In a bold and decisive tone, President John Dramani Mahama addressed the nation, outlining his administration’s plans to revive Ghana’s struggling economy.
President Mahama’s speech was a clear departure from the pessimism that has characterized the country’s economic discourse in recent times.
Instead, he offered a message of hope and determination, emphasizing his commitment to implementing policies that would stimulate economic growth and create jobs.
One of the key initiatives announced by President Mahama is the implementation of a 24-hour economy, aimed at creating an enabling environment for businesses and public institutions to operate around the clock.
This policy is expected to boost economic activity, increase productivity, and create new job opportunities.
Additionally, the government plans to roll out a US$10 billion ‘Big Push’ policy for rapid infrastructure development, which will continue the legacy of massive infrastructure development for job creation.
To address the country’s fiscal challenges, President Mahama announced plans to rationalize taxes, expenditures, and establish an Accelerated Export Development Council (AEDC).
These measures are designed to restore macroeconomic stability, promote inclusive growth, and improve the overall economic outlook.
Despite the daunting economic challenges facing the country, President Mahama expressed his commitment to taking the necessary steps to bring the economy back on track. He acknowledged the previous government’s mismanagement of the economy, which has resulted in a significant accumulation of debt and a severe impact on infrastructure projects.
The government’s efforts to address the debt crisis are already underway, with the successful payment of GHS 6.081 billion in cash and GHS 3.46 billion in kind to bondholders in February 2025.
Furthermore, the NDC government is building buffers in the Sinking Fund and adopting prudent debt management practices to ensure prompt repayment of upcoming domestic and external debt maturities.
-BY Daniel Bampoe
