President Mahama Reaffirms Commitment to Stabilising Ghana’s Economy at Africa Business Forum
President John Dramani Mahama has reaffirmed his administration’s commitment to stabilising the country’s economy, outlining a series of fiscal and structural reforms aimed at restoring macroeconomic stability and fostering long-term growth.
Speaking at the Africa Business Forum 2025 in Addis Ababa on Monday, President Mahama said his government’s immediate focus is on stabilising the cedi, tackling inflation, and addressing Ghana’s debt overhang—key steps he described as essential for creating a sustainable economic foundation.
“In a crisis, the first priority is stabilisation—bringing down interest rates, reducing inflation, stabilising the currency, and tackling unsustainable debt levels,” he said. “But beyond that, we must identify the structural weaknesses that brought us here and implement reforms to prevent a recurrence.”
Strengthening Fiscal Discipline and Debt Management
President Mahama outlined plans to reinforce fiscal responsibility laws, including a review of the Fiscal Responsibility Act and the Public Financial Management Act, aimed at curbing excessive borrowing and improving oversight of public expenditure.
He also stressed the need for more rigorous debt management, with a focus on enhancing transparency and ensuring debt levels remain within sustainable limits. The government, he said, is strengthening the Debt Management Department to improve oversight and forecasting.
In an effort to enhance public financial efficiency, President Mahama announced the establishment of an independent value-for-money office, tasked with ensuring that government projects are executed at the right cost and deliver tangible economic benefits.
Driving Regional Integration and Trade Expansion
The Ghanaian leader also underscored the importance of regional economic integration, calling for a shift towards value addition in raw materials to create jobs and strengthen Africa’s economic resilience.
Despite the implementation of the African Continental Free Trade Area (AfCFTA), President Mahama acknowledged that non-tariff barriers continue to hinder intra-African trade. He urged the establishment of trade corridors and policy harmonisation to unlock the full potential of the agreement.
“We must move beyond rhetoric and take decisive steps to ensure AfCFTA delivers on its promise,” he said.
