Ghana’s economic crisis is a homegrown problem that requires a homegrown solution, according to Dr. Ishmael Yamson, Chairman of the National Economic Dialogue. Speaking at the opening ceremony of the 2025 National Economic Dialogue in Accra, Dr. Yamson emphasized that Ghana’s economic challenges are self-inflicted and can be addressed through domestic revenue generation and prudent fiscal measures.
President John Dramani Mahama’s government has made it a priority to reset the country’s economy, reducing its reliance on foreign loans and donors. To achieve this, the government organized the National Economic Dialogue, bringing together experts from various fields, including finance, economics, civil society, and academia. Finance Minister Dr. Cassiel Ato Forson, Bank of Ghana Governor, Dr Johnson Asiamah as well as Vice President Professor Naana Opoku Agyemang are present at the ceremony.
The dialogue aims to develop policy initiatives and strategies to revamp Ghana’s ailing economy, which has been in crisis since 2017. Dr. Yamson hopes that the ideas and policies generated from the forum will help cushion the country’s financial status and end its dependence on IMF bailouts.
As Dr. Yamson noted, Ghana’s economic challenges are not solely the result of external factors like the COVID-19 pandemic or geopolitical conflicts. Rather, they are rooted in long-standing issues with debt management and fiscal discipline by acknowledging these homegrown problems, Ghana can take the first step towards developing effective solutions.
The Event is being held at the Accra International Conference Center, and it would end on Tuesday 4th March 2025. After the participants have undergone rigorous brainstorming session at the Dialogue to finetune the Country’s Economic and Financial Recovery growth for enhanced productivity.
Akufo-Addo’s Govt Spent Over $400M on 22 Agenda 111 Hospitals – Dr Forson. Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has revealed that the previous government, led by Akufo Addo, spent a staggering $400 million on just 22 hospitals under the agenda 111 projects.
This expenditure occurred over a two-year period, as Dr. Forson explained during his presentation at the National Economic Dialogue in Accra.
Dr. Forson emphasized the need for a concerted approach to revitalize Ghana’s economy, which has faced significant shocks since the 2020 COVID-19 pandemic. He noted that the country’s fiscal policy regime has been ineffective over the last eight years, with revenues being used for non-budgeted expenditures.
The finance minister identified several key areas that require attention, including:
Infrastructure: Only 41% of primary roads are in good condition. – Cocoa Production: The industry is facing significant challenges, affecting farmers. – Health Insurance: Claim payments have decreased Education: Public spending is ineffective, prioritizing staff over infrastructure.
Dr. Forson criticized the previous government for creating wasteful expenses and called for a review of allocations to state-owned institutions, such as ECG. He proposed an audit regime for tariffs, which often burden consumers and taxpayers. The government plans to harness resources to reset growth indices and support indigenous businesses.
Story by Nana Dogbe
