President John Dramani Mahama presented a comprehensive economic recovery plan to Parliament on Thursday, outlining a series of measures aimed at reviving Ghana’s ailing economy.
The President’s State of the Nation Address came amidst a looming debt crisis, with Ghana’s debt burden estimated to be over GHS 280 billion.
However, John Mahama remained optimistic, emphasizing his commitment to implementing policies that would stimulate economic growth and create jobs.
At the heart of John Mahama’s plan is the implementation of a 24-hour economy, aimed at creating an enabling environment for businesses and public institutions to operate around the clock.
The President also announced plans to inject US$10 billion into the economy through a ‘Big Push’ policy, which will fast-track infrastructure development and stimulate economic growth.
To address the country’s fiscal woes, President Mahama outlined a series of measures aimed at restoring macroeconomic stability.
These include rationalizing taxes, cutting wasteful expenditures, and establishing an Accelerated Export Development Council (AEDC).
Despite the daunting economic challenges, John Mahama expressed his commitment to taking the necessary steps to bring the economy back on track.
He emphasized the need for prudent debt management practices, building buffers in the Sinking Fund, and ensuring prompt repayment of upcoming domestic and external debt maturities.
He said the NDC government’s efforts to address the debt crisis are already underway, with the successful payment of GHS 6.081 billion in cash and GHS 3.46 billion in kind to bondholders in February 2025.
However, the opposition has raised concerns about the government’s ability to implement its economic recovery plan, citing the massive debt burden and the need for more drastic measures to address the crisis.
-BY Daniel Bampoe
