President Mahama launches National Economic Dialogue to lead the way out of crisis

Today marks the  beginning of a vital two-day National Economic Dialogue in Accra as government representatives, leaders of various businesses, experts in policy making and civil service representatives focus on the entrenched challenges of the economy.

With debt, power sector restructuring, sustainable development and anti-corruption taking the lead, the forum is supposed to undertake preliminary measures for the purpose of conducting an extensive economic recovery strategy.

President John Dramani Mahama, the guest speaker, declared a keynote address preparing an overview of his administration’s vision for strategic economic recovery. He said that “This gathering is more than just a symbolic fulfilment of a campaign promise but is a decisive step in our collective duty to restructure Ghana’s economy and restore confidence”.

In the past few years, the government debt increased sharply from 79.6% of GDP in 2021 to 92.4% in 2022, as inflation also jumped from 12.6% to over 50%. Due to that, the government commenced a progressive domestic debt exchange programme and requested external debt restructuring under the Common Framework of G20, even receiving financial assistance from the IMF to stabilise the economy.

The President’s vision also involves a trilling shift in accordance with the 24-hour economy, which is geared towards employment creation and boosting productivity. Mahama declared that “This initiative under my administration is aimed at providing incentives and tax breaks for manufacturers and businesses that extend their operational hours”.

The power sector restructuring remains a crucial issue. There are also streamlined investments in renewable energy, indicating the pledge to support environmental sustainability and long-lasting economic stability.

The newly launched initiative by the president known as Operation Recover All Loot (ORAL) has received a significant number of complaints, intensifying the battle against mismanagement and asset deflection.

As the meeting drew to a close at the Accra International Conference Center, the people of the our country hopes that this revived spirit dialogue will change into a measurable reform.