President Mahama has outlined the government’s ongoing efforts to strengthen Ghana’s economy, emphasizing that investment programs such as the “Big Push” infrastructure initiatives are designed to stimulate growth across sectors, create employment, and support private sector development.
He stressed that contracting decisions are based on capacity, not political affiliation, encouraging companies to operate independently of government patronage for sustainable business growth.
President Mahama highlighted major power sector reforms, including restructuring $107 billion in legacy debts to independent power producers, with negotiated reductions and payment plans. The Electricity Company of Ghana (ECG) improved revenue collection from ₵900 million–₵1.1 billion to ₵1.9 billion per month by reducing losses.
Efforts to modernize infrastructure include replacing transformers and optimizing streetlight systems, while most thermal plants now run on gas instead of imported crude, supported by increased gas supply from E&I, Jubilee, and the West African Gas Pipeline, ensuring more stable electricity production.
President Mahama highlighted Ghana’s macroeconomic resilience, noting that a stable currency and lower interest rates have strengthened the investment climate.
Reduced government borrowing has freed up credit for the private sector, while controlled inflation and improved fuel stock levels provide a predictable business environment, despite global uncertainties like the Iran-Israel conflict impacting fuel prices.
He commended transport unions for their patience during periods of volatile fuel pricing and assured stakeholders that emergency measures are being considered to cushion the impact of rising fuel costs.
The overarching message emphasized economic resilience, policy-driven reforms, and inclusivity in infrastructure projects, empowering local contractors and fostering a fair and transparent investment environment.
Source: myxyzonline.com
