Accra: President John Dramani Mahama on Monday outlined eight key pillars that the Government has envisioned to reset Ghana’s economy. He expressed optimism that Ghana has the potential to recover by learning from past mistakes and innovating for the future.
According to Ghana News Agency, during the 2025 Ghana CEOs’ Summit in Accra, President Mahama emphasized that the first of the eight key pillars for resetting Ghana’s economy involves completing the International Monetary Fund (IMF) programme with discipline. He mentioned the importance of maintaining discipline in government expenditure and borrowing to achieve all targets under the extended credit fund program with the IMF. The President projected that the fourth review of the IMF programme would conclude in June 2025, with an aim to exit by 2026. Following this, Ghana plans to engage in Article 4 consultations and adopt the policy support instrument framework, marking a return to responsible, non-borrowing engagement with the fund.
The second pillar, as outlined by the President, focuses on reopening domestic and international capital markets. Collaborations with the IMF, development partners, the Ghana Stock Exchange, and local banks are underway to facilitate this. Future borrowing, however, will be strategically linked to self-financing commercially viable projects, particularly by Ministries, Departments, Agencies (MDAs), Metropolitan, Municipal and District Assemblies (MMDAs), and State-Owned Enterprises (SOEs) to ensure value for money and sustainable repayment.
Strengthening sovereign funds and local government financing was highlighted as the third pillar. The President indicated plans to amend the Public Financial Management Act and the Constitution to mandate contributions to sinking and stabilization funds. Clearing verified arrears and rationalizing public investment was identified as the fourth pillar. An audit of arrears and government commitments is underway by the Auditor-General, with a report expected by the end of May. The government plans to transparently clear legitimate arrears and enforce commitment controls using the Ghana Integrated Financial Management Information System (GIFMIS) and Ipsos-based accounting systems.
The fifth pillar involves accelerating public fiscal management reforms, with amendments to the Public Financial Management Act (PFMA) to include fiscal responsibility clauses. The government intends to revive stalled reforms, such as the Treasury Single Account (TSA), the Integrated Tax Administration System, and real-time budget monitoring tools to improve efficiency and curb corruption.
Revitalizing exports through the Ghana Exim Bank constitutes the sixth pillar. The bank will be repositioned to support non-traditional exports, agro-processing, light manufacturing, and Small and Medium-Size Enterprises (SMEs), enhancing foreign exchange inflows and job creation. Significant investments in high-value tree crops like oil palm, cocoa, cashew, and shea are also planned.
Building Ghana into a regional hub for trade and investment is the seventh pillar. President Mahama envisions Ghana as West Africa’s commercial, transport, and digital services hub, focusing on port expansion and linking Ghanaian businesses to the African Continental Free Trade Area and beyond.
The eighth and final pillar involves resuming infrastructure development to stimulate growth. The President emphasized that infrastructure investment is crucial and will be pursued through innovative financing systems such as the Big Push, Public Private Partnerships (PPPs), and other strategic partnerships. The government’s goal is to restore macroeconomic stability as a foundation for private investment, ensuring policy predictability for medium- and long-term planning and preventing the private sector from being crowded out of credit and capital markets.