John Mahama Speaks About Economic Stability, Employment, and a 24-Hour Economy in Ghana

Following his re-election as Ghana’s President-elect, John Dramani Mahama has reaffirmed his commitment to stabilizing the economy, addressing unemployment, and introducing an ambitious 24-hour economy policy. In an interview with VOA, Mahama detailed his plans to tackle the nation’s most pressing challenges, emphasizing a practical and sustainable approach to economic recovery and job creation.

Stabilizing the Economy: A Priority for Growth

Mahama identified economic stability as the cornerstone of Ghana’s progress, noting its ripple effects on all sectors, including education, agriculture, and sports. “If the economy is in a bad way, it affects everything else,” he said. His administration plans to prioritize macroeconomic stability and debt sustainability to restore economic health.

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To achieve this, Mahama pledged to continue Ghana’s current IMF program, ensuring alignment with the program’s requirements while exploring areas for adjustments. “We’re not going to abandon the program, but we will look for ways to deepen the reforms and prepare for our own tailored economic program after the current extended credit facility ends,” he explained.

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Key steps to economic stabilization include reducing inflation, stabilizing the Ghanaian cedi, narrowing the budget deficit, cutting unnecessary government expenditures, and increasing revenues. Mahama stressed that these measures are vital to regaining investor confidence and fostering economic growth.

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Sustainable Employment: Empowering the Private Sector

Unemployment remains a critical issue for Ghana, and Mahama acknowledged the urgency of addressing it through sustainable means. “Job creation is not an event; it’s a process,” he said, emphasizing that economic recovery is the first step to creating employment opportunities. His administration plans to empower businesses to expand and create jobs, rather than relying on temporary, artificial job schemes like the defunct Nation Builders Corps (NABCO)

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Mahama highlighted the pivotal role of the private sector in job creation, noting that the government sector employs less than one million people in a population of over 33 million. To address this, his government will provide targeted support to entrepreneurs and private businesses, especially under the African Continental Free Trade Area (AfCFTA), to encourage production and exports.

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Additionally, Mahama outlined plans to enhance technical and vocational training through a national apprenticeship program. This initiative aims to equip young Ghanaians with practical skills in high-demand fields such as plumbing, welding, and electrical work. By fostering such skills, the administration hopes to create opportunities for both local employment and international labor mobility, leveraging agreements with countries like Germany to enable skilled workers to secure contracts abroad.

The 24-Hour Economy: A Game-Changing Policy

One of Mahama’s boldest proposals is the introduction of a 24-hour economy, a policy designed to maximize productivity and employment by extending business operations beyond traditional hours. “The 24-hour economy provides incentives to the private sector to increase their production and the number of employees,” he explained.

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This model, which has been successfully implemented in other countries, will incentivize businesses to operate in shifts, creating more job opportunities and increasing economic activity. Sectors such as manufacturing, retail, and services are expected to benefit significantly, allowing Ghana to harness the full potential of its workforce while fostering a more dynamic and inclusive economy.

Conclusion

As President-elect, John Dramani Mahama has laid out a comprehensive and forward-thinking vision for Ghana’s economic recovery and growth. His plans to stabilize the economy, create sustainable employment, and implement a 24-hour economy policy reflect a commitment to addressing Ghana’s most pressing challenges. By prioritizing private sector empowerment, vocational training, and innovative economic policies, Mahama aims to build a resilient and inclusive economy that offers opportunities for all Ghanaians.

With these initiatives, the President-elect seeks to inspire hope and confidence among citizens, particularly the youth, as Ghana embarks on a new chapter of economic transformation and development.

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