President John Mahama
President John Dramani Mahama has pledged to resolve the economic crisis facing the country and steer it towards growth and prosperity.
Addressing Parliament, President Mahama emphasised his approach to governance, stating that he does not dwell on blame but instead focuses on addressing challenges.
He acknowledged the hardships facing the nation but assured Ghanaians of his determination to find solutions.
“Mr. Speaker, it is not my style to lament and shift blame when confronted with challenges, as others often do. My approach is to accept challenges and work hard to resolve them. Indeed, that is precisely what the people of Ghana elected me to do,” he asserted.
Reflecting on his past achievements, President Mahama recalled that February 26, 2025, marked ten years since he declared his resolve to fix dumsor, a crippling power crisis.
“Yes, I promised to fix it, and I did! From January 2016 until I handed over the administration on January 7, 2017, there was no power rationing or load management in Ghana,” he stated.
Encouraged by his alleged past successes, President Mahama boldly declared, “I, John Dramani Mahama, will fix the economic crisis confronting our country and reset it on a path of growth and prosperity.”
The President emphasised that his administration, with the support of Parliament and Ghanaians, has developed a comprehensive plan to address the economic challenges.
He acknowledged the daunting task ahead, describing the economy as being in dire straits, worsened by deep-seated financial mismanagement and an alarming level of debt.
Mahama underscored the severity of the economic situation, revealing that an initial assessment of the nation’s financial records indicated that the crisis was more profound than publicly known.
He noted that Ghana’s public debt had skyrocketed to GH¢721 billion, with several State-Owned Enterprises, including the Electricity Company of Ghana (ECG), also burdened by significant debts amounting to GH¢68 billion.
He criticised the previous administration for failing to exercise financial prudence, even under an International Monetary Fund (IMF) programme.
Despite setting an inflation target of 18% for 2024, the actual rate soared to 23.8%, surpassing IMF expectations. Additionally, the Ghana cedi experienced further depreciation, losing 19% of its value against the dollar in 2024 after a 27.8% decline in 2023.
President Mahama reaffirmed his commitment to leading Ghana out of economic distress, urging unity and resilience. “Our elders say that a frog’s true length can be ascertained only after it has died. And how right they are,” he remarked, emphasising the hidden depths of the country’s challenges.
By Ernest Kofi Adu, Parliament House