By Constance GBEDZO
His Excellency John Mahama is definitely charting a ‘Bold Path Forward’. Indeed, he is sounding the appropriate tone at top.
I believe the President, before assuming office, had reflection on Ghana’s national economic objective as stated in the Directive Principles of state policy, S36. (1) that “The State shall take all necessary action to ensure that the national economy is managed in such a manner as to maximize the rate of economic development and to secure the maximum welfare, freedom and happiness of every person in Ghana and to provide adequate means of livelihood and suitable employment and public assistance to the needy.”
Mahama’s Resetting Ghana Agenda and the 24-Hour Economy represent a bold and comprehensive blueprint for Ghana’s economic transformation. The plan seeks to create a more resilient, industrialized, and job-rich nation.
As Ghana seeks to solidify its economic recovery and chart a course for long-term prosperity, this blueprint offers a detailed roadmap for a future where economic opportunity is maximized around the clock.
The emphasis on consultative governance and targeted sectorial interventions aims to build a broad consensus and ensure sustainable growth.
Nevertheless, Mahama’s renewed fight against corruption, including investigating and recovering misapplied public funds, and reforms in public procurement, are seen as critical for fostering a fair and ethical business environment that attracts investment.
Notwithstanding the prioritization of fiscal discipline, strategic tax reforms, and a vision for continuous economic activity, it is without doubt that the path and the tone by the president is enough to guarantee macro-economic stability.
The Leader Truly Matters!!
Ghana stands at a critical moment, having traversed recent economic instability. As the nation looks to solidify its recovery and forge a path to sustainable prosperity, the President, John Mahama has unveiled a comprehensive economic plan centered on resetting Ghana and activating a transformative 24-Hour Economy model.
This vision aims to fundamentally reshape Ghana’s economic landscape, moving beyond traditional dependence on few crops for export to foster industrialization, job creation, and a more resilient, export-driven economy.
This resetting Ghana agenda is not merely a set of policies, but a major philosophical shift in economic management. It recognizes the need for a departure from past vulnerabilities, such as over-reliance on raw material exports and an unstable fiscal environment.
The reset underscores fiscal discipline and debt sustainability, targeted tax reforms, and consensus-driven governance
As John Mahama resumes his second term on 7th January 2025 after a landslide victory in 2024 general elections, his primary focus has been prudent public financial management, which involves a commitment to efficient government spending, increased transparency in debt management, and efforts to address Ghana’s debt burden through restructuring and repayment.
The recent Memorandum of Understanding (MoU) with the Official Creditor Committee (OCC) for external debt restructuring, along with efforts to rebuild Sinking Funds and lower Treasury bill rates, aligns with this commitment to deliver the public good.
His government proposed new fiscal rules include an Independent Fiscal Council to monitor government spending and a debt cap of 45% of GDP by 2034, alongside an annual primary surplus of 1.5% of GDP until 2034.
Mahama’s reset agenda also proposes a significant overhaul of the tax system. Key initiatives include the abolition of the Electronic Transfer Levy (E-Levy), COVID-19 levy, emissions tax, and the 10% withholding tax on bet winnings and gaming.
These measures aim to ease the burden on businesses and individuals, stimulate digital transactions, reduce production input costs, and ultimately enhance the Ghanaians’ purchasing power.
The intent is to foster a more business-friendly environment while ensuring broader tax compliance through digital transformation rather than solely increasing rates.
Indeed, the hallmark of the Resetting Ghana agenda is the emphasis on broad-based stakeholder engagement. The National Economic Dialogue (NED) was initiated in March 2025; bringing together economic experts, policymakers, industry leaders, and civil society to collectively deliberate on economic strategies.
This inclusive approach is designed to build national consensus, foster stability, and instill investor confidence by demonstrating a shared commitment to long-term economic planning.
The lynchpin of Mahama’s transformative vision is the 24-Hour Economy which aims at unlocking Ghana’s productive potential.
This has been described as an ambitious policy. Its operationalization will see Ghana being transitioned into a continuous production and service delivery model, operating around the clock in three eight-hour shifts.
The cardinal objectives of this initiative are to foster export-driven industrialization and value addition, massive job creation, enhanced productivity and efficiency, and enabling environment.
