President John Dramani Mahama has reaffirmed his commitment to steering Ghana towards economic recovery, emphasizing the need for a bold reset rooted in past successes and future innovation.
Speaking at the 9th Ghana CEO Summit under the theme “Leading Ghana’s Economic Reset: Transforming Business and Governance for a Sustainable Futuristic Economy,” President Mahama reflected on lessons from his previous administration and the urgent steps required to restore Ghana’s economic stability.
“The theme could not have been more appropriate. It challenges us to examine where we have come from, acknowledge where we faltered, and above all, define where we must go as a nation.” he stated.
President Mahama framed his remarks around two central ideas: revisiting reforms initiated during his 2013–2016 tenure that were abandoned under the Akufo-Addo administration and setting the stage for an innovative, transparent, and growth-oriented reset for the future.
Revisiting his administration’s achievements, Mahama highlighted groundbreaking reforms in domestic and external financial markets.
Under his leadership, with the stewardship of then Finance Ministers Dr. Kwabena Duffuor and later Seth Terkper, Ghana introduced medium and long-term domestic bonds, operationalized the Central Securities Depository, and listed bonds on the Ghana Stock Exchange to enhance liquidity and transparency.
“We even became one of the few African countries to issue a $200 million dollar-denominated domestic bond, which was oversubscribed,” he noted with pride.
These measures, coupled with the successful issuance of four Eurobonds backed by a disciplined sinking fund mechanism, ensured Ghana avoided defaults and bolstered investor confidence.
“We left reserves that allowed the succeeding administration to settle the remaining 2007 bond in 2017 without stress. That wasn’t magic. It was discipline and foresight.”Mahama recalled
However, he expressed regret over the dismantling of these structures under the immediate past president, Nana Akufo-Addo, whose government oversaw skyrocketing debt accumulation and Ghana’s first-ever default on both domestic and external debt.
“The Domestic Debt Exchange Program inflicted devastating losses on investors and pensioners. Trust in our financial system was shattered, and our creditworthiness was downgraded to junk status,” Mahama lamented.
He attributed these crises not solely to global shocks but to poor fiscal management, opaque collateralization of funds, and disregard for procurement and accountability laws.Despite the setbacks, President Mahama projected optimism, outlining his administration’s commitment to rebuilding Ghana’s economy through eight key pillars.
He stressed the importance of completing the ongoing IMF program with discipline, emphasizing that the future must be built on innovation, shared growth, and transparency.
“A true reset must begin by learning from what worked and what was recklessly abandoned. Ghana can recover—not by repeating mistakes, but by embracing bold and responsible leadership.”he urged
Since his return to office in 2025, Mahama has prioritized restoring investor confidence, reinvigorating Ghana’s private sector, and rebuilding trust in financial systems. The summit provided a platform to engage with business leaders and stakeholders, underscoring the collaborative effort required to achieve the nation’s ambitious reset agenda.