President John Dramani Mahama on Saturday assured businesses that the government will reduce the cost of borrowing by reforming credit systems and supporting blended finance instruments.
This is to stimulate economic growth and to help strengthen businesses and industries.
The President also announced that the government would retool the financial sector to serve the real economy, not just government borrowing or speculative trading.
President Mahama stated this in his opening remarks at the Second Edition of the Kwahu Business Forum at Mpraeso in the Kwahu South District of the Eastern Region.
The Kwahu Business Forum, which is the brainchild of President Mahama, is a major initiative to foster entrepreneurship and support the growth of Ghana’s small and medium enterprises (SMEs).
It is a direct response to the government’s vision of expanding Ghana’s private sector capacity, especially in the agro-processing and manufacturing sectors of the economy.
As a non-partisan national development agenda, the Kwahu Business Forum brings together business owners, industrialists, investors, start-ups, and major industry players to network, share experiences, and explore ways to raise capital or leverage available products from financial institutions.
The maiden forum, held during the 2024 Easter festivities at Mpraeso, the capital of Kwahu South District of the Eastern region, successfully brought together business magnates and young entrepreneurs who shared their experiences and expectations with the then-candidate John Mahama.
The Second Edition of the Kwahu Business Forum is on the theme “The Future of Business: The Role of the Financial Sector”.
“We will also launch a national venture capital fund to support youth- and women-led businesses, and introduce regulatory reforms that encourage banks and financial institutions to lend to productive sectors of the economy,” he said.
The president reiterated that financial inclusion would be at the heart of this agenda.
“No economy can grow if its people remain excluded from formal financial systems. We will work with banks, fintechs, and mobile money operators to expand access to financial services, particularly in rural and underserved communities.”
The president said the future of business in Ghana must be digital, green, and inclusive.
“We are entering logistics and public safety, for businesses to operate around the clock. This will boost an era where digital infrastructure is as important as roads and bridges,” he said.
President Mahama said as part of the Government’s 24-Hour Economy strategy, they would create the conditions through reliable electricity, productivity, create jobs, and expand opportunity across the country, stating that, however, transformation also requires skills.
This, he said, was why they were introducing a Jobs and Skills Compact—bringing together government, industry, and academia to align education and training with the needs of the job market.
President Mahama said the Government would provide incentives to companies that create sustainable, decent jobs and support youth entrepreneurship to unlock the creativity of the young people.
“Our vision is a Ghana where no young person needs to leave their hometown in search of opportunity. Where communities like Mpraeso, Nkawkaw, and Abetifi become hubs of innovation, enterprise, and decent work,” President Mahama said.
“To truly enable business growth, we must go beyond economic policy. It requires a firm commitment to the rule of law, political stability, and respect for contracts and property rights.”
President Mahama said it also required a responsive, corruption-free public service that would see the private sector not just as a revenue source, but as a development partner.
“That is why fora like this are essential. They allow us to listen, to engage, and to create policies that work. Your insights and innovations are critical to the national reset we envision,” the President said.
He noted that the future of Ghana would not be determined by the government alone; and that it would be determined by their ability to build partnerships between the state and private sector, between finance and innovation, and between leadership and the people.
“The Kwahu Business Forum is more than an event—it is a call to action. Let us work together to build a Ghana that is competitive, productive, and inclusive. A Ghana that creates opportunity for all,” the president stated.
Akyemfour Asiedu Agyemang III, Kwahu Abetifihene and Adontenhene of Kwahu Traditional Area, urged Kwahu citizens to take advantage of the forum to have more businessmen and women from the area.
He appealed to President Mahama to complete the only Government Hospital project at the Kwahu Traditional Area, sited at Abetifi, which was started by his previous administration nine years ago, but came to a standstill following a change in government in 2017.
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