President John Dramani Mahama has vowed to turn the fortunes of the country after inheriting an economy surviving on International Monetary Fund (IMF) support.
He made this known in his first State of the Nation Address (SONA) to Parliament today, February 27.
Key reforms introduced by the new government are yet to bear fruit, but President Mahama is hopeful of a thriving economy after two months of assuming office.
“I, John Dramani Mahama, will fix the economic crises confronting our country and reset it on a path of growth and prosperity. My government, working with you and every Ghanaian, will solve the challenges because of the plan with the people’s support,” he said to the admiration of the Majority and chagrin of the Minority sides.
Ghana is making progress in addressing high inflation but continues to face a rising cost of living amidst the high depreciation of the cedi and costly fuel prices.
With many levies and taxes, production costs remain high, preventing a production boom to encourage more exports.
Even though there is an improvement in addressing revenues, the country continues to swim in high debt, stifling expenditure to boost economic productivity.
“It is not my style to lament and complain when confronted with challenges. Mr Speaker, it is not my style to lament and shift blame when confronted with challenges. My approach is to accept challenges and work hard to resolve them. Indeed, this is precisely what the people of Ghana elected me to do. I have therefore not come here to lament the state of our country, though there is much to lament about,” Mr Mahama noted.
“Our economy is in hardship, and our people are suffering unprecedented hardships. Mr Speaker, we will host an economic dialogue on March 3rd and 4th. On March 11th, the Minister of Finance, on my behalf, will present the budget estimates for the financial year 2025, to this August House. These two events will allow us to present the real state of the economy to the Ghanaian people,” he added.