Gold bars and barrels of oil

President John Dramani Mahama has emphasized the urgent need to end the exportation of Ghana’s raw materials, stating that it is time for the country to shift towards value addition.

Speaking at the 2025 National Economic Dialogue in Accra on Monday, March 3, 2025, he noted that the continued export of raw materials such as gold, cocoa, and crude oil leaves Ghana vulnerable to external shocks and global price fluctuations, which in turn affect the local economy.

To address this challenge, President Mahama stressed the need for a fundamental transformation of Ghana’s economic structure to ensure sustainable growth.

“We must undertake a fundamental transformation of our economic structure. Ghana’s economy has been heavily reliant on the export of raw materials such as gold, cocoa, and crude oil, leaving us vulnerable to global price fluctuations and external shocks. We must end this dependence,” he stated.

He further emphasized the importance of transitioning from an export-driven raw material economy to an industrialized, value-added economy.

According to him, such a shift would reduce the country’s reliance on imports, create jobs, and boost exports.

President Mahama also revealed that his government plans to expand the manufacturing and agro-processing sectors to ensure that Ghana benefits more from its natural resources.

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The Minority has criticized President John Dramani Mahama’s decision to revoke public sector employment, accusing him of terminating jobs and creating uncertainty for young Ghanaians.

Speaking at a press conference on Monday, March 3, former Finance Minister Dr. Mohammed Amin Adam highlighted the negative impact of Mahama’s policies on job creation and economic stability.

“The termination of the jobs of young Ghanaians, which has become synonymous with President Mahama as ‘Terminator 1,’ is a sign of what is yet to come. Sacking people from employment and replacing them later with others does not amount to job creation. What the people of Ghana want are new jobs for those yet to be employed,” Dr. Adam stated.

He argued that the policies outlined by Mahama, such as “nkoko nkitinkiti,” cannot create sustainable jobs for the youth. Instead, he accused Mahama of artificially inflating employment figures by terminating existing jobs and later filling those same positions.

“President Mahama knows that the programmes he outlined in his statement – ‘nkoko nkitinkiti’ and the rest – cannot create sustainable jobs for the Ghanaian youth, hence the resort to termination of existing jobs for future replacement to shore up his job numbers,” he added.

Dr. Adam also pointed out Mahama’s double standards, recalling that in 2016, Mahama defended the right of an outgoing administration to recruit and sign deals until midnight on January 7, when its term officially ended.

He warned that these dismissals would only worsen unemployment, contradicting Mahama’s promise to fix the crisis.

“This is after President Mahama had argued in 2016 that it was legitimate for an outgoing administration to recruit and sign deals up until the midnight of January 7 the following year when its term expires.

“Not only are the double standards worrying, but the dismissals will no doubt worsen the unemployment situation which he promised to fix. The thousands who have been dismissed have been condemned to suffering and hardship,” Dr. Adam said.

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Akufo-Addo’s $8.9bn reserves key to exchange rate stability – Amin Adam

The Minority has likened President John Dramani Mahama to a “Terminator” over what they describe as mass dismissals of young Ghanaians from public sector jobs.

Speaking at a press conference on Monday, March 3, former Minister for Finance Dr Mohammed Amin Adam accused the Mahama administration of deliberately sacking employees to create vacancies for party loyalists.

Dr Amin Adam stated that it has become a well-known fact that Mahama’s government is terminating the jobs of properly employed young Ghanaians under the guise of job creation.

“Ladies and gentlemen, it is now a notorious fact that, to create vacancies for the purpose of employing NDC youth, the Mahama administration has sacked thousands of young Ghanaians who had been properly employed by the previous administration,” he asserted.

He further criticised the approach, arguing that replacing dismissed workers with new employees does not qualify as job creation.

“The termination of the jobs of young Ghanaians, which has become synonymous with President Mahama—‘Terminator 1’—is a sign of what is yet to come. Sacking people from employment and replacing them later with others does not amount to job creation,” he remarked.

The Minority also cast doubt on the effectiveness of Mahama’s proposed job creation initiatives, dismissing them as unsustainable.

