President John Dramani Mahama has outlined a bold vision for Ghana’s economic transformation, centered on financial sector reform, inclusive growth, and support for small and medium enterprises (SMEs).
Speaking at the 2025 edition of the Kwahu Business Forum in Mpraeso on Saturday, Mahama emphasized the pivotal role of the financial sector in shaping the future of business in Ghana.
The event, themed “The Future of Business: The Role of the Financial Sector,” brought together entrepreneurs, policymakers, industry leaders, and financial stakeholders as part of activities marking this year’s Kwahu Easter festivities.
Addressing participants, Mahama acknowledged the economic challenges currently facing the country, including high inflation, a depreciated cedi, rising debt, and weakened investor confidence. However, he expressed optimism that Ghana is on the path to macroeconomic recovery.
“There are early signs of macroeconomic stabilization: inflation is gradually easing, and with disciplined management, we are restoring a measure of confidence in our economy,” he noted.
President Mahama, emphasized that economic recovery alone was insufficient. He called for a strategic shift towards building a resilient, inclusive, and productive economy, with a retooled financial sector at its core.
He announced several key policy interventions his government would pursue if elected, including expanding access to affordable financing through the Ghana Development Bank and the Women Development Bank, providing targeted support for SMEs, and introducing tax incentives and technical assistance.
President Mahama also pledged to modernize infrastructure such as roads and digital connectivity to boost business operations, reduce the cost of borrowing through credit system reforms, and create a national venture capital fund for youth- and women-led enterprises.
“A financial sector that works only for government borrowing or speculative trading is not fit for purpose,” he stated. “We must reorient it to support the real economy.”
Underscoring the need for financial inclusion, the President promised collaboration with banks, fintech companies, and mobile money operators to extend services to rural and underserved communities.
As part of his 24-Hour Economy policy proposal, Mr. Mahama said reliable electricity, logistics, and public safety would be prioritized to allow businesses to operate continuously, thereby boosting productivity and creating more jobs.
He also unveiled a proposed “Jobs and Skills Compact” to align education with labor market demands, promote youth entrepreneurship, and support industries that create decent employment opportunities.
“Our vision is a Ghana where no young person needs to leave their hometown in search of opportunity. Communities like Mpraeso, Nkawkaw, and Abetifi must become hubs of innovation, enterprise, and decent work,” he stated.
Mahama further called for strong institutions, rule of law, and a responsive, corruption-free public service to foster a conducive business environment.
“The future of Ghana will not be determined by government alone. It will be determined by our ability to build partnerships—between state and private sector, between finance and innovation, and between leadership and the people,” he concluded.
The Kwahu Business Forum has become a prominent platform for discussing Ghana’s economic prospects, attracting a broad mix of public and private sector actors each year.
Source : www.kumasimail.com
