At New Year School: We won’t backslide in economic gain

President John Dramani Mahama has given the firmest assurance yet that government would not “take its legs off the pedal” as it aims to consolidate the economic gains chalked thus far.

“I can assure Ghanaians that we’ll not relax the current fiscal discipline and efficient management of the economy even in the election year of 2028,” he stated.

President Mahama (middle) with other dignitaries at the opening of the conference

Since taking over the helm of affairs on January 7, 2025, inflation has declined from 23 per cent to 6.3 in November, the local currency, the Ghana Cedi, appreciating by 40.6 per cent against the US dollar over the period, Ghana’s international reserve growing from US$8.9 billion to US$13.8 billion, debt to GDP easing from 66 per cent to 45 per cent amongst other positive economic indicators.

Opening the 77 Annual New Year School and Conference of the University of Ghana in Accra yesterday, the President said nearly seven decades after independence it was time the country equitably and sustainable grew into a resilient nation where decisions are taken in the utmost interest of the country.

In a region where democracy is backsliding, President Mahama underlined that it was important to prove to the citizenry that democracy works and that the citizenry could have trust in the political class to uphold their interest and create opportunities for national prosperity.

The President noted that the Ghana citizens could not be built by any individual or administration but requires partnership, discipline, innovation and national consensus building.

“It demands that we moved beyond rhetoric to implementation, short term fixes to long term solutions, and beyond narrow interest to the national interest. Growth and consolidation must be permanent.

“We cannot build the Ghana we want if the progress made under one regime is reversed under another. Our economic development programmes must be medium to long term. Our progress as a nation must transcend political seasons and this why I decided to make this second mandate, so graciously granted me by Ghanaians count,” he said to applause.

To this end, he emphasised that the consolidation would be anchored on five pillars; value addition, infrastructure and revenue mobilisation; human capital development; good governance, accountability and discipline, environmental stewardship and climate resilience; and inclusion, cohesion and shared national purpose.

Additionally, he indicated that government would roll out a policy this year that would require value addition to mineral resources, petroleum and agriculture products before export, GH¢30 billion earmarked for infrastructure under the Big Push programme and enhanced domestic revenue mobilization, amongst other measures.

On human capital development as the engine of growth, President Mahama said “no nation has ever developed beyond the quality of its people,” stressing the need for improved learning outcomes at all levels of the education ladder, especially at the basic level.

In the area of good governance and accountability, President Mahama stated that his administration is strengthening anti-corruption institutions, restoring respect for the rule of law and insisting on value for money in public spending, revealling that an independent value for money office to ensure that every cedi that is spent on behalf of the people delivered real value.

He said building the “Ghana we want” was impossible if the environment destruction continued; a reason he noted government would continue with the fight against illegal mining to protect forests, water bodies and farm lands.

“A divided nation,” President Mahama stressed “cannot sustain development. The Ghana we want to build together must be inclusive, cohesive, and fair where no region of the country is left behind, no gender is marginalised, and no generation is excluded.”

Furthermore, the conference, he emphasised, must be a reminder that national development is a collective endeavour, with a call on academia to provide ideas, private sector must innovate and invest, civil society engage and hold government to account, traditional and religious institutions uphold moral values and media inform with integrity and accuracy.

The New Year School, which brought together policymakers, academics, industry leaders and development partners to deliberate on Ghana’s development priorities and pathways toward sustainability was on the theme: ‘Building the Ghana We Want Together For Sustainable Development’.

The platform provides space for critical reflection on national issues, evidence-based policy dialogue and the generation of practical solutions to support inclusive and sustainable growth.