We’ll launch an urgent economic recovery and fiscal consolidation plan – John Mahama

Former President John Dramani Mahama has said that if voted for to be president again in this year’s elections, his administration would prioritise stabilising the economy and restoring a stable currency.

He said his administration would launch an urgent economic recovery and fiscal consolidation plan.

A national economic dialogue to be held within one hundred days of assumption of office, he added.

Speaking during the just-ended 8th CEOs Summit in Accramon May 27, 2024, the flagbearer of the National Democratic Congress (NDC) said that “Our number one priority will be stabilising the economy and restoring a stable currency. We will launch an urgent economic recovery and fiscal consolidation plan following a national economic dialogue to be held within one hundred days of assumption of office”.

Mr Mahama further observed that there appears to be no end in sight for the challenges of the Cedi.

He criticised the government for not taking measures to curtail the rapid depreciation of the currency against the major trading ones, especially the Dollar.

“Unemployment has jumped to 14.7% from 8.5% in 2017, the highest level recorded in the history of the 4th Republic; inflation is above 25%, and the current interest rates range between 30% and 50%,” he said.

“The exchange rate, which was previously at 4.00 Ghana Cedis to the US dollar, has crossed the 15 Ghana Cedi threshold, and there appears to be no end in sight to the deterioration of the cedi.

“Despite this, the government remains unconcerned, unwilling to cut expenditures, and continues to spend more on creature comforts instead of investing in the transformational infrastructure that will propel this nation forward.”

The 8th CEO Summit is being held under the theme, “Reigniting Business and Economic Growth: Charting A Path Forward; Economic Diversification and Artificial Intelligence Transformation. A Private-Public Sector CEO Dialogue and High Impact Learning.”