The newly elected President of Ghana, John Dramani Mahama, takes office on January 7, 2025, for his second term after serving from 2012 to 2016. President Mahama presents an ambitious program aimed at stabilizing the economy, improving governance, and creating opportunities for all Ghanaians. The Mahama administration must balance fiscal discipline with the urgent need for economic recovery and social reforms. In response, he has presented an ambitious program to stabilize the economy, improve governance, and create opportunities for all Ghanaians.
Economic stability and growth for Ghana
Mahama emphasized that he will not abandon the USD 3 billion bailout plan from the International Monetary Fund (IMF) initiated by outgoing President Nana Akufo-Addo. The IMF agreement has halved inflation and put the Ghanaian economy back on the growth path. However, Mahama stated that additional efforts are needed to alleviate economic hardships.
Thus, the newly elected President of Ghana plans to renegotiate the terms of the agreement with the IMF to address unnecessary public spending and improve the country’s energy infrastructure. « When discussing renegotiation, I don’t mean we are abandoning the program. We are bound by it, but we are saying that it should be possible to make some adjustments to adapt it to reality », Mahama said.
According to President Mahama, the IMF has agreed to quickly send a mission to Ghana for a regular review, adding that discussions will focus on facilitating debt restructuring, which is now in its final phase.
Engaging in national dialogue
The President-elect also indicated that a national economic dialogue will be convened to assess budgetary challenges and design a consolidation program for the 2025 budget. The focus will be on reducing taxes and levies that burden businesses and individuals, including eliminating the electronic tax and revising taxes on vehicles and industrial equipment.
The President also plans to implement a 24-hour economy. This will allow businesses and public institutions to operate in shifts, boosting productivity and job creation.
President Mahama acknowledges the critical state of Ghana’s energy sector, particularly the struggling Electricity Company of Ghana, and has pledged to implement swift reforms to stabilize electricity supply. Meanwhile, job creation remains a top priority. Initiatives such as a national apprenticeship program and the « One Million Coders » project aim to equip young people with professional skills and foster innovation.
During his first 120 days in office, President Mahama intends to form the « smallest government » in Ghana’s history by appointing all cabinet ministers within two weeks. He plans to introduce a code of conduct for government officials and ban politically appointed individuals from purchasing public assets. These measures aim to improve transparency and restore public trust in governance.
On the social front, the Mahama government will implement:
- A « free tuition » policy for first-year students in public higher education institutions.
- Free higher education for people with disabilities.
- Free sanitary pads will be distributed to female students in primary and secondary schools to address educational inequalities.
Newly elected president of Ghana commits to long-term change
In his first official speech, President Mahama pledged to do everything possible to improve the lives of Ghanaians. The measures he proposes, though ambitious, reflect his determination to address the urgent needs of a country recovering from its worst economic crisis in a generation.
As Ghana looks to the future, the Mahama administration must tackle the challenge of balancing fiscal discipline with the urgent need for economic recovery and social reforms. His leadership in the coming months will set the tone for Ghana’s recovery and growth trajectory.
