that Ghana must move beyond its traditional economic model, which has long been reliant on the export of raw materials such as gold, cocoa, and crude oil.
He called for value addition to these resources and increased indigenous participation in their exploitation.
He referenced former Chief Justice Sophia Akuffo’s recent call for a review of agreements governing Ghana’s extractive industries, describing the current contracts as outdated and colonial-era relics.
“There must be increased indigenous participation in the exploitation of our natural resources. Ghana must earn more from its natural resource endowment if we are to create wealth and prosperity for our people.”
President Mahama identified agriculture as a key sector requiring modernization through mechanization, improved irrigation, and technological advancements, emphasizing the need for food security and self-sufficiency in agricultural production. In addition, he highlighted the importance of bridging Ghana’s digital divide.
For him, high-speed internet and robust digital infrastructure are no longer luxuries; he asserted that they are necessities that fuel economic growth and global competitiveness.
President Mahama acknowledged that true economic recovery must be underpinned by governance reforms promoting transparency and accountability.
He committed to building consensus and consulting with stakeholders to ensure inclusive policy decisions.
“My fellow citizens, I have the political will to see through such reforms. But these reforms must be the product of our collective thinking and synthesization of well-considered proposals from stakeholders in the Ghanaian economy. And that is why we are here this morning.
“As I had caused to say when I delivered the message on the state of the nation to parliament last week, consensus building and consultation will be the hallmarks of this administration. Because I believe that all of us as Ghanaians have a role to play in the development of our dear nation. And I would very much like to be remembered as the president who provided a platform for this to happen.”
One of the key initiatives President Mahama emphasized was the implementation of a 24-hour economy to boost productivity, create sustainable jobs, and position Ghana as a competitive force globally.
This, according to him, will revolutionize Ghana’s economic landscape, adding that it will create sustainable jobs and position Ghana as a competitive force on the global stage.
In his closing remarks, President Mahama urged all stakeholders to move beyond diagnosing economic problems and focus on implementing concrete, pragmatic solutions., expressing confidence that Ghana’s economic recovery was possible through disciplined leadership, stakeholder collaboration, and long-term strategic planning.
“The mistakes of the past must not define our future. We owe it to ourselves, our children, and our country to rebuild an economy that is resilient, sustainable, and capable of delivering real opportunities for every citizen.”
As Ghana embarks on this ambitious economic reset, the President’s speech serves as both a rallying call and a blueprint for achieving long-term prosperity.
The coming months will determine the extent to which these commitments translate into tangible policy actions that drive national economic transformation.