In his first day back in office, President John Mahama met with a delegation from the World Bank to discuss urgent measures to stabilize and rebuild Ghana’s economy.
Emphasizing the need for a “reset,” Mahama called for comprehensive reforms aimed at restoring economic stability, fostering job creation, and tackling poverty.
“To put Ghana back on track, we need to focus on governance reforms, economic stability, and ensuring that young people have jobs while empowering women,” Mahama said.
He highlighted that one of the key priorities is to make Ghana a more attractive destination for investment. Reflecting on past successes, he pointed out that under his leadership, Ghana attracted $3.3 billion in foreign direct investment (FDI) annually. However, the country’s FDI has since dropped sharply, with just over $1 billion recorded in the most recent year.
Mahama emphasized the importance of sustainable economic growth, stressing that Ghana cannot afford to rely on short-term economic gains.
“We’re looking for long-term growth, not just one-off quarterly growth,” he stated.
Key areas for economic stabilization include reducing inflation, stabilizing the currency, and ensuring that the country’s growth remains consistent.
In addition, Mahama called for reforming the country’s tax system, with a focus on integrating the informal sector into the national tax base.
He cited the example of an artisan who charges $5,000 for a job but did not pay taxes, underlining the need to develop incentives that bring informal businesses into the fold.
Finally, Mahama reiterated the importance of reforming key sectors like cocoa and oil.
He expressed concern over the decline in cocoa production due to both climate change and inadequate farmer compensation.
Similarly, he criticized the government’s failure to expand oil and gas production and vowed to create a more favorable environment for investment in these critical industries.
By: Shadrack Odame Agyare | Metrotvonline.com | Ghana
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