President John Dramani Mahama's return to office in January 2025 offers Ghana a rare second chance with a leader who has gained valuable experience and perspective. Having served as vice president, president, opposition leader, and former president, Mahama has traveled a distinct path, exposing him to both the privileges of power and the lessons of political defeat. This journey has equipped him with a unique understanding of governance, one that he is now leveraging to drive transformational initiatives.
One of the clearest examples of Mahama's vision is the Accra-Kumasi Expressway, a modern highway linking Ghana's two largest economic centers. After decades of delays, the recent acquisition of the right-of-way represents a significant breakthrough. The project is set to ease congestion, cut transport costs, improve logistics, and unlock new economic opportunities across the country. Notably, Ghana has chosen to fund the project through mobilizing $2 billion, demonstrating faith in its own financial strength and capacity to deliver.
The Accra-Kumasi Expressway project is not only a critical infrastructure development but also a testament to Ghana's renewed financial stability. Only two years ago, the country faced significant fiscal challenges, but it has since made substantial progress. By funding the project domestically, Ghana is showcasing its ability to manage its finances effectively and reduce dependence on external borrowing. This achievement should boost confidence in the country's economic prospects.
Beyond infrastructure development, President Mahama's government is implementing reforms in the mining sector to ensure that Ghana derives greater value from its natural wealth. The Gold Board mechanism and other policies aim to capture more artisanal gold, increase local participation, encourage value addition, and create opportunities for Ghanaian businesses and professionals. These reforms signal a determination to address long-standing issues in the sector and promote sustainable economic growth.
The mining sector reforms also include a move towards more pragmatic fiscal policies, such as sliding-scale royalty mechanisms. This approach allows the nation to benefit more when commodity prices are high while maintaining competitiveness during downturns. By adopting this forward-looking approach, Ghana can balance the interests of investors and citizens, creating a framework that serves both parties.
President Mahama's government is also focusing on strategic infrastructure beyond roads and mining. The modernization and expansion of airport infrastructure reflect an understanding that connectivity drives economic growth. As Ghana hosts the secretariat of the Africa Continental Free Trade Area, investing in transportation networks that facilitate trade, tourism, and investment is crucial. Modernized airports can move people, goods, capital, and ideas, strengthening Ghana's competitiveness and reinforcing its position as a preferred destination for business in West Africa.
Another area where President Mahama has shown resolve is the reform of state-owned enterprises (SoEs). For too long, many public enterprises have been viewed as burdens on taxpayers rather than engines of national development. The current drive to improve performance and demand measurable results is necessary and overdue. By reforming SoEs, Ghana can create institutions that contribute to economic growth, support national priorities, and deliver tangible benefits to citizens.
Key points
- President Mahama's return to office offers Ghana a rare second chance with a leader who has gained valuable experience and perspective.
- The Accra-Kumasi Expressway project is a significant infrastructure development that showcases Ghana's renewed financial stability.
- President Mahama's government is implementing reforms in the mining sector to ensure that Ghana derives greater value from its natural wealth.
