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Ghana CEO Summit: Mahama Presents Eight-Pillar Plan to Reset Economy

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President John Dramani Mahama has presents an eight-pillar strategy aimed at revitalising Ghana’s economy.

The plan focuses on fiscal discipline, market confidence, and strategic investments to restore economic stability and drive long-term growth.

Speaking at the Ghana CEO Summit in Accra on Monday, May 26, the president outlined the strategy as follows:

  1. Completing the IMF Programme with Discipline

Mahama emphasized the importance of maintaining strict fiscal discipline in government spending and borrowing while working towards targets set under the extended credit fund.

He expects Ghana to complete the fourth review of the IMF programme in June 2025, with an exit strategy by 2026, followed by policy support engagement to reinforce responsible financial practices.

  1. Reopening Domestic and International Capital Markets

Plans are in motion to reopen Ghana’s bond markets through collaboration with the IMF, the Ghana Stock Exchange, and local banks. Future borrowing, Mahama stressed, will be linked to self-financing projects by government agencies to ensure sustainable repayment.

  1. Strengthening Sovereign Funds and Local Government Financing

The government will amend financial regulations to enforce mandatory contributions to sinking and stabilization funds, ensuring financial security. Additionally, Mahama envisions empowering municipalities to issue infrastructure bonds for local development, including roads, schools, and water systems.

  1. Clearing Verified Arrears and Rationalising Public Investments

A comprehensive audit of government arrears is underway, with plans to clear legitimate debts transparently. New projects will be prioritised based on need, funding availability, and alignment with national interests.

  1. Accelerating Public Financial Management Reforms

To enhance financial efficiency, the administration will reactivate reforms like the Treasury Single Account (TSA), integrated tax administration, and real-time budgeting tools to curb waste and corruption.

  1. Revitalising Exports Through Ghana Exim Bank

The Ghana Exim Bank will be repositioned to boost non-traditional exports, agro-processing, light manufacturing, and SMEs, enhancing foreign exchange reserves while creating jobs in the real economy.

  1. Building Ghana into a Regional Hub for Trade and Investment

Ghana aims to become West Africa’s premier commercial, transport, and digital services hub. Key sectors such as port expansion, financial services, healthcare, education, and industrial corridors will be strengthened to connect local businesses with the African Continental Free Trade Area.

  1. Resuming Infrastructure Development to Stimulate Growth

Mahama stressed that infrastructure investments are essential for economic growth. His administration will prioritise roads, energy, water, housing, and urban renewal projects through innovative financing models like the Big Push, public-private partnerships (PPPs), and strategic collaborations.

Source: Citi Newsroom

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MINISTER FOR YOUTH DEVELOPMENT AND EMPOWERMENT INAUGURATES GRANT MANAGEMENT COMMITTEE FOR THE ADWUMAWURA PROGRAMME

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Earlier today, the Grant Management Committee of the Adwumawura Programme was officially inaugurated by the Minister for Youth Development and Empowerment.

The inauguration marked a critical stage in the implementation of the Adwumawura Programme, because it symbolizes an essential step in our collective effort to ensure transparency, accountability, and equity in the management of public resources entrusted to the National Entrepreneurship and Innovation Programme under The Adwumawura Programme.

The membership of the committee was drawn from Industry Players, Academia, Financial Institutions, Development Partners and Government Agencies.

 

1. University of Ghana Business School Innovation Center

2. Ministry of Youth Development and Empowerment

3. Ministry of Finance

4. ABSA Bank

5. Venture Capital Trust Fund

6. British Council

7. Private Sector (C.E.O of Akosombo Catering)

8. National Youth Authority

9. National Entrepreneurship and Innovation Programme

10. Ghana Youth Federation

11. MASLOC

In his remarks, the Minister for Youth Development and Empowerment reaffirmed government’s commitment to youth empowerment, job creation, and sustainable entrepreneurship. He emphasized that the Adwumawura Programme is not just about funding, but about building resilient businesses that can drive inclusive national development. He charged them to uphold the highest standards of professionalism, fairness, and diligence in the discharge of their duties.

The C.E.O of NEIP highlighted the need for the Grant Management Committee to be intentional about inclusiveness, equity, impactfulness, and innovation in the selection of at least 2, 000 viable businesses.

On his part, the Board Chairman assured the committee of their full support and urged them to execute their mandate dispassionately, transparently, in a non-partisan manner that will engender trust and confidence in the selection process.

Prof. George Acheampong from the University of Ghana Business School speaking on behalf of the committee thanked the Minister and NEIP for the opportunity to serve. He, on behalf of the committee members, assured the Minister and the Board of NEIP of their readiness and commitment to discharge their mandate diligently, fairly, transparently, and with utmost integrity.

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Chinese Ambassador bids farewell to President Mahama

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President John Dramani Mahama today granted an audience to the outgoing Chinese Ambassador to Ghana, His Excellency Tong Defa. The president lauded Mr Tong for strengthening the existing relations between Ghana and China during his tenure.

“You haven’t just been an ambassador or diplomat, you have been a friend, and I’m sad to see you go. Of course, our relations with China are excellent,” the President remarked.

