Ghana: Launch of a national economic dialogue...

Ghanaian President John Dramani Mahama officially launched the 2025 National Economic Dialogue on Monday, March 3, an initiative aimed at stabilizing an economy in turmoil. With public debt reaching 721 billion cedis (approximately 47 billion dollars) and a struggling energy sector, Ghana is facing major economic challenges.

In his speech, Mahama painted a troubling picture of the country’s financial situation, highlighting the massive debt of public enterprises, including 68 billion cedis owed by the electricity company ECG and 32.5 billion cedis owed by the Ghana Cocoa Board. He also mentioned a financing gap of 2.2 billion dollars in the energy sector and the suspension of 55 infrastructure projects due to non-payment.

This two-day dialogue brings together government representatives, the private sector, civil society, and economic experts to develop a roadmap for recovery. “We must learn from this crisis to shape our future”, Mahama said, committing to guiding Ghana toward a more prosperous path.

Since his inauguration on January 7, the government has implemented austerity measures, reducing public spending and limiting borrowing. Mahama praised a decrease in interest rates, with the yield on 91-day Treasury bills dropping from 28.51% to 24.48% between January and February. He also announced the signing of a memorandum of understanding with official creditors, a key step toward debt restructuring.

Among the promised reforms are a 10 billion-dollar investment plan for infrastructure and a tax reform aimed at boosting growth. Mahama also pledged to limit the size of the government and streamline the presidential administration to cut costs.

The outcomes of this dialogue are expected to guide Ghana’s economic policies in the coming years, as the country strives to overcome a crisis that, according to Mahama, is causing “unprecedented hardship” for the population. This process marks a collective effort to build a more resilient and prosperous economy.