President John Dramani Mahama has delivered a compelling account of his administration’s first 120 days in office, highlighting sweeping economic and tax reforms, critical legislative actions, and strategic engagements aimed at repositioning Ghana’s economy.
Central to the President’s address was the government’s successful convening of a National Economic Dialogue, which took place on March 3rd and 4th at the Accra International Conference Centre.
The forum, attended by stakeholders from the private sector, civil society, traditional authorities, and academia, provided a clear-eyed assessment of the economy’s condition and yielded actionable recommendations to stabilize and reform Ghana’s macroeconomic framework.
“The participants presented a comprehensive report with clear recommendations to restore macroeconomic stability and regain confidence.”
HE President John Dramani Mahama
President Mahama noted that the Dialogue offered critical proposals, including enhancing fiscal and monetary coordination, reviewing the foreign exchange regime, and reforming public financial management.
It also called for a transformation of state-owned enterprises and the implementation of rigorous fiscal discipline.
“These ideas are already bearing fruit. The currency is becoming fairly stable, inflation is inching downward, and we have reduced the excessive borrowing that had become the trademark of past governments.”
HE President John Dramani Mahama
In alignment with the Dialogue’s recommendations, President Mahama noted that his administration has moved swiftly to amend the Public Financial Management Act, 2016 (Act 921).
According to him, the revised law introduces a debt rule aimed at reducing Ghana’s debt-to-GDP ratio to 45% by 2034 and mandates the posting of an annual primary surplus of at least 1.5% of GDP.
Crucially, the amendment also paves the way for an independent fiscal council tasked with monitoring compliance and enforcing sanctions in the event of fiscal breaches—accountability measures that extend beyond the Finance Minister to include all ministers and agency heads.
In another significant development, President Mahama indicated that his government has commissioned the Auditor-General, along with two international audit firms, to audit all payables and commitments.
This process, the President noted, aims to validate the legality and accuracy of financial obligations and make recommendations for corrective action.
Complementing this transparency push, according to President Mahama, is the amendment to Ghana’s Procurement Act, which now mandates a commitment certificate from the Minister for Finance before any central government-funded procurement is initiated.
Drastic Tax Reforms
President Mahama’s 120-day update also spotlighted dramatic tax reforms. True to his campaign promise, the President has repealed the much-criticised Electronic Transfer Levy (E-Levy), the Emissions Levy, and the 10% tax on bet winnings—three of the four controversial taxes he vowed to scrap.
Although the COVID levy remains in place due to its complex integration into the IMF-supported programme, President Mahama assured Ghanaians that it would be reviewed as part of a comprehensive VAT reform scheduled for September 2025.
“We have significantly exceeded our 120-day promises regarding overall tax reform by enacting other critical bills, such as the Value Added Tax (Amendment) Bill, Income Tax Amendment Bill, the removal of VAT on motor vehicles, the Public Financial Management Bill, the Growth and Sustainability Levy Act, the Earmarked Funds Capping and Realignment Bill, the Gold Board Bill, the Energy Sector Levy Bill, and the Petroleum Revenue Amendment Bill.”
HE President John Dramani Mahama
Further reflecting his administration’s pro-growth orientation, President Mahama revealed that his government had initiated a review of taxes and levies on industrial and agricultural imports, including vehicles and equipment.
The outcome of this review, he said, will be incorporated into the upcoming 2025 Mid-Year Budget Review and the 2026 Budget, with the aim of providing targeted relief to these essential sectors.
Throughout his address, the President was unequivocal about his administration’s determination to rebuild trust in governance and economic management.
He emphasised that the 120-day mark is only the beginning of a longer journey toward national transformation.
President Mahama’s address was both reflective and forward-looking—an attempt to not only take stock of what has been achieved but to affirm his government’s resolve in the face of ongoing economic challenges.
His tone was firm and assertive, underscoring a presidency that seeks to break from past excesses and forge a new path of discipline, integrity, and inclusive growth.
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