President Mahama's 120-Day Economic Reset: Progress, Reforms, and the Road Ahead
As Ghana marks 120 days under President John Dramani Mahama's renewed leadership, the nation reflects on a period characterized by decisive economic reforms and a commitment to transparency. Central to this transformative phase was the National Economic Dialogue, a pivotal event that has begun to yield tangible results.
National Economic Dialogue: A Catalyst for Change
Held on March 3–4, 2025, at the Accra International Conference Centre, the National Economic Dialogue convened stakeholders from various sectors, including the private sector, civil society, academia, and traditional authorities. The objective was to assess Ghana's economic challenges and formulate actionable solutions. Key recommendations from the dialogue encompassed:
Enhancing fiscal and monetary coordination
Reforming the foreign exchange regime
Implementing comprehensive tax reforms
Overhauling public financial management systems
Strengthening expenditure controls
Promoting inclusive growth strategies
President Mahama emphasized that the implementation of these recommendations is already underway, contributing to a more stable currency, a downward trend in inflation, and a reduction in excessive borrowing .
Economic Indicators Show Positive Trends
One of the most notable achievements in this period is the performance of the Ghanaian cedi. From January 7 to May 7, 2025, the cedi appreciated by 9.25%, moving from GH¢14.71 to GH¢13.35 per dollar. This marks the strongest first 120-day performance against the US dollar under any administration since the cedi's redenomination in 2007 .
Additionally, inflation has eased to 21.2% in April, down from 22.4% in March, indicating a positive trajectory in the nation's economic stability.
Legislative Milestones and Social Interventions
In alignment with his 120-day social contract, President Mahama has enacted significant legislative changes aimed at alleviating financial burdens on citizens. Notably, the Electronic Transaction Levy (E-Levy), Betting Tax, and Emissions Levy have been repealed, providing immediate relief to individuals and businesses .
On the social front, initiatives such as the launch of Free Tertiary Education for Persons with Disabilities and the MahamaCares Programme underscore the administration's commitment to inclusivity and social welfare .
Commitment to Transparency and Accountability
President Mahama has reiterated his dedication to combating corruption and ensuring accountability within government operations. Investigations and forensic audits have been initiated into various areas of public interest, including the National Cathedral project and expenditures related to the African Games .
Looking Forward: Sustaining the Momentum
While the initial 120 days have set a positive tone, sustaining this momentum requires continued commitment and collaborative efforts. The administration's focus on implementing the 24-hour economy policy and further reforms in the energy sector will be critical in driving long-term economic growth and stability.
blogpay
Total Comments: 0