President Mahama Highlights Reforms Driving Ghana’s Global Competitiveness

President John Dramani Mahama has lauded a series of economic reforms that he says have repositioned Ghana’s economy as stronger and more competitive on the global stage.

The President made the remarks while addressing Members of Parliament during his State of the Nation Address on Friday.

According to him, a thriving economy is shaped by sound economic judgment and the courage to make difficult but necessary decisions. He announced plans to introduce legislative reforms aimed at tightening procurement processes.

Under the proposed measures, parliamentary approval would be mandatory before any government asset or property is leased or sold, including state lands and enterprises.

He highlighted the Value for Money Office Bill as a landmark reform and fulfillment of a campaign promise, designed to curb waste, eliminate inflated contracts, and prevent abandoned projects that have drained public resources. The administration, he added, is also pursuing measures to improve public trust and strengthen accountability.

Speaking on the energy sector, the President stated that his administration inherited a sector on the brink of collapse, worsened by a severe financial crisis.

“The sector was burdened with a debt of over 80 billion Ghana cedis, stretching the operational viability of key power producers,” he stated.

On the power sector, he noted that the Electricity Company of Ghana was plagued by high commercial and technical losses, collecting only 62 percent of the energy it purchased and distributed. The result, he said, was severe liquidity shortfalls and persistent power challenges throughout 2024.

Turning to the petroleum sector, the President cited years of policy inconsistency, regulatory inefficiencies, lack of transparency, and prolonged licensing delays as factors that eroded investor confidence.

“Crude oil production declined by approximately 32 percent between 2019 and 2024, falling from 71.4 million barrels to 48.2 million barrels,” he added.

He assured Ghanaians that his government would implement policies aimed at restoring stability and promoting the collective wellbeing of citizens.