President John Dramani Mahama has announced a comprehensive eight-pillar economic strategy aimed at restoring stability, boosting investor confidence, and driving sustainable growth.
Speaking at the Ghana CEO Summit in Accra on Monday, May 26, Mahama outlined targeted reforms and investments to steer Ghana out of economic uncertainty and rebuild resilience in both public and private sectors.
The eight pillars of the plan are as follows:
- Completing the IMF Programme with Discipline:
Mahama pledged to maintain strict fiscal discipline in line with the IMF’s extended credit fund, targeting completion of the fourth programme review by June 2025 and a structured exit by 2026, followed by continued policy support. - Reopening Domestic and International Capital Markets:
The government will work with the IMF, Ghana Stock Exchange, and local banks to regain market access. Future borrowing will be tied to self-financing projects to ensure repayment sustainability. - Strengthening Sovereign Funds and Local Government Financing:
Mandatory contributions to stabilization and sinking funds will be enforced. Local governments will be empowered to raise funds through infrastructure bonds for essential development. - Clearing Verified Arrears and Rationalising Public Investments:
A nationwide audit of government arrears is underway. Only verified debts will be cleared, and new projects will be selected based on strategic national priorities and financing capacity. - Accelerating Public Financial Management Reforms:
The government plans to reactivate reforms such as the Treasury Single Account (TSA), integrated tax systems, and real-time budget monitoring to improve efficiency and reduce corruption. - Revitalising Exports Through Ghana Exim Bank:
The Exim Bank will be repositioned to support export-led growth, particularly in agro-processing, light manufacturing, and SMEs, to boost foreign exchange and job creation. - Building Ghana into a Regional Hub for Trade and Investment:
Mahama outlined plans to transform Ghana into a regional powerhouse for transport, digital services, healthcare, and finance, capitalising on opportunities within the AfCFTA. - Resuming Infrastructure Development to Stimulate Growth:
Infrastructure investments in roads, water, energy, housing, and urban renewal will be rolled out under the “Big Push” initiative and through public-private partnerships.
