President John Dramani Mahama has reaffirmed his commitment to restoring Ghana’s economic stability and ensuring long-term growth through responsible governance and bold reforms.
Speaking at the National Economic Dialogue at the Accra International Conference Center, he outlined a vision aimed at fiscal discipline, industrial transformation, and the implementation of a 24-hour economy to drive sustainable development.
In a passionate address, President Mahama vowed to learn from past economic challenges and take decisive action to prevent the mismanagement of public funds.
“The mistakes of the past must not define our future,” he stated. “We must never again allow recklessness to take over our country. 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.”
He highlighted the urgent need for governance reforms, particularly in the procurement sector, to curb wasteful spending. Citing a recent example, he revealed how a single-source procurement deal saw the government overpay by millions of cedis for goods that could have been acquired at a lower price. “That is government bleeding, everybody cutting their pound of flesh. That must stop,” he declared.
Mahama also announced a major economic policy shift, transforming Ghana into a 24-hour economy. He argued that the country must move beyond reliance on raw material exports and embrace a model that promotes industrialization and value addition.
“At the heart of our vision for Ghana’s future is the implementation of a 24-hour economy that works for all,” he stated. “This strategy will revolutionize our economic landscape, create sustainable jobs, and position Ghana as a competitive force on the global stage.”
As part of this initiative, Mahama’s administration plans to provide tax breaks and incentives for businesses that extend their operational hours. He also pledged investments in infrastructure, energy, and security to support round-the-clock industries.
Rebuilding Ghana’s economy, according to Mahama, will require a multi-stakeholder approach and strategic planning rather than short-term fixes. He emphasized the importance of protecting the independence of the Bank of Ghana to curb inflation, stabilize the cedi, and rebuild foreign reserves.
“We must ensure fiscal discipline at all levels of government while working to reduce hardships for our people,” he said. “Short-term convenience must give way to medium- and long-term strategic planning to prevent the cycles of economic booms and busts that have plagued our nation.”
Mahama called for increased transparency and greater participation of local businesses in Ghana’s natural resource sector to ensure wealth creation benefits the people. He also stressed the role of digital infrastructure in driving economic expansion, noting that high-speed internet and technological advancements are essential for Ghana’s global competitiveness.
“As I have always said, consensus-building and consultation will be the hallmark of this administration,” he noted. “We all have a role to play in developing our dear nation.”
As Ghana moves toward economic recovery, Mahama urged citizens to embrace the reforms necessary for a more prosperous and resilient future. “We owe it to ourselves, our children, and our country to rebuild an economy that delivers real opportunities for every citizen,” he concluded.
