President-elect John Dramani Mahama has assured the business community of his administration’s commitment to fostering a thriving economic environment by embracing innovative ideas and engaging with business leaders.
According to Mahama, sustained dialogue with key industry players will be pivotal in shaping policies that address the challenges facing Ghana’s economy and business sector.
Engaging the Business Community
Speaking during a visit by the CEO Network, a group of prominent business leaders, to congratulate him on his election victory, John Mahama emphasized the need for continuous collaboration with stakeholders.
“We will open ourselves to ideas to create a better environment for businesses to thrive,” John Mahama said. “Engaging with you as a group and individually will allow us to plan effectively for the business community. Currently, Ghana’s Foreign Direct Investment (FDI) is one of the lowest among African countries, and much work is required to reverse this trend.”
The President-elect underscored that the engagement would not be a one-time event but an ongoing dialogue to ensure businesses receive the support needed to flourish.
“I am committed to regular interactions with the business community to explore how we can help businesses thrive,” he added.
Leveraging the African Continental Free Trade Area (AfCFTA)
Mr. Mahama expressed concern over Ghana’s slow uptake of opportunities presented by the African Continental Free Trade Area (AfCFTA), especially compared to other African nations.
“We are not taking full advantage of AfCFTA as quickly as other African countries. We need to strategize to ensure that more ‘Made in Ghana’ products dominate that market,” he explained. “Confidence in the economy affects everyone, and strengthening our foothold in AfCFTA will boost that confidence.”
Economic Challenges and Energy Sector Woes
The President-elect revealed alarming insights into the state of the economy, describing it as being in a “severe crisis.” While acknowledging that the outgoing government has not been entirely transparent, he noted that the economic data available to him painted a worrying picture.
“The crisis in our economy is real and severe. Some of the numbers I’ve seen are troubling. Even though the outgoing government has not fully opened up the books to us, the indicators are far from reassuring,” he lamented.
John Mahama also highlighted pressing challenges within the energy sector, particularly issues affecting the Electricity Company of Ghana (ECG).
“The energy sector is critical to our economic stability. If we don’t address ECG’s problems with decisive, surgical action, it could derail all our plans for economic recovery,” he warned.
Tax System Reforms
John Mahama pointed out the need for a comprehensive overhaul of Ghana’s tax system to ensure fairness and broaden the tax base. He pledged to prioritize this issue immediately upon taking office.
“One of the key areas we must tackle is the tax system. Our focus should be on how to get everyone to contribute their fair share and share the tax burden equally,” he stated. “As soon as I am sworn in, I will engage with the CEO Network and other business leaders to determine the best approach to tax reforms.”
Commitment to Transparent Governance
The President elect reiterated his administration’s openness to ideas and suggestions, emphasizing that collaborative governance would be central to his leadership style.
“We are ready to listen and learn. The CEO Network and other stakeholders will play a vital role in shaping policies that drive economic growth and prosperity,” he assured.
A Vision for Business Growth
With a focus on improving FDI, leveraging AfCFTA, addressing economic challenges, and reforming the tax system, President-elect John Mahama has laid out a roadmap for creating a more conducive environment for businesses.
His commitment to open governance and regular stakeholder engagement signals a new era of collaboration and accountability in Ghana’s economic management.
Story by: Emmanuel Romeo Tetteh (#RomeoWrites✍️) / Ahotoronline.com | Ghana 🇬🇭
