The performance of President John Dramani Mahama in the delivery of his ‘social contract’ with the people of Ghana in the first 120 days in office is “remarkable,” says Professor John Gatsi.
President Mahama took office on the back of the implementation of a US$3 billion loan-supported programme with the International Monetary Fund (IMF), aimed at restoring macroeconomic stability and debt sustainability.
Within the 120-days, the United States Agency for International Development (USAID) withdrew its support to Ghana, creating US$156m funding gap, while the US Government also imposed 10 per cent tariff on the country.
However, the Professor of Finance, in an exclusive interview with the Ghana News Agency, said the Government had demonstrated commitment towards restoring and resetting the economy to ensure stability and progress.
“From day one, the agenda is being rolled out progressively and steadily, in a manner that touches every facet of the economy, good governance, young people, economic entrepreneurship and business development, reforms of institutions, and reform of the Constitution,” he noted.
Professor Gatsi lauded the Government for its moderate approach to expenditure and focus on value for money, a gesture he said would help create the needed stable macroeconomic environment to propel business development.
He noted that the Ghana Medical Trust Fund (Mahama Cares), launched last Tuesday, for example, would help address critical health needs of citizens, citing the President’s experience in governance as a contribution to his current “excellent” performance.
Professor Gatsi, the Dean of the University of Cape Coast (UCC) Business School, urged the Government to remain steadfast in maintaining the momentum in rolling out initiatives and ensuring their full implementation.
“The successful rollout of initiatives should be maintained across multiple sectors of the Ghanaian society,” he said, calling for sustained-stable economic environment going forward.
“This will provide multiple benefits: a resilient and better economy, lower inflation, a steady and stable generating environment, and then lower interest rates that will govern business development in the country,” he stated.
He said the actions of the Government in the 120-days had provided the stage for a more comprehensive economic agenda in the days ahead.
Professor Gatsi was confident that when the “standard” was kept, the outcomes would benefit citizens through export progress, skills development for young people, and improved governance through transparency and accountability.
Already, the Ghana Union of Traders’ Associations (GUTA), has commended the Government for stabilising the cedi against its major trading currencies [Dollar, Pounds and Euro] since January 2025.
Meanwhile, the Bank of Ghana (BoG) has indicated that as of May 6, 2025, US$1 was bought at GH¢13.64 and sold for GH¢13.65; £1 was bought at GH¢18.11 and sold for GH¢18.13, while €1 was bought at GH¢15.42 and sold for GH¢15.44.
As of January 6, 2025, US$1 was bought at GH¢14.74 and sold for GH¢14.75; £1 was bought at GH¢18.26 and sold for GH¢18.28, while €1 was bought at GH¢15.15 and sold for GH¢15.17.
The stability over the past five months, GUTA said, had brought some level of respite and confidence to the economy, enabling the business community to recoup some of the lost capital in the past few years due to depreciation and exchange rate pressures.
“These prudent measures, if sustained, would lead to full economic recovery and make businesses competitive, increase productivity, as well as alleviate the high cost of living in the country,” it said in a statement copied to GNA on Tuesday.
President Mahama, who served as Ghana’s President from 2012 to 2017, returned to office on January 7, 2025, providing an 11-page document, with 26 itemised promises to fulfil as a social contract in his first 120 days.
