Mahama unveils eight-point plan to fix Ghana’s economy

President John Dramani Mahama has shared an eight-point strategy to help turn Ghana’s economy around. Speaking at the 9th Ghana CEO Summit in Accra on Monday, May 26, he said the plan will focus on strict spending discipline, boosting investor confidence, and promoting growth through long-term investments.

The plan starts with completing Ghana’s programme with the International Monetary Fund (IMF). Mahama said, “We expect to complete the fourth review of the IMF programme in June 2025, with an exit strategy by 2026,” adding that policy support will follow to help the government stay financially responsible.

Second, he mentioned plans to reopen both domestic and international capital markets. Future government borrowing will only support projects that can pay for themselves. This will involve working closely with the IMF, the Ghana Stock Exchange, and local banks.

Third, Mahama said the government will improve sovereign wealth and local government funding. Financial rules will be updated to make sure stabilization and sinking funds are properly supported. He also wants local governments to raise money through infrastructure bonds for roads, schools, and water systems.

Fourth, he promised to clear verified government debts after a full audit. “New projects will be prioritised based on need, funding availability, and alignment with national interests,” he added.

Mahama’s fifth point is to continue reforms in public financial management. The Treasury Single Account (TSA), better tax systems, and digital budgeting tools will be brought back to reduce waste and fight corruption.

Sixth, he wants to strengthen Ghana’s exports through the Ghana Exim Bank. The bank will support agro-processing, light manufacturing, and small businesses to grow exports and create jobs.

The seventh point is turning Ghana into a regional trade and investment hub. Mahama said sectors like transport, digital services, and healthcare will be developed to connect local businesses to the African Continental Free Trade Area (AfCFTA).

Finally, Mahama highlighted the need for infrastructure development. “Infrastructure investments are essential for economic growth,” he said, citing plans for roads, water, energy, and housing through partnerships and innovative funding like the Big Push.

He concluded by expressing hope that this strategy will create jobs, reduce public hardship, and put Ghana back on the path to prosperity.