President John Dramani Mahama has announced that his administration has begun implementing the outcomes of Dr. Ishmael Yamson’s National Economic Dialogue, signaling a decisive step toward restoring Ghana’s macroeconomic stability.
Speaking in a nationwide address reflecting on his first 120 days in office, President Mahama highlighted the government’s proactive response following the pivotal National Economic Dialogue held on March 3rd and 4th, 2025, at the Accra International Conference Centre.
“The National Economic Dialogue produced a comprehensive report with clear, actionable recommendations aimed at restoring confidence in our economy,” President Mahama stated.
He added “Key proposals included enhancing fiscal and monetary policy coordination, reviewing the foreign exchange regime, implementing major tax reforms, overhauling the public financial management system, reforming state-owned enterprises, strengthening expenditure controls, establishing a credible medium-term expenditure framework, promoting strict fiscal discipline, and aggressively pursuing inclusive growth”.
President Mahama reported encouraging early results stating “Our currency is becoming more stable, inflation is gradually decreasing, and we have curtailed the excessive borrowing that characterized previous administrations.”
The President emphasized that his government has amended the Public Financial Management Act, 2016 (Act 921), to introduce a debt rule targeting a reduction of the debt-to-GDP ratio to 45% by 2034.
Again, President Mahama stressed that the amendment also established an operational rule mandating an annual primary surplus of at least 1.5% of GDP on a commitment basis.
Furthermore, the legislation provides for the creation of an independent fiscal council tasked with monitoring government compliance with fiscal rules.
“This reform was enacted in April 2025, ahead of the September 2025 deadline stipulated under the IMF-supported program,” President Mahama opined, emphasizing the administration’s dedication to fiscal responsibility and transparency.
The members of the committee include distinguished individuals such as Dr. Ishmael Yamson as Chairman, Dr. K.Y. Amoako, Professor John Gatsi, Mohammed Samara, Nelly Mireku, Anthony Sarpong, and Ernest De-Graft Egyir.
Source :www.kumasimail.com /Kwadwo Owusu
