In a speech at the ninth Ghana CEO Network Business Cocktail, former President John Dramani Mahama outlined his vision for a transformative economic policy – the “Mahama 24-Hour Economy.”
Speaking before a distinguished audience of industry leaders, he addressed the pressing economic challenges facing Ghana and proposed a comprehensive plan to revitalize the nation.
Mr. Mahama began by acknowledging the difficulties businesses have faced, emphasizing the impact of the government’s taxation policies and the alleged harassment from the Ghana Revenue Authority (GRA). He painted a grim picture of the current economic situation, citing the government’s failure to turn the corner, leading to business closures, layoffs, and a decline in major sectors.
Highlighting the consequences of Ghana’s debt default, Mr. Mahama expressed concern over the delay in receiving the second tranche of the IMF’s Extended Credit Facility and the subsequent impact on infrastructure projects. He warned of potential power cuts from Independent Power Producers and criticized the government for damaging the country’s global reputation.
Undeterred by the challenges, Mr. Mahama unveiled the Mahama 24-Hour Economy initiative, positioning it as a solution to the economic downturn. He emphasized the need for a triple-pronged approach to address financial crises, unemployment, and corruption. The former president pledged a commitment to fiscal discipline, reduction of government expenditure, and a focus on prudent financial management.
The core of the Mahama 24-Hour Economy initiative revolves around transforming Ghana into a self-sufficient and export-led economy through a three-shift work schedule. President Mahama outlined specific measures, including legislative support, tax incentives, and regulations to facilitate businesses operating 24/7. He promised a favourable environment for companies participating in the initiative, offering reduced power tariffs during off-peak hours and financial support for strategic industries.
Mr. Mahama addressed various sectors, including infrastructure, technology, and exports, detailing plans for a comprehensive approach to create a thriving 24-hour economy. He assured stakeholders of extensive consultations, collaboration, and a strong fight against corruption to ensure the initiative’s success.
In closing, Mr. Mahama expressed optimism about the transformative potential of the Mahama 24-Hour Economy, pledging to work with the private sector to build the Ghana they envision.
As he concluded his speech, he wished the audience a Merry Christmas and called for continued collaboration to tackle the collective challenges facing the nation.
Source: GraphicOnline
