We are looking to bring Ghana’s economy back up – Mahama

President-elect John Dramani Mahama has said that his administration will immediately be sworn into office on January 7, 2025, and take steps to build the economy.

He says he is going to focus on stabilising the local currency.

Mr Mahama said this Mahama said this when the Algerian Ambassador to Ghana, Mourad Louhaidia, paid a visit to his residence to congratulate him.

“We are looking to focus and bring Ghana back up in terms of economic growth, in terms of stabilising the currency, in terms of bringing down inflation. And this is the time Ghana needs to work even closer with its partners, including China,” he said.

He added ““So as early as possible, once we get the transition out of the way, it is our hope that we will be able to constitute a delegation to begin engaging with China on the issues of our technical cooperation.”

Meanwhile, Ghana’s economy has shown remarkable resilience, with the third quarter of 2024 witnessing an impressive 7.2 percent year-on-year growth in Gross Domestic Product (GDP). This marks the fastest pace in nearly five years, driven by a strong performance in the industrial sector.

Key Economic Indicators:

• Industrial Sector: Expanded by 10.4 percent, primarily fuelled by mining and quarrying activities.
• Services Sector: Grew by 6.4 percent.
• Agricultural Sector: Expanded by 3.2 percent.
• Cocoa Sector: Contracted by 26 percent for the fifth consecutive quarter.

Ghana’s strong economic performance in the third quarter is a significant step forward in its recovery from a severe economic crisis in 2022. The country defaulted on most of its external debt, leading to a painful restructuring process.

Despite the positive growth momentum, concerns about high inflation and government debt sustainability remain for investors. The cedi has been strengthening, but investors continue to monitor the country’s economic progress closely.

The government’s focus on economic reforms and fiscal discipline will be crucial in sustaining this positive momentum and ensuring long-term economic stability.

The post We are looking to bring Ghana’s economy back up – Mahama first appeared on 3News.

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