Stabilizing Ghana’s economy as a basis for sustainable development is something that President John Dramani Mahama has reaffirmed his unflinching commitment to.
During a panel discussion at the Africa Business Forum 2025 in Addis Ababa, Ethiopia, President Mahama stressed that the first step in resolving challenges like depreciating cedis, excessive interest rates, growing inflation, and unmanageable national debt is economic stabilization.
The United Nations Economic Commission for Africa (UNECA) hosted the event, which had as its theme “Moving from Potential to Prosperity: Activating Africa’s Regional Value Chain.”
President Mahama emphasized the significance of examining the underlying causes of Ghana’s economic issue in order to put long-term fixes in place.
He emphasized that in order to avert future economic downturns, rules pertaining to fiscal responsibility and public financial restrictions must be strengthened.
“We must ensure that no Finance Minister is ever allowed to borrow over $11 billion in just five years, only to channel it into consumption. This must be a thing of the past,” he stated.
President Mahama listed a number of measures his administration is taking to promote growth and bring stability back, such as:
Regional Trade Partnerships: Strengthening trade ties with neighbouring countries such as Togo, Benin, Côte d’Ivoire, Nigeria, and Burkina Faso under the African Continental Free Trade Agreement (AfCFTA).
Resource Consolidation: Leveraging natural resources across West Africa to enhance economic growth. Trade Corridors: Expanding and developing new regional trade corridors to facilitate commerce and industrialization.
President Mahama reaffirmed his administration’s commitment to ensuring economic stability and promoting policies that will foster regional cooperation, investment, and long-term prosperity for Ghana and Africa as a whole
President Mahama reiterated the administration’s dedication to maintaining economic stability and advancing measures that will encourage investment, regional collaboration, and long-term prosperity for Ghana and Africa at large.
Source: newsthemegh.com