President John Mahama: We are turning the corner toward economic recovery

President John Dramani Mahama has assured the business community that his government is taking decisive steps to steer the nation out of its current economic challenges and restore public confidence.

Speaking at the opening of the second Kwahu Business Forum on Saturday, [April 19, 2025] at Mpraeso in the Kwahu South District of the Eastern Region, President Mahama acknowledged the country’s recent economic difficulties—including high inflation, a weakened cedi, elevated debt levels, and waning investor confidence.

“We are all aware of the challenges our country has faced in recent years—soaring inflation, a weakened cedi, rising debt levels, and a decline in investor confidence. These challenges have weighed heavily on businesses and households alike. But I am confident—and I say this with sincerity—that we are turning a corner,” he stated.

While optimistic about early signs of macroeconomic stabilization, the President emphasized that recovery alone is not enough, and urged Ghanaians to set their sights on sustainable economic transformation.

“There are early signs of macroeconomic stabilisation. Inflation is gradually easing, and with disciplined management, we are beginning to restore a measure of confidence in the economy. But we must aim higher—toward transformation.”

President Mahama reiterated his administration’s commitment to creating a resilient and inclusive economy, underpinned by reforms and initiatives such as the 24-Hour Economy, increased support for SMEs, and strategic investments in infrastructure and human capital.

“And this can not be achieved without a financial sector that works not just for a few, but for every Ghanaian business–from the roadside vendor to the export-ready manufacturer,” he said.

The forum

Speaking on the theme: “The future of business: the role of the financial sector,” the forum and exhibition is a major initiative to foster entrepreneurship and support the growth of Ghana’s small and medium enterprises (SMEs).

It is a direct response to the government’s vision of expanding Ghana’s private sector capacity, especially in the agro-processing and manufacturing sectors of the economy.

As a non-partisan national development agenda, the Kwahu Business Forum brought together business owners, industrialists, investors, start-ups, and major industry players to network, share experiences, and explore ways to raise capital or leverage available products from financial institutions.

Chaired by the Kwahu Abetifihene and Adontenhene of Kwahu Traditional Area, Akyemfour Asiedu Agyemang III, the opening was attended by the Majority Leader, Mahama Ayariga; Minority Leader, Alex Afenyo Markin, Minister of Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare; Chief of Staff, Julius Debrah; and Member of Parliament for Abetifi Constituency, Bryan Achampong.

Targeted programme

With a vision to build a future of business landscape which is bold and deliberate, President Mahama said the government was pursuing a targeted programme to restore investor confidence by enhancing transparency, cutting bureaucratic red tape, and promoting a rules-based investment climate.

He said there was the need to build an economy that was resilient, inclusive, and productive.

Enabling environment

The minister stated that the government was committed to resetting the country with a special focus on creating an enabling environment that was responsive to private sector growth and drive investment in strategic sectors.

He stressed the critical importance of aligning the financial system with national development priorities to support entrepreneurship, industrialisation, and inclusive economic growth.

“At the ministry, we are sharing the transformations with the business regulatory reform programme, a cross cutting initiative that coordinate reforms across 50 institution including MMDA, private sector associations and professional bodies and other key institutions,” he said.

Economic future

For his part, the Minority Leader, Mr Alexander Afenyo-Markin said Ghana’s economic future would depend heavily on the strengths, agility and the resilience of its business community, and on the strategic role of the financial sector which plays important role in supporting local businesses to scale up and succeed.

“When we empower local businesses with the capital and confidence, they will grow, we need to do more boost productivity.

“This will open up the pathways for job creation, which remains one of our most urgent national challenges. Building a strong and inclusive financial ecosystem is not just an economic imperative but a crucial factor for growth,” he said.