Ghana is gradually emerging from years of economic uncertainty, with critical foundations for stability, growth and shared prosperity beginning to take shape under President John Dramani Mahama’s first year back in office, businessman and philanthropist Alhaji Seidu Agongo has said.
He described Ghana’s current economic direction under the National Democratic Congress led government as “decisive and promising”.
In a statement posted on his social media platforms to assess the President’s performance, Alhaji Agongo said sustainable economic transformation anywhere in the world depends on strong, coherent and deliberately built foundations. He noted that Ghana had, over the years, struggled with weak alignment between macroeconomic management, governance systems and social cohesion, limiting the country’s ability to sustain growth.
According to him, past periods of stability were often short-lived due to institutional weaknesses and fragmented reforms. However, he said recent developments suggest that Ghana may be entering a more stable and promising phase, with macroeconomic stability, institutional reform and social progress beginning to align.
Alhaji Agongo pointed to improved economic predictability over the past year, citing relative stability of the cedi, better inflation control, stronger fiscal discipline and more prudent debt management. He said these gains provide a firmer base for businesses to plan, families to manage living costs and the nation to shift focus from uncertainty to growth.
On governance, he highlighted renewed efforts to strengthen institutions, stressing that transparency and accountability are essential for public trust and investor confidence. The CEO of Class Media Group singled out reforms under the amended Public Financial Management Act, particularly the requirement for Ministry of Finance approval before public contracts take effect, saying it has helped curb waste and protect the public purse.
He said reforms across procurement, the gold and cocoa sectors, and revenue protection in the power sector signal a shift toward cleaner governance and more accountable resource management, which he attributed to focused leadership by President Mahama.
However, Alhaji Agongo cautioned that strong foundations alone were not enough. He said economic stability must translate into jobs, especially for the youth, describing unemployment as a major national challenge. He called for targeted investment in sectors such as agribusiness, light manufacturing, digital services, renewable energy and tourism.
He also raised concern about the high cost of credit, which he said continues to constrain local businesses, and urged deeper financial sector reforms to support small and medium-sized enterprises.
Alhaji Agongo indicated that Ghana stands at a critical crossroads, urging all stakeholders to protect recent gains and move decisively from groundwork to execution so that stability can be converted into jobs, growth and shared prosperity.
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