President John Dramani Mahama, has reiterated his administration’s unwavering commitment to stabilizing the country’s economy as a foundation for long-term sustainable development.
Speaking at the Africa Business Forum 2025, organized by the United Nations Economic Commission for Africa (UNECA), Mr. Mahama outlined key measures to address inflation, stabilize the Ghanaian cedi, and tackle the nation’s growing debt burden.
“In a crisis, the first thing you do is focus on stabilizing, we are working to bring interest rates down, reduce inflation, stabilize the currency, and address the debt overhang.”
President Mahama highlighted the need for structural reforms to prevent future economic downturns, pointing to the importance of strengthening the Fiscal Responsibility Act and the Public Financial Management Act.
He argued that previous financial missteps including excessive borrowing on the Eurobond market had contributed to Ghana’s economic distress.
“We need to look at our debt management departments and strengthen them to provide clear information on our debt trajectory. We also need an independent Value for Money Office to ensure that public projects are executed at the right cost,” he noted.
Addressing corruption and inefficiencies, Mr. Mahama underscored the importance of eliminating waste and enhancing transparency in public financial management.
Beyond economic stabilization, he stressed the urgency for African nations to move beyond raw material exports and prioritize value addition.
He particularly cited Ghana’s cocoa industry, noting that despite decades of exporting raw cocoa beans, the country had not fully harnessed its potential for local processing and job creation.
“We’ve exported cocoa beans for decades, yet our local processing capacity remains underutilized. While Ghana has the potential to process nearly 500,000 tonnes of cocoa, we currently process only about 200,000 tonnes,” he said.
He attributed this shortfall to the Cocoa Board’s reliance on immediate foreign exchange earnings from raw cocoa exports.
However, he argued that increasing local cocoa processing, particularly in cocoa-growing areas could generate employment opportunities for Ghana’s youth.
Mr. Mahama praised the ongoing collaboration between Ghana and Côte d’Ivoire, which together produce nearly 80% of the world’s cocoa.
He urged the two nations to coordinate efforts not only in improving production but also in boosting processing capacity and advancing domestic chocolate production.
“Bringing the last stage of chocolate production home will create more jobs for our young people, africa’s growing youth population is an advantage, but without opportunities, it becomes a ticking time bomb.”
The Africa Business Forum 2025, themed “Moving from Potential to Prosperity: Activating Africa’s Regional Value Chain, brought together policymakers, business leaders, and economists to explore strategies for economic transformation across the continent.
Mr. Mahama’s speech reinforced the need for sound economic governance, value-added industrialization, and regional cooperation to propel Africa towards prosperity.
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Source: Comfort Sweety Hayford/ATLFMNEWS
