President John Dramani Mahama delivered a powerful address outlining a transformative economic agenda, centered on comprehensive financial sector reforms and the rollout of his ambitious 24-hour economy strategy aimed at revitalizing Ghana’s economic future at the 2025 Kwahu Business Forum in Mpraeso, on Saturday, April 19.
Speaking on the theme, “The Future of Business: The Role of the Financial Sector,” President John Dramani Mahama laid out his vision for building a resilient, inclusive, and productive Ghanaian economy.
He acknowledged the ongoing economic challenges—including high inflation, a weakened cedi, rising debt levels, and reduced investor confidence—but expressed cautious optimism about emerging signs of stabilization.
“We are all aware of the challenges our country has faced in recent years—soaring inflation, a weakened cedi, rising debt levels, and a decline in investor confidence. These challenges have weighed heavily on both businesses and households. But I am confident—and I say this with sincerity—that we are turning a corner,” he said.
President Mahama stressed that recovery alone is not enough, emphasizing the need for deeper economic transformation that creates opportunities for all—particularly SMEs, young people, and rural communities.
“There are early signs of macroeconomic stabilization: inflation is gradually easing, and with disciplined management, we are restoring a measure of confidence in our economy. But recovery alone is not enough. We must now set our sights higher—on transformation.”
“We must build an economy that is resilient, inclusive, and productive. And this cannot be achieved without a financial sector that works not just for a few, but for every Ghanaian business—from the roadside vendor to the export-ready manufacturer,” he said.
To that end, the President also introduced a five-point action plan aimed at strengthening the private sector and enhancing its role in advancing his administration’s broader economic reset agenda.
“Our vision for Ghana’s future business landscape is bold and deliberate. We are pursuing a targeted programme to restore investor confidence by enhancing transparency, cutting bureaucratic red tape, and promoting a rules-based investment climate,” he said.
“We are prioritizing sectors that can absorb labour and grow our economy sustainably— agro-processing, ICT, manufacturing, tourism, renewable energy, and the green economy. But our focus is not only on attracting foreign investment. We are equally committed to empowering Ghanaians to become owners and drivers of enterprise,” he stressed.
As part of his address at the 2025 Kwahu Business Forum, President John Dramani Mahama stated a bold five-point action plan aimed at empowering entrepreneurs and strengthening Ghana’s private sector. The plan includes:
- Expanding access to affordable financing through institutions such as the Ghana Development Bank, the Women’s Development Bank, and strategic partnerships with private financial institutions.
- Providing targeted support for SMEs, including access to tailored financing packages, tax incentives, and technical assistance.
- Modernizing infrastructure—including roads, logistics networks, and digital connectivity—to create an enabling environment where businesses can grow and compete effectively.
- Reducing the cost of borrowing by reforming the credit system and promoting blended finance instruments to make capital more accessible.
- Refocusing the financial sector to serve the real economy, shifting emphasis away from government lending and speculative trading toward productive investment in businesses.
In addition to the action plan, President Mahama highlighted the forthcoming Jobs and Skills Compact, a major initiative aimed at aligning education and vocational training with the demands of the job market. He emphasized that this initiative is a key pillar of his broader 24-Hour Economy strategy.
“The future of business in Ghana must be digital, green, and inclusive. We are entering an era where digital infrastructure is as critical as roads and bridges,” he stated. “As part of our 24-Hour Economy strategy, we will establish the necessary conditions—reliable electricity, efficient logistics, and public safety—for businesses to operate around the clock. This will boost productivity, create jobs, and expand opportunities nationwide.”
President Mahama concluded by calling for stronger public-private partnerships, and reaffirmed his commitment to building a transparent, corruption-free government that views the private sector not as a mere source of tax revenue, but as a key development partner.
“In conclusion, the future of Ghana will not be determined by government alone. It will be determined by our ability to build partnerships—between state and private sector, between finance and innovation, and between leadership and the people.”
“The Kwahu Business Forum is more than an event—it is a call to action. Let us work together to build a Ghana that is competitive, productive, and inclusive. A Ghana that creates opportunity for all,” he added.
Source | Graphiconline