“What the people of Ghana want are new jobs for those yet to be employed. President Mahama knows that the programmes he outlined in his statement—‘nkoko nkitinkiti’ [Chicks] and the rest—cannot create sustainable jobs for the Ghanaian youth, hence the resort to termination of existing jobs for future replacement to shore up his job numbers,” Dr Amin Adam concluded.

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The newly appointed Acting CEO of the Ghana Integrated Aluminium Development Corporation (GIADEC), Mr. Reindorf Twumasi Ankrah, has expressed optimism about the potential of Ghana’s Integrated Aluminium Industry (IAI) to become a leading contributor to the Ghanaian economy.

Speaking at a staff durbar organized to formally welcome him as the new CEO of the Corporation, Mr. Twumasi Ankrah noted that he is determined to continue from where his predecessor left off and will work to position GIADEC as an institution of significant national importance that ought to be supported to develop every aspect of the aluminium value chain.

“The integrated aluminium industry is a strategic national project and if fully developed, can contribute in excess of $2BN to the economy and that is something that I believe deserves the attention of any government. My immediate focus will be to ensure that every aspect of the aluminium value chain is developed to enable us to fully harness this opportunity,” he said.

Mr. Twumasi Ankrah further stated that President Mahama’s vision is to industrialize the economy and create jobs for the Ghanaian people by harnessing the country’s natural resources.

Additionally, there will be a deliberate focus on the host communities where these resources are located, ensuring that the local populations benefit from the mines and refineries which will be built.

“We will work to strengthen the relationship we have established between GIADEC, the Chiefs, and the local communities,” he added.

“This is a crucial part of our goal to ensure that our revered Chiefs and the people in these communities ultimately become the biggest beneficiaries of a functioning Integrated Aluminium Industry.”

On his part, the outgoing CEO, Mr. Michael Ansah, expressed his gratitude to the staff for their support in advancing the development of the Integrated Aluminium Industry during his tenure and expressed confidence in the ability of the new CEO to succeed in his new role.

“We have, in these past years, laid a solid foundation towards taking this country to the next level of developing an Integrated Aluminium Industry,” he said.

“With the support of every member of staff, we are proud of the extent of work done and significant milestones including the selection of strategic partners for the IAI projects.”

Mr. Ansah urged GIADEC staff to provide their maximum support to the new CEO and assist him in realizing the mission of GIADEC which is to develop and promote an Integrated Aluminium Industry in Ghana.

Background

GIADEC was established under the Ghana Integrated Aluminium Development Corporation Act, 2018 (Act 976), to develop and promote a globally competitive Integrated Aluminium Industry (IAI) in Ghana.

Ghana currently has an operational bauxite mine in Awaso and an aluminium smelter, the VALCO smelter in Tema. What is missing is ensuring a full integration of Ghana’s aluminium industry is an alumina refinery.

Mr. Twumasi Ankrah is expected to bring his wealth of experience and dynamism to bear by offering strong leadership, providing clear direction, and building upon the foundation established by his predecessor in advancing the development of a fully operational Integrated Aluminium Industry.

Reindorf Twumasi Ankrah is a distinguished lawyer with extensive experience. His expertise spans multiple legal domains, including the extractive industry, real estate, medical negligence, corporate and commercial law, dispute resolution, family law, and criminal defence.

Mr. Ankrah holds an LLM in Energy Law, an LLB, and a Bachelor’s degree in Political Science with Sociology, all from the University of Ghana.

He is currently a partner at Morrison, Twumasi & Partners, where he leads the firm’s dispute resolution and litigation division.

Over the years, he has provided legal advisory services on investment analysis, energy and mining policies, compliance, and legal risk management.

He has also played a crucial role in assisting clients with project financing, debt restructuring, and obtaining regulatory approvals.

Dr. Cassiel Ato Forson, Minister of Finance

The Minister of Finance, Dr. Cassiel Ato Forson, has acknowledged the issues saddling Ghana’s economy and the need for reforms to reset the economy.

