President Mahama has addressed Ghanaians and stakeholders in the economy at the National Economic Dialogue (NED) 2025 on Monday, March 3, 2025 highlighting his government’s bold resolve to reset Ghana’s economy, calling for a collaborative stakeholder discussion to revive the economy.
The Dialogue held at the Accra International Conference Centre, brought together economists and key stakeholders to discuss Ghana’s economic challenges and strategise to deal with the economic crisis.
President Mahama delivered the keynote address outlining his administration’s vision for economic recovery. Here are highlights from his address.
1. Call for collective responsibility
President Mahama underscored the importance of the dialogue, stating that it was not merely a symbolic event but a strategic step towards resetting Ghana’s economy.
“This gathering is more than just a symbolic exercise or the fulfilment of a campaign promise; it is a decisive step in our collective responsibility to reset Ghana’s economy, restore confidence, and build the prosperous future we all envision.”
2. Commitment to macroeconomic stability
He said his administration’s priority is to restore macroeconomic stability through responsible public financial management and fiscal discipline.
“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.”
3. Economic situation
The President described the economic situation he inherited as one of “deep crisis,” citing high debt levels, inflation, and declining investor confidence. “When I assumed office barely two months ago, I inherited an economy that was in a state of deep crisis, one that was weighted down by numerous challenges.”
4. Criticised previous gov’t for financial mismanagement
He attributed Ghana’s financial difficulties to years of reckless spending, excessive borrowing, and weak economic governance. “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.”
5. Strengthening the private sector
President Mahama reiterated his administration’s commitment to structural reforms that would make the private sector the engine of growth. “We will examine the structural reforms that are necessary to unleash the private sector’s potential and make it truly the engine of growth that drives job creation and innovation.”
6. Commitment to address corruption and wasteful expenditure
He highlighted the need for stringent measures to curb corruption, especially in government procurement. “Procurement must be the rare exception rather than the norm. We must also subject government contracts above a certain threshold to value-for-money audits.”
7. Revitalising the banking sector
The collapse of indigenous banks, he noted, had significantly reduced local participation in the financial sector and led to job losses. He pledged to work towards restoring confidence in Ghana’s banking system. “The ill-considered collapse of indigenous banks significantly reduced indigenous presence in Ghana’s financial and banking space and led to massive job losses.”
8. Industrialisation and economic transformation
The President stressed the need to move away from raw material exports towards industrialisation. “It’s time to transition to a value-added, industrialised economy that creates jobs, boosts exports, and reduces our reliance on imports.”
9. Introduction of a 24-hour economy
A key initiative in his economic strategy is the implementation of a 24-hour economy to boost productivity. “Under this initiative, this administration is committed to providing incentives and tax breaks for manufacturers and businesses that extend their operational hours, encouraging a shift-based employment system that expands job opportunities.”
10. Vision for a resilient and prosperous Ghana
President Mahama called on all stakeholders to work together towards long-term economic transformation. “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.”
As the dialogue progresses, stakeholders will further deliberate on actionable strategies to restore economic stability and drive long-term development. The President reaffirmed his commitment to ensuring that Ghana’s economic future is shaped by consensus and collective effort, concluding with a call to action: “Together, we will build the Ghana we want and a robust economy of our own design and creation.”
