Key points:
- Mahama pledges to stabilise Ghana’s economy with reforms
- Plans to boost industrialisation and expand job creation
- Introduces a 24-hour economy to enhance productivity
PRESIDENT John Dramani Mahama has laid out a comprehensive strategy to restore Ghana’s struggling economy, pledging to rein in debt, boost industrialisation, and introduce a 24-hour economy to stimulate job creation and long-term growth.
Speaking at the National Economic Dialogue 2025 on Monday, Mahama acknowledged the severe economic challenges facing Ghana and stressed that immediate action was required to reverse the financial downturn. His vision focuses on macroeconomic stability, structural reforms, and a shift towards value-added industries to drive sustainable development.
A nation in crisis: the economic reality
Ghana’s economy is at a critical juncture. Years of excessive borrowing, mismanagement, and fiscal indiscipline have left the country in a deep financial crisis. Inflation remains stubbornly high, unemployment continues to rise, and foreign investor confidence has eroded.
Mahama did not shy away from the harsh realities. He pointed out that Ghana’s debt levels had soared to unsustainable heights, leading to the country’s first-ever default on sovereign debt. This, he argued, was a direct consequence of poor economic planning and reckless fiscal policies by the previous administration.
‘We inherited an economy in deep crisis. Soaring inflation, excessive borrowing, and a lack of investor confidence have severely weakened our financial stability. We must act decisively to restore economic resilience,’ he stated.
According to Moody’s and Standard & Poor’s, Ghana’s credit ratings have been repeatedly downgraded, making it increasingly difficult for the government to access international financing. The Ghanaian cedi has suffered sharp depreciation, worsening the cost-of-living crisis for ordinary citizens.
Mahama’s recovery plan: a three-pillar strategy
Mahama’s economic blueprint rests on three main pillars:
- Restoring fiscal discipline and macroeconomic stability
- Driving industrialisation and economic diversification
- implementing a 24-Hour economy to boost productivity
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Restoring fiscal discipline and macroeconomic stability
A major focus of Mahama’s strategy is to stabilise the economy by enforcing strict financial discipline and responsible public spending.
He pledged to:
- Curb excessive government borrowing to reduce national debt.
- Strengthen the Bank of Ghana’s independence to implement sound monetary policies.
- Tackle corruption and inefficiency in public finances through greater transparency and accountability.
Mahama also promised a full review of government procurement practices to eliminate wasteful spending.
‘Every cedi spent must deliver tangible value to the Ghanaian people. Fiscal responsibility will be the bedrock of our economic recovery strategy,’ he declared.
His administration plans to implement value-for-money audits on major government projects and limit single-source procurement to prevent financial leakages.
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Industrialisation and economic diversification
Mahama strongly criticised G
hana’s overreliance on raw material exports, arguing that industrialisation and value addition were key to long-term economic transformation.
His plan includes:
- Expanding local manufacturing and agro-processing to reduce Ghana’s dependence on imports.
- Increasing indigenous participation in the extractive industry to ensure Ghana earns more from its gold, cocoa, and oil exports.
- Investing in technology and digital infrastructure to drive innovation.
‘We cannot continue exporting raw materials while importing finished goods. It is time to build a strong, self-sufficient industrial base that creates jobs and retains wealth in Ghana,’ he said.
One of Mahama’s biggest proposals is the modernisation of Ghana’s agricultural sector. He stressed the need for:
- Mechanisation and improved irrigation to enhance productivity.
- Financial support for smallholder farmers to encourage large-scale food production.
- Development of export-driven agro-processing industries to boost foreign exchange earnings.
Mahama also vowed to renegotiate Ghana’s resource contracts, arguing that many of the country’s mining and oil agreements unfairly benefit foreign corporations at the expense of the local economy.
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The 24-Hour economy: a game-changer for job creation
Perhaps the most ambitious element of Mahama’s plan is the introduction of a 24-hour economy, aimed at boosting productivity, attracting investment, and expanding job opportunities.
Under this initiative, businesses will be incentivised to operate round the clock, particularly in key sectors such as:
- Manufacturing and retail
- Healthcare and logistics
- Financial services and technology
Mahama believes that a shift-based employment system will increase workforce participation and reduce unemployment, particularly among the youth.
To support this, his government plans to:
- Offer tax breaks and incentives for companies that adopt shift work.
- Enhance public transport systems to enable 24-hour mobility.
- Strengthen security infrastructure to ensure a safe working environment at all hours.
‘The global economy does not sleep. Ghana must embrace a 24-hour system to become more competitive and dynamic. We need a workforce that operates beyond the traditional hours of 9-to-5,’ Mahama asserted.
If successfully implemented, this initiative could be a transformational step, making Ghana one of the first African nations to fully embrace a 24-hour working culture.
Tackling corruption and strengthening governance
Beyond economic policies, Mahama emphasised the need for stronger governance and transparency.
His government will:
- Enforce stricter anti-corruption measures in public offices.
- Enhance parliamentary oversight to prevent mismanagement.
- Ensure fair distribution of economic gains across all regions.
Mahama criticised the current political culture, where economic policies often prioritise short-term political gains over long-term stability.
‘Ghana must break free from the cycle of economic mismanagement. We need policies that are forward-looking and built on national consensus, not partisan politics,’ he stated.
Balancing economic growth with global realities
While Mahama’s economic recovery plan is ambitious, it must also navigate the global economic landscape.
Ghana remains highly dependent on external financing, particularly from the IMF and World Bank. His government will have to negotiate favourable terms while ensuring that domestic policies align with international financial expectations.
Additionally, Ghana must compete for foreign direct investment (FDI) in an increasingly competitive African market. Countries like Rwanda, Kenya, and Nigeria have aggre
ssively pursued investor-friendly policies, and Mahama’s government will need to position Ghana as an attractive destination for business growth.
A defining moment for Ghana’s future
Mahama’s economic recovery plan is a bold, multi-faceted approach to tackling Ghana’s current crisis. His proposals on fiscal discipline, industrialisation, and a 24-hour economy signal a significant shift in economic policy.
However, implementation will be key. While his speech outlined a compelling vision, the government must now deliver on its promises, ensuring
that policies translate into tangible benefits for the Ghanaian people.
With Ghana at a pivotal moment, Mahama’s leadership presents a vital opportunity to drive economic recovery. His administration has the potential to restore stability, rebuild investor confidence, and set the nation on a path to sustainable growth. With decisive action and collective effort, Ghana can emerge stronger and more resilient than ever.
