President John Dramani Mahama has reaffirmed his administration’s commitment to stabilizing Ghana’s economy as a stepping stone for sustainable development. Speaking at the Africa Business Forum 2025, hosted by the United Nations Economic Commission for Africa, Mahama addressed critical economic challenges facing the nation, including the depreciation of the cedi, high inflation, rising interest rates, and a growing debt burden.
During his speech, Mahama outlined the immediate priority of his government: to stabilize the economy. He emphasized that addressing the current economic crisis is the first step toward long-term recovery.
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“In a crisis, the first thing that you do is to focus on stabilizing, and that is what we are focused on—bringing interest rates and inflation down, stabilizing the currency, and dealing with debt overhang,” Mahama stated.
Mahama further discussed the importance of understanding the root causes of Ghana’s economic troubles. He stressed the need for structural reforms and strengthening financial laws to avoid a repeat of the crisis. “We must analyze the factors that brought Ghana to this point and implement steps to ensure we do not end up in this situation again. That will entail strengthening the Fiscal Responsibility Act and the Public Financial Management Act,” he added.
In addition, the President highlighted the need to combat government waste and corruption, recognizing these as significant hurdles to achieving long-term economic stability.
The forum, themed “Moving from Potential to Prosperity: Activating Africa’s Regional Value Chain,” brought together African leaders and stakeholders to discuss strategies for driving economic growth across the continent.
