Josiah
On his first day back in office, President John Mahama met with a delegation from the World Bank to discuss urgent measures aimed at stabilizing and rebuilding Ghana’s economy.
Stressing the need for a “reset,” Mahama called for comprehensive reforms focused on economic stability, job creation, and poverty reduction.
A key priority, according to Mahama, is reviving investor confidence and making Ghana a more attractive destination for foreign direct investment (FDI). He noted that under his previous administration, Ghana attracted $3.3 billion in FDI annually, but that figure has since plummeted to just over $1 billion in recent years.
Mahama underscored the importance of sustainable economic growth, cautioning against short-term fixes.
To achieve this, he outlined key strategies, including reducing inflation, stabilizing the currency, and ensuring consistent economic growth.
Additionally, Mahama called for tax system reforms to better integrate the informal sector into the national tax base. He cited an example of artisans charging thousands of dollars for services but not paying taxes, stressing the need for incentives that encourage compliance.
He also highlighted the urgent need for reforms in key sectors like cocoa and oil.
Mahama expressed concerns over declining cocoa production, attributing it to climate change and inadequate farmer compensation. Similarly, he criticized the lack of expansion in oil and gas production, vowing to create a more investor-friendly environment in these critical industries.
Source:Omanghana.com
