In a compelling keynote address at the 8th Ghana CEO Summit, the flagbearer for the National Democratic Congress, former President John Dramani Mahama outlined a bold vision to revive the country’s economic woes, emphasizing the critical role of business leaders in transforming Ghana’s economy
Reflecting on his past engagement with the Ghana CEO Summit, the National Democratic Congress flagbearer began his address by revisiting the key points from his previous speeches at the Summit, underscoring the importance of collaboration between the government and businesses.
He reiterated the need for the government to create a supportive business environment and economic stability, which are essential for business growth.
“I am honoured to address you again at this august annual CEO Summit. Time flies, and it feels like we last met only yesterday to address the challenges affecting businesses and industries in the current gloomy business climate that has enveloped our nation”.
former President John Dramani Mahama
Highlighting past issues such as limited access to credit, high taxation, inflation, and regulatory hurdles, Mr Mahama emphasized the urgency of addressing these challenges through greater cooperation and the adoption of digital transformation initiatives.
A Vision for Technological Integration
Former President John Dramani in outlining his vision to transform Ghana’s economy passionately spoke about the transformative power of technology, referencing how once futuristic concepts like AI, machine learning, and robotics are now integral to modern life.
He asserted that the next National Democratic Congress administration under his leadership would fully embrace these technologies, making them central to Ghana’s development strategy.
His vision, he recounted aligns with the Summit’s theme, which focuses on economic diversification and AI transformation.
“Ladies and gentlemen, throughout history, people have always used the best available resources and tools to achieve their goals. A few decades ago, movies like Terminator and Total Recall seemed like far-fetched ideas, but today, we are living in an era of AI, machine learning, and robotics, and there is no turning back”.
former President John Dramani Mahama
Touching on the country’s current economic climate, Mr Mahama did not mince words by describing Ghana’s economy as “bankrupt and collapsed,” citing poor leadership over the past eight years.
The National Democratic Congress while chastising the ruling New Patriotic Party administration for failing to transform the country’s economy, bemoaned the stark realities facing Ghanaians.
He stated that unemployment has soared to 14.7%, inflation exceeds 25%, and interest rates range between 30% and 50% adding that the Ghanaian cedi has plummeted, with the exchange rate surpassing 15 cedis to the US dollar, compared to 4 cedis under his administration.
Mr Mahama vehemently criticized the ruling New Patriotic Party administration for its lack of fiscal discipline, continued excessive spending, and widespread corruption, which he noted have exacerbated the country’s economic woes.
“Today, we stand at a critical and troubling crossroads. Our beloved country has become a bankrupt and collapsed economy due to the poor leadership of almost eight years. This leadership has failed Ghanaians and yet refuses to accept or even take responsibility for the most reckless management of our economy in known history.
“This has plunged our nation into an unprecedented economic crisis and pushed more than eight hundred thousand (800,000) Ghanaians below the poverty line”.
former President John Dramani Mahama
Appeal to Business Leaders
Moreover, the National Democratic Congress while bemoaning the stark reality of Ghana’s economic woes called on business leaders to remain committed to Ghana.
He assured them that a future NDC administration would create a conducive environment for business growth, helping to expand industries and create more opportunities for the youth.
“I would like to appeal to you, captains of industry and the investor community, to tarry a bit more. Please don’t leave our country. The beauty of our democracy is that it affords us the opportunity to change our current trajectory. You can rest assured that a new NDC administration will work with you to create a conducive environment for businesses to thrive”
former President John Dramani Mahama
Among several initiatives to address Ghana’s economic woes, Mr Mahama outlined a comprehensive plan to stabilize the economy with his proposed measures including launching an urgent economic recovery and fiscal consolidation plan, cutting unnecessary government expenditures, and enhancing revenue through an expanded tax net.
Mr Mahama also promised to abolish burdensome taxes like the e-levy, simplify VAT, and streamline its collection, adding that his administration will continue digitalizing revenue collection and payment systems to phase out cash for government services by 2028 and entrench the use of POS devices to ensure transparency.
Economic Diversification and Sectoral Growth
In addition, former President John Dramani Mahama underscored the need to move beyond traditional sectors like gold, cocoa, and oil.
He highlighted the decline in cocoa production and stagnation in the oil sector under the current administration, asserting that when elected he will restore cocoa production, accelerate oil and gas exploration, and increase natural gas availability.
Mr Mahama also outlined plans to invest in new sectors such as agriculture, agri-business, tourism, light industries, manufacturing, and creative industries, which are crucial for job creation and poverty reduction in the country.
Emphasizing on his plans to revive agriculture when elected as President, former President John Dramani Mahama announced plans for farmers’ service centers managed by private sector players, which would provide essential services like mechanization, improved seeds, and fertilizers.
He also proposed the establishment of special agro-industrial processing zones in all sixteen regions, incentivizing agro-processing giants to integrate their operations with local agriculture.
Additionally, Mr Mahama emphasized the role of fintech in providing targeted micro-credit to farmers and the revival of Dr Paa Kwesi Nduom’s micro GN banks to boost the rural economy.
The National Democratic Congress flagbearer, former President John Dramani Mahama concluded his remark by stressing that with the right leadership and collaboration between the government and business community, Ghana can overcome its current challenges and achieve sustainable growth and prosperity.
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