Former President John Dramani Mahama urged business leaders to support Ghana's transition from economic stability to increased production and job creation. He made this call at the 10th Ghana CEO Summit, stressing that stability alone cannot improve lives without real gains for households.
Mr. Mahama emphasized a stronger partnership between government and the private sector is essential for Ghana’s economic transformation. He stated that the country’s 'reset agenda' will only succeed by converting stability into production, jobs, and higher incomes. This approach, he noted, directly addresses the impact on ordinary Ghanaians.
This initiative aligns with Ghana's ongoing efforts to solidify its economic recovery after a challenging period. The nation has recently focused on debt restructuring, controlling currency fluctuations, and managing high inflation. The President’s message aims to leverage these macroeconomic improvements as a foundation for sustainable, productive economic growth.
President Mahama highlighted that Ghana has successfully completed its Extended Credit Facility programme with the International Monetary Fund (IMF). He noted that the country has entered a Policy Coordination Instrument (PCI) arrangement for technical assistance. This decision, he explained, aims to maintain policy credibility and fiscal discipline over the next 36 months, supporting long-term economic stability and development.
The current macroeconomic stability offers a crucial opportunity for sustained growth. Decision-makers and businesses must now focus on practical steps to boost production across various sectors. This involves improving the ease of doing business and ensuring reliable market access for producers.
The President called for urgent reforms in Ghana's business regulatory environment. He warned that bureaucracy, duplicated procedures, and conflicting signals from state agencies hinder investment and productivity. Reducing these bottlenecks is vital for businesses to expand and create more jobs.
Mr. Mahama also linked the government's work on special economic zones to the broader industrialisation agenda. He stressed that these zones must not be isolated but should promote technology transfer and strengthen exports. This approach will create decent employment opportunities and attract significant investment.
In the agribusiness sector, President Mahama identified a critical gap between farmers needing buyers and factories needing raw materials. He described agribusiness value chains as an ecosystem connecting farmers, processors, and retailers. This coordinated structure can generate jobs, boost exports, and strengthen local economies.
He pinpointed cocoa, cashew, shea, oil palm, rice, poultry, textiles, pharmaceuticals, and light manufacturing as key sectors for industrial expansion. These sectors show strong potential for significant value addition. Mr. Mahama concluded that Ghana must move beyond exporting raw materials to retaining more value within its own economy.