President Mahama Vows to Restore Ghana’s Economy and Drive Growth
President John Mahama has reaffirmed his commitment to tackling Ghana’s economic difficulties and setting the nation on a trajectory of progress.
Delivering the State of the Nation Address (SONA) in Parliament on Thursday, February 27, Mahama criticized the previous administration, led by Nana Akufo-Addo, for mismanaging the economy, leaving behind significant financial setbacks.
Reflecting on past challenges, he highlighted his previous efforts in addressing Ghana’s power crisis, emphasizing that by January 2016, before handing over in 2017, power rationing had been fully resolved.
“Mr. Speaker, from January 2016 until I handed over the administration of this country on January 7, 2017, there was no load shedding or power rationing in Ghana.”
Drawing inspiration from this achievement, he made a bold declaration:
“With God’s guidance and the overwhelming support of Ghanaians, I, John Dramani Mahama, will fix the economic crisis and put Ghana back on the path of prosperity.”
Mahama assured that his government, in collaboration with the Ghanaian people, has a clear strategy to address the economic downturn.
“We are ready to tackle these challenges head-on because we have developed a well-structured plan with the support of our people.”
He further stated that his administration inherited an economy struggling under heavy debt and severe financial mismanagement.
“Upon assessing the state of affairs, we discovered that the economic challenges are even deeper than initially anticipated. The crisis we have inherited is extensive and demands urgent intervention.”
Despite an initial inflation target of 18% for 2024, the actual rate soared to 23.8%, surpassing IMF-agreed projections. Additionally, the cedi depreciated by 19% against the dollar in 2024, worsening financial conditions.
President Mahama concluded by reaffirming his administration’s commitment to stabilizing the economy and restoring confidence in Ghana’s financial future.