Speaking during the opening of the National Economic Dialogue on March 3, 2025, he noted that Ghana needs reforms to become an upper-middle-class country.

He also outlined the government’s commitment to ensuring a better Ghana.

The forum is expected to discuss matters pertinent to achieving higher growth targets, reducing inflation and strengthening the local currency.

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The Finance Minister, Dr Cassiel Ato Forson, has stated that urgent reforms are needed to address the distortions in the country’s Value-Added Tax (VAT) system.

Speaking at the commencement of the dialogue on Monday, 3rd March 2025, he said “Currently, the VAT system has been distorted, leading to very little compliance.

“The VAT gap is huge. Last year, the Ghana Revenue Authority (GRA) had planned to increase VAT revenue by 32%, but unfortunately, they only managed to achieve 17%, which is clearly below inflation. This should tell us that there is a significant problem,” he said.

He continued, emphasising the fiscal cost of taxes and the need for rationalisation, while mitigating the impact on the poor.

The Tax Assumptions Act of 2022 set out clear criteria and guidance. However, subsequent legislation introduced further tax incentives that deviate from the national tax benchmark.

Assumptions related to VAT, Personal Income Tax (PIT), and import duties are estimated to generate a loss of about 3.9% of GDP. This figure does not include corporate income taxes,” he explained.

He added, “While these assumptions were intended to provide some relief, they are costly. They create leakages, increase complexity, and distort the overall tax system.”

He also identified that the largest source of lost revenue from VAT comes from the exemption on the supply of land, which accounts for 33% of the overall cost.

“To be frank, VAT on dwellings and VAT on real estate was introduced in 2022 by the previous administration. However, as we approached the 2024 elections, they decided to abandon it. The truth is, the tax still exists but was abandoned after the elections. This alone means we have to close the gap immediately,” he noted.

He concluded by stressing “the urgent need for VAT reform to improve revenue mobilisation and ensure fairness across all sectors of the economy”

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Cassiel Ato-Forson, Minister of Finance

The Minister of Finance, Dr Cassiel Ato Forson, has noted that the recent reduction in the subscription of treasury bills has saved the country GH¢1 billion.

He added that the savings from the T-bills would be redirected to address critical areas of the economy.

During the opening session of the National Economic Dialogue on March 3, 2025, he acknowledged the significance of this financial reprieve in supporting the nation’s economic recovery.

“The recent reduction in T-bills alone is saving Ghana about one billion Ghana cedis, and that money can be channeled to critical areas of the economy,” he said.

Ato Forson also explained that this is to ensure prudent fiscal management and reduce the cost of borrowing for the government.

In recent times, the government has been rejecting bids as the demand for T-bills continues to increase.

The minister noted that lower interest rates would help ease the financial burden on the state, adding that it is a step in the right direction, and further policy interventions would be necessary to strengthen Ghana’s financial position.

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The Minister for Finance, Dr Cassiel Ato Forson, has described the ongoing National Economic Dialogue as a pivotal moment in Ghana’s economic history.

Speaking at the opening session on Monday, March 3, he emphasised the significance of the forum in shaping the nation’s economic future and addressing pressing challenges.

Dr Forson highlighted the dialogue as a crucial platform for reflection, acknowledging both past economic missteps and opportunities for growth.

He stressed that the discussions would provide a roadmap for a more resilient and prosperous economy, ensuring that lessons from previous financial policies inform future decision-making.

“This dialogue is therefore an opportunity to reflect on our economic reality, address the challenges, and chart a course towards a more prosperous future for our citizens,” he stated.

“It is my hope and prayer that the lessons that will emerge from these conversations will guide our steps and that we may not repeat the mistakes of the recent past.”

The Finance Minister assured stakeholders that the government is committed to implementing the recommendations from the dialogue.

He reiterated that the insights gained would be instrumental in shaping policies, fostering economic stability, and setting the country on a sustainable path toward growth and development.

The National Economic Dialogue (NED) is being from March 03, 2025, through to tomorrow Tuesday, March 04, at the Accra International Conference Centre (AICC).

