President John Mahama has outlined a comprehensive economic plan aimed at revitalizing Ghana’s private sector, positioning it as a cornerstone of national recovery efforts.
Speaking at the Kwahu Business Forum in Mpraeso on April 19, Mahama detailed a five-point agenda designed to stimulate enterprise growth, attract investment, and address systemic barriers stifling businesses.
Under the theme “The Future of Business: The Role of the Financial Sector,” the forum convened banking leaders, entrepreneurs, and policymakers to discuss pathways to economic resilience. Mahama emphasized the need to restore investor confidence through transparency, reduced bureaucracy, and a rules-based market environment. “Our vision is bold and deliberate,” he stated. “We must empower Ghanaians to own and drive enterprises, not just attract foreign capital.”
Central to the strategy is expanding access to affordable financing via institutions like the Ghana Development Bank and the proposed Women Development Bank, alongside private-sector partnerships. Mahama pledged targeted support for small and medium enterprises (SMEs), including tax incentives and technical assistance, while prioritizing infrastructure modernization roads, logistics networks, and digital connectivity to reduce operational bottlenecks.
To alleviate high borrowing costs, the plan advocates credit system reforms and blended finance mechanisms. Mahama also stressed retooling the financial sector to focus on “serving the real economy,” rather than speculative trading or government debt.
Additional measures include a national venture capital fund to bolster youth- and women-led startups, coupled with regulatory reforms to incentivize bank lending to productive industries. “Financial inclusion is non-negotiable,” Mahama added, highlighting collaborations with fintech firms and mobile money providers to extend services to rural communities.
The announcement comes amid Ghana’s protracted economic challenges, including a debt crisis, currency volatility, and rising unemployment. Analysts note that while past governments have similarly prioritized private sector development, execution has often lagged due to fiscal constraints and policy inconsistency. Mahama’s emphasis on SME growth aligns with broader African trends, where nations like Kenya and Nigeria increasingly rely on agile enterprises to drive job creation.
Critics, however, question how the plan will be funded without exacerbating public debt, particularly given stalled IMF loan disbursements. Proponents argue that efficient public-private partnerships could unlock dormant capital, citing Ghana’s untapped potential in agro-processing, renewable energy, and tourism sectors Mahama identified as key to sustainable growth.
As Ghana approaches elections, the proposal signals Mahama’s bid to reframe economic discourse around grassroots empowerment and institutional reform. Yet its success hinges on bridging the gap between policy design and implementation a challenge familiar to governments across the continent.
