President John Mahama (M) with organizers and some CEO’s displaying their awards
President John Mahama has reiterated the government’s commitment to reset the economy to drive long term growth in order to achieve sustainable development.
President Mahama, who made this known at the 9th Ghana CEO Summit in Accra, said such sustainable development could be achieved through a number of pillars including the completion of the IMF programme with discipline, reopening domestic and international capital markets.
He said the government will continue to be disciplined in its expenditure and borrowing and work to achieve all targets under the extended credit fund with the IMF programme.
He said, “We expect to conclude the fourth review of the IMF programme in June 2025 with a target to exit at the end of the programme in 2026. And, thereafter, we’ll participate in Article 4 consultations and adopt the policy support instrument framework signaling Ghana’s return to responsible non-borrowing engagement with a fund”.
President Mahama stated that the government will also reopen domestic and international capital markets, reopen Ghana’s bond market in collaboration with the IMF and its development partners, while ensuring that future borrowing is linked to self-financing financially viable projects particularly by State Owned Enterprises (SOEs) to ensure value for money and sustainable repayment.
He also added that the government will strengthen sovereign funds and local government financing, amend the Public Finance Management Act and Constitution to make contributions to the sinking and stabilization funds mandatory.
He said while a certain percentage of funds would be committed to the sinking and stabilization funds, it also intends to empower MMDAs to issue infrastructure and municipal bonds secured against a portion of their district assembly’s common fund to fund infrastructure projects such as roads, schools, water systems and local industry in the districts.
“Government will be clearing verified arrears and rationalising public investments, accelerating public financial management reforms, revitalizing exports through Ghana Exim Bank, building Ghana into a regional hub for trade and investment and resume infrastructure development to stimulate growth,” he added.
According to the President, the eight key strategic plans if achieved will help increase GDP growth in every sector to lift Ghana out of its huge debt, increase GDP, boost investor confidence, and deepen fiscal discipline among others.
Apart from Chief Executives from both the public and private sector, the summit held under the theme, “Leading Ghana’s Economic Reset: Transforming Business and Governance for a Sustainable Futuristic Economy,” also brought together key industry players and officials from various state institutions.
As part of the event, Chief Executives of various companies were presented with awards for their contribution to the development of the country over the years.
By Ebenezer K. Amponsah