Ghana Must Reject Economic Hardship as the Norm; Dev’t Strategy Underpinned by Fiscal Responsibility – President Mahama
President John Mahama has emphasized the need for fiscal responsibility as the foundation of Ghana’s national development strategy, pledging to enforce strict public financial management and reduce economic hardships.
Delivering the keynote address at the opening ceremony of the National Economic Dialogue (NED) on March 3, 2025, President Mahama underscored the importance of ensuring that government spending delivers tangible benefits to Ghanaians.
“Fiscal responsibility must become the bedrock of Ghana’s national development strategy, and every single spend must deliver tangible value to the Ghanaian people. We must review our laws to eliminate excessive waste in the procurement of government supplies and projects. Single-source procurement must be the rare exception rather than the norm. We must also subject government projects above a certain threshold to value-for-money audits,” he stated.
The President reaffirmed his administration’s commitment to restoring macroeconomic stability and enforcing responsible financial management across all levels of government.
Speaking further, he criticized short-term decision-making that prioritizes political expediency over long-term economic stability, asserting that Ghana must not accept economic hardship as a permanent reality.
“For too long, Ghana has been plagued by short-term decision-making that prioritizes political expediency over long-term stability. We refuse to accept this as Ghana’s reality. We reject the notion that economic hardship must be our norm,” he declared.
Mahama called for a collective effort to reclaim Ghana’s economic strength, positioning the country as a beacon of progress on the African continent.
“As President, I am committed to ensuring that the lessons learned from this crisis will shape the decisions we make in the years ahead. The mistakes of the past must not define our future, and I vow to do everything in my power to steer this nation towards a brighter and more prosperous future,” he pledged.
Acknowledging the challenges ahead, he urged citizens to remain resolute in rebuilding a resilient and sustainable economy that provides real opportunities for all.
“We owe it to ourselves, our children, and our country to rebuild an economy that is resilient, that is sustainable, and capable of delivering real opportunities for every citizen,” he concluded.
The Economic Dialogue is expected to produce actionable recommendations that will inform government policies and strategies aimed at achieving long-term economic stability and growth.
