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John Mahama pledges swift economic stabilization upon swearing-in

President-Elect, John Dramani Mahama has reaffirmed his commitment to restoring Ghana’s economy, emphasizing immediate steps to stabilize the local currency and foster economic growth once sworn into office on January 7, 2025.


Speaking at his residence during a courtesy call by the Algerian Ambassador to Ghana, Mourad Louhaidia, Mr. Mahama highlighted his administration's priorities for the nation.


“We are looking to focus and bring Ghana back up in terms of economic growth, in terms of stabilising the currency, in terms of bringing down inflation. And this is the time Ghana needs to work even closer with its partners, including China,” Mr. Mahama stated.


He further disclosed plans to engage international partners, particularly China, to deepen technical cooperation.


“As early as possible, once we get the transition out of the way, it is our hope that we will be able to constitute a delegation to begin engaging with China on the issues of our technical cooperation,” he added.


The president-elect’s comments come amid encouraging economic data.


Ghana’s economy posted an impressive 7.2 percent year-on-year growth in the third quarter of 2024—the fastest pace in nearly five years.


This resurgence was announced by Government Statistician, Professor Samuel Kobina Annim, on December 11, 2024.


Key drivers of this growth include a 10.4 percent expansion in the industrial sector, buoyed by mining and quarrying activities.


The services sector grew by 6.4 percent, while agriculture expanded by 3.2 percent. However, challenges persist, with the cocoa sector contracting by 26 percent for the fifth consecutive quarter.


While the economy shows resilience, high inflation and concerns over government debt sustainability remain critical issues for the incoming administration.


Despite recent gains, including a stronger cedi, sustaining this momentum will require robust economic reforms and fiscal discipline.


Mr. Mahama’s pledge to stabilize the currency and foster international partnerships underscores his administration's intent to build on the current economic progress while addressing persistent structural challenges.


“This is a pivotal time for Ghana, and we are committed to making the necessary changes to secure the country’s economic future,” Mr. Mahama reiterated.


Story by: Joshua Kwabena Smith

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