Accra, Ghana – President John Mahama has laid out eight key pillars of Ghana’s proposed economic reset ranging from completing the IMF program with discipline, reopening capital markets, strengthening sovereign funds, accelerating financial management reforms, and repositioning Ghana as a regional trade and investment hub.
Notably, he announced plans to institutionalize a biannual national business consultative platform to ensure consistent engagement between the government and private sector on policy feedback, reform implementation, and joint priority-setting.
Addressing a distinguished gathering at the 9th Ghana CEO Summit and Expo held in Accra on Monday, May 26, 2025, President Mahama extended a renewed invitation to the international business community, urging investors to explore the vast economic opportunities Ghana has to offer.
The summit, which annually brings together influential stakeholders from both the private and public sectors, serves as a pivotal platform for shaping dialogue on economic transformation, digital innovation, and industrial competitiveness in Ghana and the broader West African region.
President Mahama, speaking to an audience of top executives, policymakers, and development partners, stressed that the time has come for Ghana to “lift the gloom, restore confidence, and build again.”
Read the Full Speech of President John Dramani Mahama Below:
Good morning, and I’m happy to be here as the president of the Republic of Ghana. I have just a short statement, and it is my honor and pleasure to address you at this year’s CEO Summit, an event that has, over the years, become the foremost platform for strategic thinking and engagement and public-private partnerships.
It brings together the nation’s most influential economic actors, and it is heartening to note how your community has maintained your resolve, even through the trying times of the recent past.
This year’s theme, Leading Ghana’s Economic Reset, Transforming Business and Governance for a Sustainable Futuristic Economy, could not have been more appropriate. It challenges us to examine where we have come from, acknowledge where we have faltered, and above all, define where we must go as a nation. Today, I wish to structure my remarks around two broad ideas.
The first is talking about a reset that is anchored in past reforms and achievements, particularly from our previous administration, that were either abandoned or undermined, leading to costly reversals. And so that’s going down the path of history.
The second is a reset for the future, one that embraces innovation, transparency, and shared growth, a reset designed to restore confidence and elevate our economy through bold but responsible leadership.
So let us begin with where we lost our footing, because it is said that for those who don’t learn the lessons of the past, they are bound to make the same mistakes.
Between 2013 and 2016, my administration took bold steps to deepen Ghana’s domestic and external financial markets. Under ministers like Dr. Kwabena Duffuor, and later Mr. Seth Tekper, who we are privileged to have here with us, and in partnership with the central bank and commercial banks, we introduced medium and long-term domestic bonds, listed them on the Ghana Stock Exchange, and operationalized the central securities depository to improve transparency and liquidity.
We went further. Ghana became one of the few African countries to issue a $200 million denominated domestic bond, a strategic innovation that supported our smart borrowing initiative, and I’m happy to say that bond was oversubscribed. Simultaneously, we accessed external capital markets responsibly.
From 2013 to 2016, Ghana issued four euro bonds, all without default, and these were anchored in a sinking fund mechanism designed to ensure repayment. We applied over 335 million from our oil-funded sinking fund to settle maturing euro bond liabilities. We refinanced the $200 million HIPEC-era 2007 euro bond through our 2015 World Bank-guaranteed bond.
And before we left office, we left sufficient reserves, enabling the next administration that came after us to pay off the balance in 2017 of the 2007 bond without distress. Ladies and gentlemen, this was not magic. It was just discipline, and it was foresight. Tragically, this architecture was dismantled.
Between 2017 and 2022, debts accumulation skyrocketed, and yet the framework to ensure repayment was abandoned. As a consequence, Ghana defaulted on both the domestic and external debts, a first in our post-independence history.
Investors, businesses, and pensioners suffered crushing losses through the domestic debt exchange program, with crude haircuts eroding trust in the financial system. Ghana’s credit worthiness was downgraded to junk status, and public sector arrears ballooned, and SMEs were squeezed out of the credit market. This was not simply a matter of global shocks.
Other countries with smaller resource bases managed their recoveries much better than us. In our case, poor fiscal management, opaque collateralization of statutory funds, and disregard for procurement and accountability rules were major contributory factors. The results are visible.
A loss of access to capital markets, both domestic and foreign, the collapse of investor confidence, and a shrinking private sector unable to plan, invest, or expand. Let us be honest with ourselves. A true reset must begin by learning from what worked and what was recklessly abandoned.
And so the first thing to look at is how do we lead a reset for the future, a path to recovery and resilience? Distinguished participants, despite these challenges, I remain optimistic. Ghana has what it takes to recover, not by repeating the past mistakes, but by learning from it and innovating for the future. Let me outline eight key pillars of the economic resets that we envisage.
Number one is completing the IMF program with discipline: We’ll continue the discipline in government expenditure and borrowing and work to achieve all targets under the extended credit fund program with the IMF. We expect to conclude the fourth review of the IMF program in June 2025 with a target to exit at the end of the program in 2026.
