Full Text: Keynote address by Mahama at National Economic Dialogue

KEYNOTE ADDRESS BY H.E. JOHN DRAMANI MAHAMA OPENING OF THE NATIONAL ECONOMIC DIALOGUE 2025 AT THE ACCRA INTERNATIONAL CONFERENCE CENTRE ON MONDAY,3RD MARCH,2025.

I welcome you to this National Economic Dialogue with great honour and a deep sense of responsibility.

This gathering is more than a symbolic exercise or the fulfillment of a campaign promise. It is a decisive step in our collective responsibility to reset Ghana’s economy, restore confidence, and build the prosperous future we all envision.

Today, we are here to begin honest, solution-driven discussions about our challenges and
opportunities. Our nation is at a pivotal moment, and the choices we make now will determine the trajectory of our economy for generations to come.

As President, I have the honour of leading this conversation on the theme, “Resetting Ghana: Building the Economy We Want Together.” This theme reflects our shared commitment to creating an economy that is resilient, inclusive, and built on sustainable growth.

It is an invitation to all stakeholders to contribute their expertise, ideas, and dedication to this national effort.

Ghana is at a critical crossroads in its economic development. The challenges before us are stark, and the economic distress we face today is undeniable.

However, our collective resilience, ingenuity, and determination have always driven our nation’s progress. We are not here merely to recount our struggles, nor are we here to resign ourselves to economic stagnation. We are here to seek solutions, adopt strategies that will put us on a sustainable growth trajectory, and ensure that we build an economy that works for every Ghanaian.

This is not just another policy discussion; it is an urgent call to action, a crucial moment for us as stakeholders to unite with purpose and resolve. We have gathered here to create a powerful platform on which government officials, policymakers, business leaders, economists, industry experts, development partners, and other key figures can come together to shape the future of our nation.

The insights, diverse perspectives, and actionable recommendations that emerge from these discussions must transcend theoretical frameworks and drive real, impactful decisions that will guide our national economy forward.

Throughout our engagement, we will focus on practical strategies to restore macroeconomic stability and pave the way for long-term economic transformation. This includes developing policies that stimulate growth and create sustainable job opportunities for the rapidly growing population.

We will also examine the structural reforms necessary to unleash the private sector’s full potential and make it the engine of growth that drives job creation and innovation.

Strengthening economic governance institutions will be a key topic of discussion, ensuring transparency and accountability at all levels of government, while taking decisive action to combat corrupJon that hinders progress.

It is vital that as we move toward a more prosperous future, the economic gains we achieve are distributed equitably, leaving no one behind and fostering inclusive growth that benefits every sector of society, from the most marginalised communities to the industrial leaders of tomorrow.

This dialogue is a defining moment, and our decisions must shape a more resilient, prosperous, and equitable economy for generations to come. When I assumed office barely two months ago, I inherited an economy in deep crisis, one weighed down by numerous challenges.

The economy was reeling from unprecedented debt levels, soaring inflation, high unemployment, declining FDI levels, and low business confidence.

Our nation’s financial struggles have not arisen overnight; they have resulted from several years of fiscal mismanagement, irresponsible borrowing, reckless spending, and weak leadership that failed to address the underlying structural issues within our economy.

This pervasive mismanagement culminated in Ghana’s default on its debt obligaJons. This marked a devastating milestone for our country, spawning a cascade of economic problems that have severely impacted our people. Massive fiscal deficits, excessive government spending, and overall financial recklessness have undermined our economic resilience.

Reputable rating agencies like Moody’s, Fitch, and S&P have consistently downgraded our international credit raJngs, resulting in capital flight and a decline in investor trust.

Instead of being an independent monetary authority, the Bank of Ghana became a financing tool for government excesses, fueling inflation and devaluing our currency. Living costs have skyrocketed to unbearable levels, leaving families struggling to afford even the most basic necessities.

At the same time, inflation erodes the value of wages and savings, pushing many into a cycle of poverty. Meanwhile, the ill-considered collapse of indigenous banks significantly reduced indigenous presence in Ghana’s financial and banking space and led to massive job losses.

For too long, Ghana has been plagued by short-term decision-making that prioritises 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. We refuse to surrender to the forces of stagnation and decline.

We are gathered here today because we believe in Ghana’s ability to rise again, reclaim its economic strength, and emerge as a beacon of progress on the African continent.

Today’s dialogue must serve as a turning point, a forum where we move beyond diagnosing the problems and instead implement concrete, pragmatic solutions to reposition Ghana on a path of sustainable growth.

