President of the Republic, H.E John Dramani Mahama has said his government is fully focused on keeping Ghana’s economy on a stable and steady path.
He says the goal is to clear the country’s debt by the end of 2025, adding to the $1 billion already restructured.
Since returning to office in January 2025, Mahama has put fiscal discipline, debt relief, and smart investments at the center of efforts to rebuild confidence and ease the daily pressures on ordinary Ghanaians. One of the government’s biggest financial headaches has been a $2.5 billion debt owed to independent power producers and gas suppliers.
To fix inefficiencies in the sector like the 40% revenue loss reported by the Electricity Company of Ghana (ECG) the government is looking at bringing in private partners to help with billing.
But Mahama stresses that any partnerships will favor Ghanaian companies to ensure jobs and expertise stay local. The administration has rolled out a national cost-saving plan that targets wasteful spending and aims to widen the tax net.
Government ministries and agencies have been told to slash non-essential expenses by 20%, part of a broader push to use public funds more wisely.
On the monetary side, interest rates on Treasury bills have been brought down, which makes it cheaper for businesses and individuals to borrow money and help the private sector thrive.
At the same time, the government is talking to international lenders to ease the pressure from Ghana’s external debt, signifying that there are early signs that Ghana’s economy is turning a corner.
In the first half of 2024, the country’s real GDP grew by 5.8%—a big jump from 2.9% during the same period in 2023.
That bounce is partly thanks to the ongoing reforms under the IMF-backed Post COVID-19 Programme for Economic Growth (PC-PEG).
Inflation is cooling off, and the cedi has started to stabilize.
These shifts are helping restore confidence, both at home and among foreign investors.
Looking forward, the Mahama administration is betting big on investment in areas that can create jobs and diversify the economy.
Flagship policies like the 24-Hour Economy and the Big Push, a $10 billion plan for infrastructure are designed to get more Ghanaians working and build the roads, schools, and energy systems needed for the future.
It won’t all be smooth sailing, but President Mahama believes Ghana is on the right path.
With a blend of prudent spending, debt management, and bold investment, the government is working to build an economy that’s not only stable but also works better for everyone.
Source: Myxyzonline.com
