A Bold Call for Economic Transformation at the National Economic Dialogue 2025

The President of Ghana, His Excellency John Dramani Mahama, delivered a powerful keynote address at the 2025 National Economic Dialogue (NED), setting the stage for a transformative economic agenda. Speaking before a distinguished audience of government officials, business leaders, economists, industry experts, and diplomatic representatives, President Mahama underscored the urgency of resetting Ghana’s economy and restoring confidence in the nation’s financial and industrial landscape.

A Nation at a Crossroads

In his address, President Mahama emphasized that Ghana stands at a pivotal moment in its economic development. Acknowledging the deep-seated financial distress, he highlighted the significant challenges facing the nation, including unprecedented debt levels, soaring inflation, high unemployment, and declining foreign direct investment.

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“The financial struggles our nation faces today did not arise overnight. They are the result of years of financial mismanagement, irresponsible borrowing, and reckless spending,” he stated. Mahama noted that Ghana’s default on its debt obligations had led to severe economic repercussions, including consecutive downgrades by international rating agencies and a loss of investor confidence.

A Call for Economic Reset and Stability

President Mahama made it clear that his administration is committed to steering the country towards economic stability. Key among his priorities is restoring macroeconomic stability, ensuring fiscal discipline, and safeguarding the independence of the Bank of Ghana.

“We must never again allow reckless borrowing and excessive government spending to undermine our progress. Fiscal responsibility must become the bedrock of our national development strategy,” he declared.

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He also stressed the need to eliminate wasteful government expenditures, advocating for a review of procurement laws to prevent financial leakages. Mahama cited an example of procurement malpractice, where a supplier sold products at inflated prices, highlighting the urgent need for transparency and accountability in government spending.

Driving Structural Economic Transformation

Beyond short-term stabilization, Mahama laid out a comprehensive vision for long-term economic transformation. A key aspect of his agenda is reducing Ghana’s dependence on the export of raw materials by shifting towards a value-added, industrialized economy.

“It is time to transition to a value-added, industrialized economy that creates jobs, boosts exports, and reduces our reliance on imports. Manufacturing and agro-processing must be expanded to ensure that we derive maximum value from our natural resources,” he asserted.

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He also echoed calls for a review of agreements governing the extractive industry, supporting increased indigenous participation in natural resource exploitation.

Harnessing Technology and Agriculture for Growth

Recognizing the role of technology in economic development, Mahama emphasized the need for robust digital infrastructure and high-speed internet access to bridge the digital divide and enhance global competitiveness.

On agriculture, he proposed modernization through mechanization, improved irrigation, and technology-driven innovations to ensure food security and sustainable productivity.

Implementing a 24-Hour Economy

One of the boldest initiatives announced was the implementation of a 24-hour economy, aimed at maximizing productivity and job creation across key sectors such as manufacturing, retail, healthcare, logistics, and financial services.

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“Across the world, thriving economies have embraced continuous productivity. It is time for Ghana to break free from the limitations of a traditional economy and embrace a future where opportunity is not confined by time,” Mahama declared.

The initiative will include incentives such as tax breaks for businesses that extend operational hours, investment in infrastructure and security to support 24-hour economic activities, and fair labor practices to protect workers’ rights.

A Shared Responsibility for Economic Revival

Mahama concluded his speech with a rallying call for national unity in rebuilding Ghana’s economy. He emphasized that economic recovery is not the sole responsibility of the government but a collective effort that requires the active participation of all stakeholders.

“Let us rise to the occasion, take decisive and necessary action, and ensure that we leave behind a legacy of economic resilience, stability, and prosperity for future generations,” he urged.

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The 2025 National Economic Dialogue marks a significant turning point in Ghana’s economic journey, with President Mahama’s speech setting a clear path toward a prosperous and inclusive future. The success of these proposed measures will depend on broad stakeholder commitment and the political will to implement necessary reforms. As the dialogue progresses, the nation watches closely to see how this ambitious vision will unfold in practice.