As President, I am committed to ensuring that the lessons learned from this crisis shape our decisions in the years ahead. Past mistakes must not define our future, and I vow to do everything I can to steer this nation toward a brighter, more prosperous path.

Fellow citizens, I know the road to economic recovery will be challenging, but we must not relent in our quest to rebuild the Ghana we all want for the sake of future generations. We owe it to ourselves, our children, and our country to rebuild an economy that is resilient, sustainable, and capable of delivering real opportuniJes for every citizen.

My priority as President is to restore macroeconomic stability. We must enforce responsible public financial management and ensure fiscal discipline at all levels of government while working to reduce hardships.

Under my leadership, the Bank of Ghana’s independence will be safeguarded so that prudent monetary policies can be implemented to curb inflation, stabilise the cedi, and rebuild foreign reserves. We must never again allow reckless borrowing and excessive government spending to undermine our progress.

Fiscal responsibility must become the bedrock of our national development strategy, and every cedi spent must deliver tangible value to the Ghanaian people. We must review our laws to eliminate excessive waste in procuring 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.

Beyond stabilisation, we must fundamentally transform our economic structure. Ghana’s economy has been heavily reliant on exporting raw materials such as gold, cocoa, and crude oil, leaving it vulnerable to global price fluctuations and external shocks. This dependence must end.

It is Jme to transition to a value-added, industrialised economy that creates jobs, boosts exports, and reduces our reliance on imports. Manufacturing and agro-processing must be expanded to ensure we derive maximum value from our natural resources.

Recently, a former Chief Justice asked for a review of agreements governing our extractive industries. She describes the current agreements as coming from the Guggisberg era. I agree with her. There must be increased Indigenous participation in exploitation of our natural resources.

Ghana must earn more from its natural resource endowment if we are to create wealth and prosperity for our people. Agriculture, a vital sector of our economy, must be modernised through mechanisation, improved irrigaJon, and the adoption of technology-driven innovations to enhance productivity and food security.

We must also harness the power of technology to bridge the digital divide, ensuring that every Ghanaian, regardless of location or background, has access to the opportunities the digital economy provides. High-speed internet and robust digital infrastructure are no longer luxuries, they are necessities that fuel economic growth and global competitiveness.

The policies required to bring our economy back on track and sustain the gains made would require multi-stakeholder buy-in. Short-term convenience, which has informed economic decision-making in the past, must give way to long-term strategic planning, which helps us avoid the cyclical economic booms and busts that have wreaked havoc on our people.

I have the political will to implement such reforms, but they must be the product of collective thinking and the syncretisation of well-considered proposals from stakeholders in the Ghanaian economy, hence this forum.

As I had cause to say when I delivered the message on the State of the Nation to Parliament last week, consensus building and consultation will be the hallmark of my administration because I believe that all of us as Ghanaians have a role to play in the development of our nation and I would very much like to be remembered as the President who provided the platform for this to happen.

Fellow Ghanaians, a new era is upon us: bold transformaJon, economic expansion, and limitless opportunity. At the heart of our vision for Ghana’s future is the implementaJon of a 24-hour economy.

This strategy will revolutionise our economic landscape, create sustainable jobs, and position Ghana as a competitve force on the global stage.

Across the world, thriving economies have embraced continuous productivity, ensuring that
businesses, industries, and essential services operate around the clock to maximise growth and prosperity. It is time for Ghana to step forward, break free from the limitations of a traditional economy, and embrace a future where opportunity is not confined by time.

Under this initiative, my government is committed to providing incentives and tax breaks for manufacturers and businesses that extend their operational hours, encouraging a shift-based employment system that expands job opportunities.

We will strengthen key sectors such as manufacturing, retail, healthcare, logistics, and financial services to support continuous operations. We will invest in infrastructure, energy and security to ensure businesses and workers operate in a safe and efficient environment.

We will enhance transportation systems to facilitate the movement of workers and goods at all hours. We will implement fair labor policies that protect workers’ rights while fostering productivity and economic growth.

The time for transformation is now. Let us embrace the 24-hour economy and unlock the full potential of our beloved country. Let us work together to build a resilient, competitive, and prosperous Ghana.

I fully understand that the road ahead will not be easy, but it is a road we must travel. The government is not alone in its responsibility for rebuilding Ghana’s economy. It is a shared responsibility that requires the active participation of every Ghanaian.

Let us rise to the occasion, take decisive and necessary action and leave behind a legacy of economic resilience, stability, and prosperity for future generations.

I thank you all for your commitment to this national dialogue and dedicaJon to our great nation’s progress.

Together we will build the Ghana we want and a robust economy of our own design and creation.

I thank you for your kind attention.

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