The programme, which is one of the major things promised by President John Dramani Mahama, is meant to highlight the major economic challenges facing the country and devise means that will help to address them.

This is meant to help chart a path toward sustainable economic growth.

Under the theme “Resetting Ghana: Building the Economy We Want Together,” President Mahama will outline his government’s vision for rebuilding Ghana’s economy in his keynote address at the forum.

In participation will be diverse groups of people including representatives from the private sector, academia, public policy institutions, and civil society organizations.

The discussions will be structured around thematic sessions addressing critical areas such as:

• Achieving Sustainable Macroeconomic Stability
• Promoting Economic Transformation
• Advancing Infrastructure Development
• Implementing Structural Reforms
• Ensuring Private Sector-Led Growth
• Restoring Good Governance and Combating Corruption

Government is hoping to change the economic fortunes of the country around by soliciting ideas from persons with rich economic background. Through the engagement, it is expected that consensus-driven solutions that will boost business confidence, improve infrastructure, and enhance livelihoods will be generated.

These outcomes are expected to serve as the strategy for policy implementation that will guide economic decisions and provide resilience for long-term growth.

Executive Director of the Institute of Economic Research and Public Policy, Dr. George Domfe

The Executive Director of the Institute of Economic Research and Public Policy (IERPP), Dr. George Domfe, has dismissed claims that Ghana’s economy was not adversely affected by the COVID-19 pandemic and the Russia-Ukraine war.

According to him, Ghana’s inflation rate dropped from 15.4% to 7.6% in September 2019 under the leadership of Nana Addo Dankwa Akufo-Addo, marking the lowest recorded in recent history.

Speaking on TV3’s Key Points show, Dr. Domfe stated that the outbreak of COVID-19 and the Russia-Ukraine war severely impacted the local economy, leaving it in a fragile state.

“When Nana Akufo-Addo took over in 2017, inflation was 15.4%. By September 2019, it had dropped to 7.6%, the lowest in recent history. You can verify these figures from the Bank of Ghana. COVID-19 came unexpectedly and disrupted everything. We cannot underestimate the adverse impact it had on our economy,” he said.

“By January 2022, inflation stood at 13.6%, still lower than the 15.4% inherited by Nana Akufo-Addo. However, by February 2022, it had risen to 15.7%, marking the first time in his 62-month administration that inflation exceeded what he inherited from President John Dramani Mahama. The fact that inflation reached 54% by the end of 2022 clearly indicates that external shocks were hitting the economy,” he added.

Dr. Domfe further explained that the Russia-Ukraine war worsened global economic conditions, and Ghana was no exception.

“Production levels in Ukraine dropped due to the war, triggering severe ripple effects worldwide. We cannot ignore these two major events when discussing the economic challenges faced under President Akufo-Addo,” he emphasized.

The development economist, who is also a Senior Research Fellow at the Centre for Social Policy Studies (CSPS) at the College of Humanities, University of Ghana, highlighted the resulting inflationary pressures on essential commodities.

“During this period, the price of crude oil soared from $72 to $121 per barrel on the global market. This meant that Bulk Distribution Companies (BDCs) had to purchase oil at exorbitant prices, and they couldn’t be expected to sell it cheaply. In addition, freight charges increased by 300%, yet Nana Akufo-Addo does not control shipping lines or determine their charges,” Dr. Domfe pointed out.

Addressing inflation concerns, he noted that several major economies faced similar challenges.

“Germany recorded its highest inflation in 70 years, the United States in 40 years, and the UK in nearly four decades. Inflation became a major global concern,” he said.

Dr. Domfe challenged his co-panelists and critics to propose alternative solutions for managing the economy under the circumstances the Akufo-Addo administration faced.

“Until we acknowledge the fundamental weaknesses of our economy and work towards strengthening them, we will keep revisiting these issues in the years to come. Very little could have been done to prevent the economic downturn beyond what the Akufo-Addo government implemented,” he argued.

He further stated that at the beginning of 2025, Ghana had total reserves of approximately $8.9 billion as a buffer, compared to the $6.1 billion left by the Mahama administration.

