President John Dramani Mahama has acknowledged the severe economic difficulties currently facing Ghana, describing the situation as a crisis.
He emphasized that the nation is undergoing extraordinary hardships, which are severely affecting the lives of its citizens.
“Our economy is in a dire state, which is an understatement,” President Mahama remarked during his State of the Nation Address to Parliament on February 27, 2025, marking his second term in office.
In response to the crisis, the President announced plans to convene a national economic dialogue on March 4th and 10th to explore potential solutions.
President Mahama expressed his determination to address the economic crisis, drawing on his previous successes in resolving significant challenges, such as power shortages. He recalled his efforts to solve the “Dumsor” problem—persistent power outages—during his earlier term from 2016 to 2017, which he successfully overcame.
Building on this experience, he expressed confidence in his ability to steer the economy back toward growth and stability.
“I will tackle the economic crisis facing our country and set it on a course for growth and prosperity,” he declared, reaffirming his commitment to solving the nation’s economic problems.
President Mahama also revealed that a preliminary assessment of Ghana’s financial situation has uncovered deeper issues than originally anticipated. He stated that the economy is “broken on many fronts,” highlighting the urgent need for broad-based reforms.
External factors, such as high inflation and a heavy debt burden, are exacerbating Ghana’s economic challenges. The country is currently working with the International Monetary Fund (IMF) to restructure its debt and stabilize the economy, with efforts focused on reducing inflation and improving fiscal management.
The President’s commitment to addressing the economic crisis is underscored by his government’s collaborative approach. He emphasized the importance of working closely with all stakeholders, including Parliament and the public, to implement effective solutions. “My approach is to face challenges head-on and work tirelessly to resolve them,” he stated, reflecting his resolve to lead Ghana through this difficult period.
The government’s roadmap includes presenting a comprehensive budget on March 11, outlining strategies for economic recovery. Despite the ongoing challenges, Ghana is expected to experience improved economic growth by 2025, driven by structural reforms and macroeconomic stabilization.
