President John Dramani Mahama has reiterated his administration’s commitment to stabilising Ghana’s economy as a foundation for sustainable progress.
Speaking at the Africa Business Forum 2025 in Addis Ababa, Ethiopia on Monday, February 17, President Mahama emphasised that his government is focused on stabilising the cedi, tackling inflation, and addressing other critical economic challenges.
The forum, organised by the United Nations Economic Commission for Africa, centered on the theme “Moving from Potential to Prosperity: Activating Africa’s Regional Value Chain.”
“In a crisis, the first thing you do is focus on stabilisation, and that’s what we are doing—bringing interest rates down, reducing inflation, stabilising the currency, and addressing the debt overhang. But at the same time, we must analyse the factors that led Ghana to this situation and implement measures to ensure we don’t end up here again,” President Mahama stated.
He further explained that his government is prioritising the strengthening of fiscal responsibility laws by reviewing and reinforcing the Fiscal Responsibility Act and the Public Financial Management Act to prevent excessive borrowing and mismanagement of public funds.
Additionally, he noted the need to improve debt management by strengthening the debt management department to provide transparency and maintain debt levels within sustainable limits.
Again, he highlighted the introduction of an independent value-for-money office to ensure that government projects are executed at the right cost and deliver maximum benefit.
He stressed the importance of eliminating waste and reducing corruption by implementing measures to cut unnecessary government expenditure and curb corruption.
President Mahama urged African nations to work together to overcome economic challenges and capitalise on the opportunities presented by regional integration.
President Mahama stressed the urgent need for African nations to add value to their raw materials, stating that such efforts would create employment opportunities and bolster economic resilience.
He also noted that despite the implementation of the African Continental Free Trade Area (AfCFTA), trade barriers persist. He urged the removal of these barriers through the establishment of trade corridors and other facilitative measures.
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