He noted that demand for the dollar surged due to increased global commodity prices caused by COVID-19 and the war in Europe.

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Kurt Okraku – GFA President

The Ghana Football Association (GFA) has expressed its appreciation to President John Dramani Mahama for his unwavering passion for the Black Stars and Ghanaian football, a sentiment shared by millions across the country.

In response to the President’s recent State of the Nation address (SoNA), the GFA acknowledged his remarks on the Black Stars’ failure to qualify for the Africa Cup of Nations (AFCON), agreeing that the setback does not reflect the true talent within Ghanaian football.

Despite the disappointment, the association took comfort in Ghana sitting second in their World Cup qualifying group, with just two goals separating them and first-placed Comoros.

To ensure a stronger performance moving forward, the GFA’s Executive Council has implemented measures aimed at strengthening both the Management and Technical teams of the Black Stars.

The association expects these changes to have a positive impact in the upcoming World Cup qualifiers in March and beyond.

The GFA also endorsed President’s call for greater transparency regarding the budgeting and expenditure of the Black Stars and all national teams.

It reiterated that it has consistently provided the Ministry of Sports with initial budget drafts for national teams, emphasizing that all financial transactions related to the Black Stars are exclusively handled by the Ministry.

The association affirmed its commitment to supporting the Ministry in ensuring transparency and pledged to collaborate in keeping the public informed about financial matters concerning the national teams.

Encouraged by the President’s dedication to Ghanaian football, the GFA expressed its eagerness to work closely with the Ministry of Sports and Recreation to fulfill the aspirations of Ghanaians and elevate the country’s football to greater heights.

By Wletsu Ransford

By Alex Baah Boadi,

Sefwi-Wiawso (WN/R), March 3, GNA – The Western North Regional Fire Service command has celebrated this year’s safety week with a series of educational outreach programmes geared towards the prevention of fire incidents at homes and other public places.

The celebration was under the theme: “Fire Safety: A pillar of National Development and Foundation of our Security.”

It was characterized with fire safety education in churches, Mosques, float through the principal streets of Wiawso, media engagement, market and lorry park education among others.

Assistant Chief Fire Officer 1, Regional commander, Mr Philip Kudzo Amagnoh, said fire safety was a shared responsibility and that the service annually undertook such activities to ensure that property and human beings were protected leading to the development of the nation and the economy at large.

He encouraged traditional and religious authorities to spend time to educate their members on fire safety protocols to help reduce the incidence of fire within the region.

He also advised residents to desist from charging phones while asleep because when it was over charged or when there is power fluctuation, it could cause fire outbreak.

The Regional commander appealed to the government for additional fire engines to fight fires in the region.

“Even though the fire engines are old we are still using them to our best maximum to be able to curtail all fire outbreaks “he said.

The Regional commander also appealed to individuals and organizations to support the service vehicles and motor bikes to enable them to move to areas to intensify public education.

GNA

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Mercy360 Blog of Monday, 3 March 2025

Source: Mercy Mensah

play videoChairman of the National Economic Dialogue Planning Committee, Dr. Ishmael Yamson

As the government implements strategic measures to restore the local economy, the Chairman of the National Economic Dialogue Planning Committee, Dr. Ishmael Yamson, has praised President John Dramani Mahama for his Reset Agenda policy.

According to Dr. Yamson, only President Mahama has the capability to reset the economy, stating that God has blessed him with the wisdom to undertake this task.

Speaking at the 2025 National Economic Dialogue held in Accra on Monday, March 3, 2025, Dr. Yamson said, “Someone has to reset the country, and it can only be you.”

“Everywhere in the world where economic transformation has taken place, only one individual has led the charge, and the Lord has blessed you with the wisdom to take on that task,” he added.

This year’s National Economic Dialogue is themed “Resetting Ghana: Building the Economy We Want Together.”

The forum has brought together policymakers, economists, and industry leaders to discuss strategies for economic recovery.

The two-day event aims to address Ghana’s pressing economic challenges and develop strategies to place the country on a stable economic trajectory.

Watch the livestream below:

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