In a landmark address at the National Economic Dialogue (NED) 2025 on Monday, March 3, President John Dramani Mahama unveiled a comprehensive roadmap to address Ghana’s economic challenges, emphasizing key areas such as corruption, the banking sector, industrialization, and a 24-hour economy initiative.
Addressing a gathering of economists, policymakers, and industry leaders at the Accra International Conference Centre, Mahama called for urgent reforms and collaboration to reset the nation’s economy.
Fighting Corruption and Wasteful Expenditure
One of Mahama’s most pressing concerns was curbing corruption and eliminating wasteful spending in government procurement. “Procurement must be the rare exception rather than the norm,” Mahama said, stressing that government contracts above a certain threshold should undergo rigorous value-for-money audits to ensure transparency and accountability.
Revitalizing the Banking Sector
On the banking front, Mahama acknowledged the negative impact of the collapse of indigenous banks, which not only reduced local participation but also resulted in significant job losses. “We will work tirelessly to restore confidence in Ghana’s banking system and ensure indigenous banks thrive,” he declared, promising to take action to rebuild a robust and inclusive financial sector.
A Vision for Industrialization
The President also called for a major shift from raw material exports to industrialization, proposing a transition toward a value-added economy that boosts jobs, exports, and reduces reliance on imports. “It’s time to move toward an industrialized economy that benefits all Ghanaians,” Mahama urged.
Introducing the 24-Hour Economy
In a bid to stimulate economic growth and productivity, Mahama announced plans to introduce a 24-hour economy. Under this new initiative, businesses that extend their operational hours will receive incentives and tax breaks, creating more job opportunities through shift-based employment systems. “This is a transformative step towards increasing productivity and driving economic growth,” he said.
A Call for Collective Action
Mahama concluded his speech by reaffirming his vision for a resilient and prosperous Ghana, urging all stakeholders to unite in driving long-term economic transformation. “We refuse to accept this as Ghana’s reality. We reject the notion that economic hardship must be our norm. We will build the Ghana we want and a robust economy of our own design and creation,” he proclaimed, rallying support for the nation’s future.
As the National Economic Dialogue continues, stakeholders will engage in deeper discussions on actionable strategies to ensure economic stability, laying the groundwork for a more prosperous Ghana.
Source:Mybrytfmonline.com/Gumedzo Isaac Acheampong