And thereafter, we’ll participate in Article 4 consultations and adopt the policy support instrument framework, signaling Ghana’s return to responsible, non-borrowing engagement with the fund.
And the second is reopening domestic and international capital markets: We’re working to reopen Ghana’s foreign markets in collaboration with the IMF and our development partners, the Ghana Stock Exchange and local banks.
However, future borrowing will be linked to self-financing commercially viable projects, particularly by MDAs, MMDAs and SOEs, ensuring value for money and sustainable repayment.
The third is strengthening sovereign funds and local government financing: We’ll amend the Public Finance Shell Management Act and Constitution to make contributions to the sinking and stabilization funds mandatory. It will not be optional. So a certain percentage of funds must be committed to the sinking and stabilization funds.
We also intend to empower MMDAs to issue infrastructure and municipal bonds secured against a portion of their district assembly’s common fund to fund infrastructure projects such as roads, schools, water systems and local industry in the districts.
And the fourth is clearing verified areas and rationalizing public investment: The Auditor General is completing an audit of areas and government commitments, and we expect to receive his report by the end of May. We’ll then commence to clear legitimate areas transparently and enforce commitment controls through the GIFMIS and the Ipsos-based accounting systems.
New projects will be prioritized based on need, funding availability and alignment with our national interest.
And the fifth is accelerating public financial management reforms: and we have started that already. We amended the PFMA to include fiscal responsibility clauses.
We’ll reactivate stalled reforms including the Treasury Single Account TSA, the Integrated Tax Administration System, and real-time budget monitoring tools to improve efficiency, reduce waste, and to curb corruption.
And the sixth is revitalizing exports through Ghana Exim Bank: The Ghana Exim Bank will be repositioned to support non-traditional exports and agro-processing, light manufacturing and SMEs, enhancing foreign exchange inflows and creating jobs in the real economy.
Our Agriculture for Economic Transformation agenda will also roll out massive investments in oil palm, in cocoa, cashew, share and other high-value tree crops. With two of our major export commodities, gold and cocoa, enjoying a good run in international markets, we will build our reserves and buffers to create the resilience to withstand any future global shocks.
And then the seventh is building Ghana into a regional hub for trade and investment: We envision Ghana as West Africa’s commercial, transport and digital services hub. Our research will prioritize port expansion, financial services, health, education and industrial corridors, linking Ghanaian business to the African continental free trade area and beyond.
And then eighth is resuming infrastructure development to stimulate growth: Infrastructure investment is not optional. We’ll resume priority projects in the roads, energy, water, housing and urban renewal sectors, not through reckless borrowing but through innovative financing systems like the Big Push, PPPs and other strategic partnerships. So now what does this research mean for business? Distinguished CEOs, this research will only succeed with a private sector at its core.
We’re restoring macroeconomic stability not as an end in itself but as a platform for private investment. And in that regard, we’ll ensure policy predictability to enable medium and long-term planning for you. Access to credit and capital markets will not crowd you out.
We’ll borrow responsibly and restrain ourselves in government borrowing so that the rest of the credit is available for you to expand your businesses. Consultation with industry will occur before any major reforms are done.
And finally, a fiscal environment that rewards value creation and not rent-seeking: And so, like I said, you’ll not only be consulted in major government policy, you’ll be empowered to take advantage of it. We’ll institutionalize a national business consultative platform to bring government and the private sector together biannually, twice a year, for policy feedback, reform monitoring, and joint priority setting.
And I’m pleased to say this is one of the promises I made to you, that we’ll consult twice a year on government policy so that you give us the feedback on how it is affecting your businesses.
Ladies and gentlemen, in 2008, Ghana became a lower-middle-income country. That milestone was based on sound policy and institutional reforms. Today, the opportunity exists for us to move further, to become an upper-middle-income country with a diversified economy, resilient institutions, and a dynamic private sector.
To get there, we must reset and reset with discipline, with purpose and unity. On government’s part, I wish to assure you that we’ll maintain the current fiscal discipline and work to maintain a conducive environment for your businesses to thrive.
Let me take the opportunity to commend those of you who have responded to the Cedi’s appreciation by reducing prices of your products and services and thereby passing some of the relief from the hardship to Ghanians.
And so, Orca and all of you, thank you very much. GPRTU, thank you very much. And so, for those of you who have not responded yet, please pass on some of the Cedi appreciation to Ghanians.
The time has come for us to lift the gloom, to restore confidence, and to build again. And as I said in my inauguration, Ghana is open for business again. Let this summit mark the beginning of a new compact between the public and private sectors, a compact of mutual accountability, shared risks, and shared rewards.
Together we can lead Ghana’s economic reset and in doing so lay the foundations for a more prosperous, inclusive, and secure future for our people. I thank you all for your kind attention and may God bless our homeland, Ghana.
Story by: Emmanuel Romeo Tetteh(#RomeoWrites
) / Ahotoronline.com | Ghana 
