President John Dramani Mahama has assured Ghanaians of his unwavering commitment to restoring macroeconomic stability, enforcing fiscal discipline, and revitalizing the country’s economic growth.
Speaking at a high-level National Economic Dialogue 2025 held at the Accra International Conference Centre, the President emphasized the urgent need to implement strategic reforms that will foster sustainable development and create opportunities for all citizens.
President Mahama acknowledged the severe economic challenges facing Ghana, including soaring inflation, unsustainable debt levels, high unemployment, and a loss of investor confidence.
He attributed the current crisis to years of financial mismanagement, reckless borrowing, and excessive government expenditure, which led to Ghana’s debt default and subsequent economic downturn.
“The financial struggles our nation faces today did not arise overnight. They are the result of years of fiscal indiscipline, irresponsible borrowing, and leadership that failed to address the structural weaknesses in our economy."
"The consequences have been dire—credit downgrades, capital flight, and a significant loss of investor confidence,” President Mahama stated.
He criticized the Bank of Ghana for failing to maintain its independence, accusing it of becoming a financing tool for government excesses, which he said fueled inflation and devalued the local currency.
He also lamented the ill-conceived collapse of indigenous banks, which led to job losses and reduced Ghanaian participation in the financial sector.
Despite these challenges, President Mahama remains optimistic about Ghana’s ability to recover.
He called for an all-hands-on-deck approach, urging policymakers, business leaders, development partners, and industry experts to work together to craft solutions that will drive long-term economic transformation.
“This dialogue must serve as a turning point. We must move beyond diagnosing problems to implementing concrete, pragmatic solutions that will reposition Ghana on a path to sustainable growth. We must rebuild an economy that is resilient, inclusive, and capable of delivering real opportunities for every citizen,” he said.
Outlining his economic recovery strategy, President Mahama pledged to enforce responsible public financial management and reduce wasteful government expenditure.
He promised to strengthen the independence of the Bank of Ghana to ensure sound monetary policies that curb inflation and stabilize the national currency.
“We must never again allow reckless borrowing and excessive spending to undermine our progress. Fiscal responsibility must become the bedrock of our national development strategy, and every cedi spent must deliver tangible value to the Ghanaian people,” he declared.
To enhance transparency and efficiency in government procurement, President Mahama announced plans to eliminate waste and curb abuses in the system.
He stressed that single-source procurement must be an exception rather than the norm and that government projects above a certain threshold must be subjected to value-for-money audits.
President Mahama concluded by reaffirming his administration’s commitment to economic recovery, stating that tough but necessary decisions will be made to rebuild Ghana’s economy for the benefit of future generations.
“The road to recovery will not be easy, but we owe it to ourselves, our children, and our country to rebuild an economy that is strong, sustainable, and capable of delivering prosperity for all,” he said.
The President’s remarks signal a renewed focus on economic governance and policy-driven solutions aimed at steering Ghana away from crisis and towards a future of stability and growth.
Story by: Joshua Kwabena Smith
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