Mr Mahama also thanked Chinese President Xi Jinping for his country’s involvement in negotiating Ghana’s debt restructuring and for providing significant support for Ghana’s development. He cited a $30 m grant for the Aflao Market Project and another $30m allocated for the construction of a new Science and Technology University in Damango.

“We want to see a greater cooperation with China in terms of logistics, in terms of training to move on anti-terrorism, in terms of building surveillance of our borders to make sure that we don’t have any infiltration of these areas”, he added.

President Mahama suggested a payment and settlement system between the two countries.

Ambassador Tong congratulated President Mahama on the successes chalked up in the first year of his tenure, especially in turning the fortunes of Ghana’s economy. He called for strengthening cooperation between the two countries in industry, trade, mining, and science and technology.

Ambassador Tong noted that the China zero-tariff arrangement for Ghana’s exports would soon be operationalised. He appealed to President Mahama for Ghana’s support for China’s bid to host the Secretariat of the new United Nations treaty on Biodiversity Beyond National Jurisdiction.

 

 

 

 

 

 

 

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President Mahama Unveils Major Welfare, Equipment Boost for Ghana Armed Forces

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President of the Republic and Commander-in-Chief of the Ghana Armed Forces, H.E. John Dramani Mahama, has announced a wide-ranging package of welfare improvements and major equipment acquisitions aimed at strengthening the operational capacity and morale of the Ghana Armed Forces.

The President made the announcement while addressing officers, soldiers, defence civilian staff, and invited guests at the West African Soldiers’ Social Activity (WASA), describing the measures as part of government’s commitment to building a modern, well-resourced military.

“The strength of any armed force lies in the professionalism, welfare, and motivation of its personnel,” President Mahama said. “As President and Commander-in-Chief, I remain firmly committed to ensuring that the Ghana Armed Forces are adequately resourced, well trained, and properly equipped to meet both current and future challenges.”

Major Equipment and Infrastructure Upgrades

President Mahama disclosed that government has begun a comprehensive retooling of all three services of the Armed Forces to enhance mobility, surveillance, and rapid response capabilities.

“As part of our modernisation drive, government is retooling all three services of the Armed Forces,” he stated.

He announced that a fleet of pick-up trucks, buses, and Land Cruisers has already been commissioned to improve operational efficiency, noting that this represents only the first phase of planned vehicle acquisitions.

According to the President, government is also moving ahead with plans to procure armoured personnel carriers, strategic drones, and advanced communication systems, as well as to establish Ghana’s first state-of-the-art Cyber and Electronic Warfare Centre at the Tamale Air Force Base.

“This centre will be responsible for maintaining surveillance of our borders and will also have the capacity to respond decisively in the event that our country comes under attack,” President Mahama explained.

Further equipment upgrades will include the acquisition of offshore patrol vessels for the Ghana Navy, four new Eurocopter helicopters for the Ghana Air Force, and a new executive jet to support executive travel and critical military logistics.

Forward Operating Bases and New Military Units

President Mahama also announced progress on the construction of Forward Operating Bases across the country, particularly in strategic areas.

“Two Forward Operating Bases in the northern part of the country are ready for commissioning, and adequate funding has been allocated in this year’s budget to complete four more before the end of the year,” he said.

He added that government has taken a strategic decision to establish two new military units in the Oti and Central Regions, in response to emerging security dynamics and the need to strengthen the national response framework.

Welfare Boost for Personnel

On welfare, President Mahama announced the implementation of a new salary structure for the Ghana Armed Forces, which will take effect in March, with arrears for January and February to be paid in the same month.

“I bring tidings of great joy,” he told the gathering. “Your new salary structure will start in March, and the arrears for January and February will also be paid in March.”

He also expressed support for the establishment of a Mutual Health Fund for service personnel and their families, announcing that seed funding for the initiative will be provided by the National Security Secretariat.

“The welfare of our personnel remains a top priority, and initiatives that improve healthcare access and financial security deserve our full support,” the President said.

Housing and Personnel Expansion

Addressing accommodation challenges within the Armed Forces, President Mahama acknowledged a housing deficit of about 14,000 units and welcomed a partnership between the Defence Industries Holding Company and FT Global to deliver 10,000 housing units over the next five years.

“Improving the living conditions of our officers and soldiers is essential to morale and operational effectiveness,” he noted.

He further announced that the ongoing recruitment exercise aims to increase the strength of the Ghana Armed Forces by 12,000 personnel over the next four years, to ensure sustainability and enhanced operational capacity.

Commitment to National and Regional Security

President Mahama concluded by reaffirming his administration’s determination to keep the Ghana Armed Forces professional, disciplined, and well-positioned to safeguard the nation.

“As Commander-in-Chief, I remain resolute in ensuring that the Ghana Armed Forces are fully resourced and positioned to serve Ghana, our sub-region, Africa, and the rest of the world with distinction,” he said.

The WASA event brought together senior military leadership, traditional and religious leaders, and other stakeholders to celebrate the service and sacrifices of the men and women of the Ghana Armed Forces.

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