A Journey of Resilience: Mahama’s Historic Political Comeback

John Mahama made history in Ghana’s political landscape. Elected as president in December 2012, he served one full term before losing re-election in 2016 to Nana Akufo-Addo, becoming the first president in Ghana to lose a consecutive term. However, in 2024, he made a remarkable comeback, securing a non-consecutive second term by defeating the incumbent vice president. Mahama first entered office as Vice President in 2009 and chaired key national bodies, including the National Economic Management Team, Armed Forces Council, and Police Council.

Tackling Ghana’s Economic Bottlenecks: Mahama’s Plan for Recovery

Ghana is grappling with critical economic issues, including soaring inflation, escalating public debt, a depreciating currency, and rampant unemployment. These challenges severely strain the economy and disrupt daily life for countless Ghanaians. In response, Mahama has launched a strong campaign under the banner of “Resetting Ghana” by restoring fiscal stability, slashing inflation, and generating jobs through decisive investments in infrastructure and industrialisation. Here are his 6 resolutions to a new, lucrative Ghana:

1. Economic Restoration and Stability

With his second return to power, President Mahama is focused on stabilising Ghana’s macroeconomic environment to reignite growth and prosperity. The administration’s priorities include restoring fiscal discipline, reducing inflation, stabilising the cedi, and lowering interest rates. Through decisive policies and financial reforms, the government aims to create a stable foundation for economic recovery and inclusive development.

2. 24-Hour Economy Vision

The 24-hour economy is a transformative initiative to maximise productivity and economic inclusion. By introducing round-the-clock market operations and accessible public services, Ghana’s shift to an export-driven economy could significantly contribute to its advancement. This would increase the potential for job creation, increase business flexibility, and propel the country’s shift to a 24-hour economy.

3. Infrastructure Development – The Big Push

Infrastructure investment lies at the heart of President Mahama’s agenda, with a $10 billion plan targeting energy, transportation, technology, and communications. The government seeks to drive productivity, stimulate growth, and create jobs by improving these strategic sectors. This initiative underscores a long-term vision of enhanced connectivity and regional competitiveness.

4. Support for Entrepreneurs and SMEs

President Mahama’s government is committed to creating a conducive environment for entrepreneurs and SMEs. Policies will focus on tax rationalisation, financial support, and streamlined regulations to drive innovation and business expansion. Essentially, the ultimate goal is enabling SMEs to become job creation engines and economic diversification.

5. Positioning Ghana and Africa for Investment

Ghana will be repositioned as a hub for trade and investment in Africa. The government’s strategy includes diversifying exports, establishing special industrial zones, and adding value to local products. These initiatives will attract foreign investments and strengthen Ghana’s role in regional and international markets.

6. Optimistic Outlook for Entrepreneurs and Investors

With these transformative policies, Ghana is set to become a beacon of innovation and entrepreneurship. Entrepreneurs can explore government-supported sectors like agribusiness and technology, while investors are encouraged to capitalise on infrastructure projects and industrial zones. The nation’s improved business climate promises significant opportunities, which, if effectively implemented, fosters growth and innovation across Africa.

Ghana’s Economic Blueprint: A Model for African Transformation

Ghana’s economic policies under President Mahama provide a valuable framework for African nations pursuing recovery and growth. Regionally, Ghana’s strategies offer key lessons in debt sustainability, industrialisation, and entrepreneurship. Its fiscal management approach can guide countries addressing similar challenges, while its focus on infrastructure and export-driven growth aligns with the African Continental Free Trade Area (AfCFTA) goals. Policies fostering SMEs and innovation also create a replicable model for empowering youth-driven economies across Africa. By adopting Ghana’s scalable solutions, African nations can tackle shared challenges and foster collective prosperity and resilience.

References:
Bloomberg
CNBC Africa
The Africa Report
AP News