Assuring the global business community that Ghana’s economy has overcome its biggest obstacles and is ready for expansion, President John Mahama has made a strong case for foreign investment in the country.
Speaking yesterday at a CEO Summit in Abidjan, the President outlined significant reforms in infrastructure and sector-specific opportunities that are abundant in Ghana, stating that the country is open and ready for business.
Economic Recuperation
Even though the economy was in its worst condition when his administration took office on January 7, 2025, President Mahama said that it had taken bold actions, such as implementing an Extended Credit Facility program supported by the IMF, which had restored stability.
“We have completed the fourth review and remain on track to exit the program by April next year,” he mentioned.
The President added that talks were ongoing and that most creditors, with the exception of commercial bondholders, had reached agreements regarding Ghana’s debt restructuring under the G20 Common Framework.
He claimed that the government had revived the Sinking Fund and implemented responsible borrowing practices to avert future fiscal crises.
The “Big Push Program” was the centerpiece of the President’s speech. He assured the investor community that it would allocate about $2 billion a year to support key projects, including roads, bridges, schools, hospitals, and security infrastructure.
He also discussed the government’s flagship 24-hour economy policy, which aims to make Ghana a competitive investment destination by providing tax breaks, guaranteeing a steady power supply, and enabling business operations around the clock to increase job creation.
Other programs include the “Million Coders Program,” which President Mahama stated would assist small businesses and startups while equipping young people with digital skills.
“We are preparing our young people for the future of work while fostering entrepreneurship,” he said.
The President went on to say that Ghana was positioning itself as an agribusiness powerhouse, capable of feeding its 33 million people and exporting to the 400 million-strong West African market under the African Continental Free Trade Area (AFCFTA), thanks to its vast arable land and favorable climate.
The Oil Industry
President Mahama declared a renewed commitment to working with investors in the oil and gas industry to increase production and explore new blocks.
In order to demonstrate Ghana’s commitment to becoming the leading trade and logistics hub in West Africa, infrastructure projects such as port expansions, railway development, and airport upgrades were also highlighted.
President Mahama reassured the investor community that the worst of the economic challenges were behind them, comparing Ghana’s economic recovery to a flight.
“As your pilot, I assure you the turbulence is over. It will be a smooth flight to 2028 and beyond,” he emphasized.
By Najat Adamu
