Ghanaian President John Dramani Mahama has declared that the country is facing a serious economic crisis. Speaking during his State of the Nation Address to Parliament, Mahama described the situation as severe.
President John Dramani Mahama: “Our economy is in dire straits, which is putting it mildly.”
To address the crisis, Mahama announced a National Economic Dialogue. This forum, scheduled for March 4 and 10, will bring together economic experts, political leaders, and civil society representatives. They will discuss solutions to stabilize the economy and promote growth. “Our approach will be inclusive and solutions-driven,” he said, emphasizing the need for everyone to work together.
Mahama also revealed plans to present a Comprehensive Budget on March 11. This budget will outline strategies for economic recovery, including structural reforms and measures to boost productivity. The goal is to restore investor confidence and create a stable economy.
The President stressed the importance of a Collaborative Approach. He called for unity among political leaders, Parliament, and the public. “My approach is to accept challenges and work hard to resolve them,” he stated, highlighting the need for joint action.
Drawing from his experience in resolving the “Dumsor” power crisis during his 2016-2017 term, Mahama expressed confidence in his ability to tackle the economic challenges. He pledged to apply the same resolve to lead the nation to recovery.
President John Dramani Mahama: “I will fix the economic crisis confronting our country and reset it on a path of growth and prosperity.”
His recovery plan includes a Focus on Structural Reforms to enhance productivity, reduce inflation, and improve fiscal management. These reforms aim to build a resilient economy that can withstand future challenges.
Ghana will also Continue its IMF Program. The country is working with the International Monetary Fund (IMF) to restructure its debt and stabilize the economy. This program focuses on reducing inflation and ensuring fiscal discipline.
Despite the current challenges, Mahama remains optimistic. He predicted that Ghana’s economy will improve by the end of 2025. His administration’s efforts in the coming weeks will be crucial for achieving financial stability and sustainable growth.