President John Dramani Mahama has emphasized the urgent need for structural reforms in Ghana’s economy, cautioning that the country’s heavy reliance on raw material exports is unsustainable.
In his address at the National Economic Dialogue (NED) in Accra, Mahama referred to past economic policies as a “government bleeding” due to inefficiencies and a disproportionate dependence on exports of gold, cocoa, and crude oil.
The two-day forum, titled “Resetting Ghana: Building the Economy We Want Together,” brings together key stakeholders to address economic challenges and collaborate on shaping a more sustainable future.
President Mahama called for a shift towards value-added industrialization, advocating for the growth of manufacturing and agro-processing to fully leverage the country’s natural resources.
“Ghana must generate greater value from its natural resources to create wealth and prosperity for our people,” he stated.
He also emphasized the importance of modernizing agriculture through mechanization, irrigation, and technology to strengthen food security.
A key policy announcement was the introduction of a “24-hour economy” strategy, aimed at boosting productivity by encouraging businesses to operate around the clock. This initiative will be backed by tax incentives and equitable labor policies.
President Mahama also emphasized the need for governance reforms to enhance transparency and accountability, calling for collective responsibility in rebuilding the economy.
“The road ahead will not be easy, but it is a road we must travel together,” he said.