The 24-Hour Economy is designed to promote an import-substitution and export-led economy. This will see Ghana shifting away from the export of raw materials towards processing them into finished or semi-finished goods, thereby adding value, creating more sophisticated supply chains, and increasing export revenue.
Nonetheless, by encouraging businesses and public organizations to operate 24/7, the policy is expected to generate a significant number of well-paying jobs across various sectors of the Ghanaian economy.
This include not only traditional manufacturing roles, but also opportunities in logistics, security, and services that support extended operational hours. Government then launched its “Adwumawura Programme” which aims at creating, tracking, and mentoring ten thousand (10,000) businesses annually, with a focus on youth, with the “Jobs for Youth” scheme as integral part of this.
The President envisions that the continuous operation will lead to increased production volumes and improved productivity.
Also, public institutions with high customer traffic, such as Ports and Harbours, Customs, the Passport Office, and the Driver and Vehicle Licensing Authority (DVLA), are targeted for extended operating hours to improve service delivery and reduce bottlenecks.
To facilitate the 24-Hour Economy, emphasis was on strategic investments to incentivize the enterprises. This covers areas like security, energy, infrastructure, tax incentives and financing support.
A robust public-private security architecture will be established to ensure safety and stability for businesses operating at night. Participating businesses will benefit from cheaper and reliable electricity through a Time-of-Use (ToU) tariff system, thereby reducing operational costs.
Government is also seeking to modernize infrastructure, including roads, logistics, and digital connectivity. This is crucial to support round-the-clock operations and efficient movement of goods and services.
Indeed, the “Big Push Programme” is set to channel oil revenue into major road projects, including the dualization of key highways like Accra-Kumasi, Accra-Takoradi, and Accra-Aflao, along with major bridges. Also, a new Accra-Kumasi expressway is also planned to significantly reduce travel time.
It is also expected that businesses participating in the 24-Hour Economy will receive tax incentives to reduce their operational costs and enhance their competitiveness.
The Ghana Exim Bank is also expected to provide financial support to strategic agro-processing factories and manufacturing companies, thereby boosting production for import substitution and export. Support will also be extended to viable SMEs to enhance their operating capacity.
Government also intends to provide Legislative Support. This will see an Employment Act passed, in consultation with organized labor and other stakeholders, to establish a regulatory framework for the 24-Hour Economy, complementing existing labor laws.
An Accelerated Export Development Authority (AEDA) will be established to actively promote exports under the 24-Hour Economy strategy, with a focus on a “Made in Ghana Agenda” to stimulate demand for local goods. This is to be chaired by the President.
Beyond the core tenets of the Resetting Ghana and 24-Hour Economy, Mahama’s blueprint details specific reforms across various sectors. The Agricultural Modernization dubbed Feed Ghana Programme is a flagship initiative aims to transform Ghana’s agricultural sector to ensure food security, provide raw materials for agro-processing, and create jobs.
It includes boosting production of vital commodities (maize, rice, soya bean, poultry, palm oil, etc.) to reduce import reliance; establishing Farmers’ Service Centres to provide mechanization, quality inputs, financing, and training; developing agro-industrial zones with irrigation, roads, power, and warehouses to attract private investment in processing; revitalizing the poultry industry through support for hatcheries, feed mills, and veterinary services; and promoting urban agriculture and engaging educational institutions in farming.
It is important to emphasize that Private Sector Empowerment is utmost crucial. We need to realize the vision to empower Ghanaian businesses by expanding access to affordable financing through the Exim Bank Ghana, Development Bank of Ghana, the proposed Women’s Development Bank, and partnerships with private financial institutions. We need to provide targeted support to SMEs with financing, tax incentives, and tailored technical assistance.
We also need the launching of a national venture capital fund for youth and women-led businesses, and then to reform credit systems and encourage banks to lend to the productive sectors of the economy.
Finally, policy makers must also guarantee financial sector stability by building on recent recovery efforts. The blueprint emphasizes ongoing reforms to strengthen the financial sector. This includes continuous monitoring of the Domestic Debt Exchange Programme (DDEP) and promoting financial inclusion.
The writer is a Governance and Enterprise Development Expert
