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Resetting Ghana’s Economy to break the Loans and Aid Dependency Jinx

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March 7, 2025
Resetting Ghana’s Economy to break the Loans and Aid Dependency Jinx

By: Mohammed Abu

Ghana’s President John Dramani Mahama in Accra,Thursday,emphasized the importance of backing up good policies with proactiveness on the part of the part of all national stakeholders  in other to  realise  the much desired change in the economic situation of the country.

“This is a defining moment, but policies alone, no matter how well-couched, will not change our reality—action will” adding, “As your president, I am taking the necessary actions to create growth opportunities and enhance our economic independence”

President Mahama was delivering his speech to mark the 68th  Independence Anniversary Celebrations at the Office of the President this year instead of holding the event at the Independence park or Black Star Square.

This, President Mahama explained, was intended to save cost in holding the  annual most important and celebrated event given the economic circumstances the country currently finds herself.

President Mahama called on young Ghanaians to step up, seize opportunities  being created by his administration and contribute to building a self-sufficient nation as Ghana’s economic future is in their hands.

Proclaiming self-reliance President noted, while marching straight to the doors of donor agencies, begging bowl in hand, is meaningless.

His administration he said, is formulating policies based on fiscal discipline and living within our means to break this cycle of dependence and reset our economy while  also striving to expand the country’s  economy to yield prosperity for all.

“We are working to implement the 24-hour economy program to ensure that our economy never sleeps. This will allow us to create the necessary job expansion, boost productivity, increase our export capacity and trade footprint, and reduce our need for foreign aid”.

Opportunities

USD10 Billion Big Push Fund.

The US$10 billion Big Push Initiative President Mahama disclosed, will also modernize infrastructure, create jobs, and stimulate local industries, ensuring that our development is driven from within rather than funded from outside.

Agriculture

Agriculture, President Mahama noted, remains our biggest opportunity to reduce import dependence. With over US$2 billion spent annually on food imports, the Agriculture for Economic Transformation Agenda (AETA) is structured to strengthen local agribusiness and ensure food security.

Local Food Production Self Sufficiency Interventions 

The Feed Ghana Programme he further noted,will drive mass food production and stabilize prices. At the same time, the Poultry Farm-to-Table Initiative will boost domestic production and processing to directly address our 95% reliance on imported poultry.

‘The success of these policies depends on active citizen participation, particularly from young people. The AgriNext Programme will equip 30,000 youth with land, training, and agribusiness opportunities”.

 Farming Inputs and Logistics Support

Farmer Service Centres in every district President Mahama said ,will provide access to mechanization, quality seeds, and fertilizers to boost local food production.

 

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