Ghana's Economy Now Built on Concrete Pillars, Not Broomsticks: President Mahama

President John Dramani Mahama has declared that Ghana's economy is now resilient enough to withstand global shocks, a major shift from its past vulnerability. Speaking at an accountability engagement in Wa over the weekend, the President used a striking metaphor to illustrate the transformation: the economy has moved from standing on broomsticks to standing on concrete pillars.

This bold statement came during the #ResettingGhana Tour of the Upper West Region, where the President met with religious and traditional leaders, heads of departments and agencies, and the general public. The engagement was part of his commitment to transparency and accountability, a cornerstone of his administration's approach to governance.

How is Ghana's economy performing amid global crises?

President Mahama pointed to the ongoing Iran-Israel-US conflict as a test case for the nation's economic fortitude. He argued that in previous years, such an international event would have sent the economy crashing down. Today, however, the country remains standing, thanks to prudent management.

In the past, Ghana's economy used to stand on broomsticks. As soon as something happens in the world, it comes crashing down. Today Ghana's economy is standing on concrete pillars, so even when there's an earthquake, the country is still standing.

The President acknowledged that while the economy is stable, external factors have slowed the pace of progress the government had anticipated. This honest assessment underscores the administration's commitment to realistic and transparent communication with citizens.

What is the new GH¢2.5 billion economic initiative?

In a major announcement, President Mahama revealed plans to invest GH¢2.5 billion annually in five key sectors under a proposed new economy initiative. This ambitious plan aims to create jobs and opportunities for young Ghanaians, with the Minister of Finance set to unveil the details in the 2027 Budget Statement.

The targeted sectors include:

• Pharmaceuticals
• Agriculture and agro-processing
• Tourism
• Power generation
• One additional sector to be detailed in the budget

Critically, the President emphasized that this is not a return to state-owned enterprises. Instead, the government will channel these funds to the private sector to establish businesses, a move that signals a strong commitment to free-market principles and entrepreneurship.

These are not going to be government businesses. Government is not going to set up state-owned enterprises with GH₵2.5 billion a year. It is going to go to the private sector to set up the businesses, President Mahama indicated. He urged entrepreneurs and private sector operators to seize these opportunities to expand and create employment for the youth.

What is happening with constitutional reforms?

On the governance front, President Mahama announced that a Constitutional Review Implementation Committee has been established to act on the recommendations of the earlier Constitutional Review Committee. The government has submitted its position paper to this new body, marking a significant step forward in the reform process.

For entrenched provisions requiring amendment, a referendum will be necessary. The President confirmed this is expected to coincide with the upcoming district-level elections, streamlining the democratic process.

Are Arabic and Chinese becoming compulsory in schools?

Addressing rumors circulating in the public sphere, President Mahama categorically dismissed reports that Arabic and Chinese would be introduced as new compulsory subjects in Ghana's schools. He used his authority as Cabinet chair to set the record straight.

Let me disabuse your minds. There is absolutely no new policy that says that Arabic and Chinese are going to be introduced in our school curriculum. I chair Cabinet, and I can tell you, no new curriculum has come for approval by Cabinet.

This clarification brings certainty to parents, students, and educators who were concerned about potential changes to the education system.

What is the President's stance on the National Cathedral?

On the controversial National Cathedral project, President Mahama expressed no objection to the construction itself but maintained concerns about its proposed location and the use of public funds. He noted that the site, close to Parliament House, the Accra International Conference Centre, and the National Theatre, is unsuitable for such a project given the congestion of important public facilities in that area.

This balanced position reflects a pragmatic approach to national projects, prioritizing functionality and fiscal responsibility over symbolism.

What does this mean for Ghana's future?

President Mahama's address paints a picture of an economy that has been stabilized through deliberate policy and prudent management. The shift from broomsticks to concrete pillars is not just a metaphor; it represents a fundamental change in how Ghana interacts with the global economy.

For investors, the GH¢2.5 billion private-sector-led initiative presents significant opportunities. For the diaspora, this signals a Ghana that is open for business and committed to creating an enabling environment for growth. For the average citizen, the promise of jobs and stability is a welcome development.

As Ghana continues to navigate global uncertainties, the message from the President is clear: the foundation is solid, and the future is being built on purpose. The upcoming 2027 Budget Statement will be a key moment to see these promises translated into concrete action.