President-elect of Ghana, John Dramani Mahama, has stated that his administration's top priority upon assuming office will be to give new strength to the country's economy. He focused attention on the fact that the state of the economy played a key role in shaping the decisions of Ghanaians during the December general election.
In an interview with Voice of America's Paul Ndiho, Mahama called attention to the interconnection between economic performance and other sectors in the country. He explained:
"If the economy is in a poor state, it impacts education, agriculture, sports, and every other sector. Our focus will be on stabilizing the economy."
He pointed out two major issues cladding the nation: macroeconomic stability and debt sustainability. He noted that previous engagements with the IMF have primarily focused on ensuring macroeconomic stability, but this time, the challenge extends to managing the country’s debt.
Mahama outlined his approach to addressing these economic difficulties, including a review of the ongoing IMF program.
"We are committed to continuing the IMF program," he said. "However, we’ve requested discussions with the IMF as we were not involved in the initial stages of the program. We need to ensure we're aligned on its implementation."
He clarified that his administration does not intend to abandon the program, stating:
"We're not discarding the program, but we believe there’s room to make adjustments within it. If we can reach an agreement, we’ll continue until its completion. This means the national budget must align with the IMF program, limiting the scope for immediate, radical reforms."
Mahama further explained:
"While we will accept the IMF's reforms, we plan to deepen them once our program begins after the current extended credit facility expires. Our primary focus will be on bringing down inflation."
He listed the following key objectives for his administration:
"Stabilizing the currency, reducing the deficit, cutting expenditures, and increasing revenues are essential priorities."
In addition, Mahama discussed his proposed 24-hour economy policy, which he believes will play a significant role in boosting productivity.
John Dramani Mahama will be sworn in as President on January 7, 2025, taking over from the outgoing President Nana Akufo-Addo.
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