President-elect John Mahama has outlined a series of reforms aimed at reducing the country’s debt, boosting domestic industries and overhauling procurement laws.
One of his central proposals is to turn the Treasury’s Debt Management Office into an independent and transparent bureau to stop the finance minister from accumulating uncontrollable debt. Mr. Mahama stressed the importance of accountability in the management of Ghana’s national debt, calling for a more structured approach to fiscal governance.
Speaking on Tuesday, December 17, during a visit by the United States Ambassador to Ghana, Virginia Palmer, to his office, the President-elect proposed key changes to improve fiscal accountability and ensure responsibility in the management of the country’s finances. “We consult regularly with industry and business leaders to understand the concerns of our customers and work together to address those concerns, we probably would not have gone into debt so soon and we probably would not have piled on more debt. “These are some of the mistakes that have been made and we should use them as lessons for the future,” he said.
“We are going to do some financial reforms to ensure that we do not have another Treasury Secretary who is a law unto himself and does some of the things that this man did to create the problem that we have.”
Apart from the tax reforms, Mr Mahama spoke about the new government’s plans to promote locally produced goods. He criticized the practice of prioritizing foreign products over domestic ones and suggested that competitive pricing for domestic products would encourage purchases. He also proposed a system in which certain local brands, such as vegetable oil, would become the primary choice for consumers. “We need to set competitive prices and make it very clear to people that if they want to buy edible oil, they have to buy these brands, they have no choice but to buy other brands. Once they know the prices, they know they can focus on buying Ghanaian products even if they are slightly more expensive.” He creates employment at the local level and does not create employment in other countries. “
Mahama also expresses his confidence in the government’s ability to secure the innovative funding model of the infrastructure project. He believes that appropriate technical and economic justification can attract local and international investors to provide important infrastructure, such as railways, roads, and expressways.
“We have to create a railway. We need to repair roads, highways, and many other infrastructure development. If we do good technical and economic justifying, we can get the people who invest if they put themselves in the infrastructure, launch them, and give them at the right time. I believe, “he said.
