President John Dramani Mahama on Monday vowed to steer the nation towards a brighter and more prosperous path.
In his keynote address at the National Economic Dialogue in Accra, the President said that when he assumed office barely two months ago, he inherited an economy that was in a state of deep crisis, weighed down by numerous challenges.
He stated that the economy was reeling from unprecedented levels of debt, soaring inflation, high unemployment, declining levels of foreign direct investment, and low business confidence. He added that the financial struggles the nation was facing had not arisen overnight.
President Mahama said these struggles were the result of several years of financial mismanagement, irresponsible borrowing, reckless spending, and weak leadership that failed to address the underlying structural issues within the economy.
He noted that this pervasive mismanagement culminated in Ghana’s default on its debt obligations, marking a devastating milestone for the country and triggering a cascade of economic problems that have severely impacted the people.
He said Ghana was at a critical crossroads in its economic development, adding that the challenges before Ghanaians were stark, and the economic distress they faced was undeniable.
However, he emphasized that their collective resilience, ingenuity, and determination had always been the driving force behind the nation’s progress.
“As President, I am committed to ensuring that the lessons learned from this crisis will shape the decisions we make in the years ahead,” he said.
“The mistakes of the past must not define our future, and I vow to do everything in my power to steer this nation towards a brighter and more prosperous path.”
The President continued: “My fellow citizens, I know that the road to economic recovery will be challenging, but we must not relent in our quest to rebuild the Ghana we all want—for the sake of our children and our children’s children.”
“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. My priority as President is to restore macroeconomic stability.”
He stressed the need to enforce responsible public financial management and ensure fiscal discipline at all levels of government while working to reduce hardships for the people.
President Mahama stated that under his leadership, the independence of the Bank of Ghana would be safeguarded to implement prudent monetary policies that curb inflation, stabilize the currency, and rebuild foreign reserves.
“We must never again allow reckless borrowing and excessive government spending to undermine our progress,” he said.
He added that fiscal responsibility must become the bedrock of the national development strategy and that every expenditure must deliver tangible value to the Ghanaian people.
“We must review our laws to eliminate excessive waste in the procurement of government supplies and projects. Single-source procurement must be the rare exception rather than the norm.”
The President further stated that government projects above a certain threshold must be subjected to value-for-money audits.
The Government envisions the National Economic Dialogue as a means to achieve objectives such as communicating the true state of Ghana’s economy to stakeholders and citizens, developing a homegrown fiscal consolidation programme to guide the national budget, and highlighting key structural reforms and policy priorities essential for resetting the economy.
Dr. Ishmael Yamson, Chairman of the National Economic Dialogue Planning Committee, said he agreed that Ghana’s economy needs to be reset.
He noted that the overwhelming majority of the nation’s problems were homegrown and required the right leadership to resolve them.
