By: Celestine Avi and Seth Eyiah
President John Mahama has acknowledged the difficult road ahead for Ghana’s economy, noting that the country is again facing debt distress despite previously benefiting from HIPC relief. He stressed that past experiences should have permanently shaped the nation’s fiscal discipline.
The President highlighted that depleted financial buffers have left citizens to endure painful domestic debt adjustments.
He also pointed to policy inconsistencies and investor uncertainty in the petroleum sector, declining crude oil output, uneven management of state-owned enterprises, weak governance frameworks, political interference, and limited funding capacity at COCOBOD.
He emphasized that these are lessons in responsibility, not points of blame.
The Way Forward
President Mahama stressed that the task ahead is not just recovery, but institutional reform, structural transformation, and a permanent reset of Ghana’s economic governance culture.
He urged the Presidential Advisory Group on the Economy (PAGE) to help rebuild credibility, restore fiscal discipline, attract investment, re-anchor expectations, and position Ghana as a predictable and competitive economy.
He noted that PAGE will meet at least once every quarter, with emergency meetings convened when necessary. The group will receive technical support from the Minister of Finance, the Governor of the Bank of Ghana, the Special Advisor to the President, and the Chairman of the National Development Planning Commission.
The 12-member Presidential Advisory Group on the Economy (PAGE) is chaired by Prof. Jane Naana Opoku-Agyemang, the Vice President of Ghana. Other members include Mr. Ishmael Yamson, a private sector leader and former PAGE member; Mr. Kwame Pianim, economist and private sector leader; Ms. Nana Oye Mansa Yeboaa, former Deputy Minister of Finance and former Deputy Governor of the Bank of Ghana; Dr. Kwabena Duffuor, economist, former Governor of the Bank of Ghana and former Finance Minister; Sir Samuel Esson Jonah, private sector leader and industrialist; Mr. Ato Brown, former World Bank infrastructure specialist and agribusiness investor; Dr. Henry A. Kofi Wampah, former Governor of the Bank of Ghana; Togbe Afede XIV, economist and private sector leader; Ms. Abena Amoa, Chief Executive Officer of the Ghana Stock Exchange; Prof. Priscilla Twumasi Baffour, university professor and academic researcher; and Prof. Patience Aseweh Abor, Ph.D., university professor and academic researcher. Together, they provide strategic counsel to guide Ghana’s economic policies and governance.
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Source:
www.gbcghanaonline.com
