Mahama outlines 8-pillar strategy to transform Ghana

President John Mahama has shared an eight-point strategy for economic reset.

This plan aims to boost investor confidence and deepen fiscal discipline. It also seeks to drive long-term growth for Ghana's development.

Mahama presented this strategy at the 9th Ghana CEO Summit. The theme was "Leading Ghana's Economic Reset: Transforming Business and Governance for a Sustainable Futuristic Economy."

He expressed confidence that this strategy will transform Ghana significantly. Positive signs have already boosted the cedi.

At the May 26 summit, Mahama outlined his plan:

1. Completing the IMF Programme with Discipline
Mahama stressed strict fiscal discipline in spending and borrowing. He aims for Ghana to complete the fourth IMF review by June 2025. An exit strategy is expected by 2026, followed by policy support engagement.

2. Reopening Domestic and International Capital Markets
Plans are underway to reopen Ghana’s bond markets with the IMF's help. Future borrowing will link to self-financing projects for sustainable repayment.

3. Strengthening Sovereign Funds and Local Government Financing
The government will amend regulations for mandatory contributions to funds. This ensures financial security for sinking and stabilization funds. Mahama also wants municipalities to issue infrastructure bonds for local projects.

4. Clearing Verified Arrears and Rationalising Public Investments
A comprehensive audit of government arrears is in progress. Plans are set to clear legitimate debts transparently. New projects will be prioritized based on need and funding availability.

5. Accelerating Public Financial Management Reforms
To improve financial efficiency, reforms like the Treasury Single Account (TSA) will be reactivated. Integrated tax administration and real-time budgeting tools will help curb waste.

6. Revitalising Exports Through Ghana Exim Bank
The Ghana Exim Bank will focus on boosting non-traditional exports and SMEs. This aims to enhance foreign exchange reserves while creating jobs.

7. Building Ghana into a Regional Hub for Trade and Investment
Ghana aspires to become West Africa’s leading hub for trade, transport, and digital services. Key sectors like port expansion, healthcare, education, and industrial corridors will be strengthened.

8. Resuming Infrastructure Development to Stimulate Growth
Mahama emphasized that infrastructure investments are crucial for growth. His administration will prioritize roads, energy, water, housing, and urban renewal projects through innovative financing models.

President Mahama believes successful implementation of this agenda can accelerate growth across all sectors in Ghana.