- Mahama Urges Investor Confidence: Stay confident in Ghana's business environment.
- Economic Revitalization: Stabilize economy, restore cedi value.
- Diversification And Digitalization: Invest in new areas, digitalize revenue collection.
- Work together, use AI responsibly for growth.
Former President John Dramani Mahama has urged investors and captains of industry to remain confident in Ghana’s business environment despite prevailing challenges. He expressed concern over the decision by some multinational companies to shut down operations or relocate due to the country’s economic difficulties.
Mr. Mahama described the economy as “bankrupt and collapsed,” with public debt hitting a staggering GH¢658.6 billion. However, he appealed to investors not to despair or withdraw their investments, but to “tarry a bit more” and have faith in the country’s potential.
The former President pledged to help change the fortunes of the country when re-elected in the December 2024 election. He addressed the 8th CEO Summit and Excellence Awards in Accra, themed “Reigniting business and economic growth: Charting a path forward; economic diversification and artificial intelligence (AI) transformational.”
Over 500 CEOs, heads of state, entrepreneurs, business leaders, and policymakers from West Africa and around the world are participating in the event. Mr. Mahama emphasized the need for a national economic dialogue to stabilize the economy and restore the value of the cedi.
His priority would be to launch an urgent economic recovery and fiscal consolidation plan within the first 100 days of assuming office. This would involve pruning huge government expenditure, preventing waste and corruption, and boosting revenues by expanding the tax net.
Mr. Mahama’s government would continue to digitalize the country’s revenue collection and payment systems, aiming to phase out cash as a form of payment for all government services by 2028. He also highlighted the need to restore cocoa production levels, improve forex flow, accelerate drilling and production of oil and gas, and increase the availability of natural gas for electricity production and domestic use.
The government would streamline mineral production and exports to achieve the full benefit of this endowment. Additionally, they would invest in new areas such as agriculture, agri-business, tourism, light industries, manufacturing, and the creative sector to expand the economic base and offer opportunities for sustainable growth.
Minister of State at the Finance Ministry, Abena Osei-Asare, emphasized the need for collaboration between the government and private sector to address the country’s challenges. While Artificial Intelligence (AI) can suggest ideas, political will is necessary for implementation.
Chief Executive Officer of Telecel Ghana, Patricia Obo-Nai, called on operators in the telecommunications sector to use AI responsibly to drive growth in the sector. Mr. Mahama’s message of hope and economic revitalization resonated with the audience, as he urged investors to stay and help rebuild the country’s economy.
