President John Dramani Mahama has outlined a wide-ranging economic recovery plan centred on fiscal discipline, capital market re-entry, and investment-led growth, as the government seeks to restore stability and investor confidence in the wake of recent financial headwinds.
Unveiled at the Ghana CEO Summit in Accra on Monday, the eight-pillar strategy aims to complete the country’s current IMF programme, rebuild sovereign creditworthiness, and position Ghana as a competitive regional hub for trade and services.
IMF Programme Completion and Fiscal Discipline
Mahama reaffirmed his administration’s commitment to meeting targets under the International Monetary Fund’s Extended Credit Facility. The government expects to complete the programme’s fourth review by June 2025, with an exit and policy-support phase planned by 2026.
He emphasised the importance of “maintaining strict fiscal discipline in government spending and borrowing” as Ghana works to stabilise its macroeconomic framework.
Capital Market Re-Entry
The administration is preparing to reopen Ghana’s domestic and international bond markets in partnership with the IMF, the Ghana Stock Exchange, and local banks. Mahama stated that “future borrowing will be linked to self-financing projects by government agencies to ensure sustainable repayment.”
Strengthening Sovereign and Municipal Financing
Mahama announced plans to amend financial regulations to enforce mandatory contributions to the country’s sinking and stabilization funds. The government will also empower local authorities to issue infrastructure bonds to finance essential development projects in transport, education, and water systems.
Arrears Clearance and Investment Prioritisation
A comprehensive audit of government arrears is underway, with a pledge to clear verified obligations transparently. Mahama said new public investment will be based on need, available funding, and alignment with national priorities. The Ministry of Finance has already announced that plans are underway, to clear the arrears, with the auditor-general yet to submit an interim report to clear the GH¢67 billion contractor arrears.
Public Financial Management Reforms
To improve budget execution and curb leakages, the government will reactivate key financial management tools, including the Treasury Single Account, integrated tax systems, and real-time expenditure tracking. In April 2025, government passed the Public Financial Management (Amendment) Act, 2025, in a step toward enhancing fiscal responsibility. The reforms include;
Stricter sanctions for fiscal mismanagement
Strengthening of the fiscal responsibility framework
Establishment of an Independent Fiscal Council
Tighter Oversight and Accountability Measures
Consolidation of Fiscal Management Laws
Export-Led Growth via Exim Bank
The Ghana Exim Bank will be repositioned to focus on non-traditional exports such as agro-processing, light manufacturing, and SME development. The move is designed to strengthen Ghana’s foreign exchange position and create jobs in the productive sectors. In May 2025, the government planned to boost non-traditional exports from $3.5bn to $10bn annually by 2030 through the newly inaugurated Accelerated Export Development Committee, in attempts to diversify the country’s export portfolio and increase foreign exchange earnings.
Regional Trade and Investment Hub
Mahama’s plan also targets Ghana’s transformation into West Africa’s leading trade and services hub. Priority areas include port expansion, financial services, healthcare, and digital infrastructure, aligned with the African Continental Free Trade Area (AfCFTA).
Infrastructure Development
The final pillar focuses on resuming strategic infrastructure investments across roads, energy, water, housing, and urban development. These projects will be financed through public-private partnerships and other innovative models.
The 8 pillar strategy comes as Ghana navigates a delicate economic recovery, following domestic debt restructuring and efforts to negotiate external debt relief. The government’s plan is geared toward restoring growth, reducing vulnerability, and signaling policy credibility to investors and markets.
Mahama framed the plan as a necessary reset to build resilience and unlock Ghana’s long-term potential.
