Former President John Dramani Mahama says Ghana’s path to economic recovery hinges not just on meeting the conditions of the $3 billion IMF Extended Credit Facility (ECF) programme, but on unleashing the full potential of the private sector to drive long-term growth and job creation.
Speaking during a reflection session with business leaders at the close of the Kwahu Business Forum, Mahama reaffirmed his confidence that Ghana would complete the IMF programme by April 2026 without needing an extension. However, he made it clear that the ultimate solution to Ghana’s economic challenges lies beyond the programme — in the hands of a vibrant, empowered private sector.
“If the private sector thrives, the economy thrives,” Mahama stressed. “The private sector is the only engine capable of absorbing the growing numbers of young graduates flooding the job market each year.”
He emphasized that with only about 800,000 people employed in the public sector out of a population of 33 million, the state simply cannot carry the burden of employment alone. “Even if we doubled public sector jobs, we’d still be far from solving the youth unemployment crisis,” he said.
Mahama assured business leaders of a new era of fiscal discipline and responsible governance — both during the IMF programme and beyond — to create the right conditions for private investment and entrepreneurship to flourish.
“I want us to exit this IMF programme stronger and more disciplined, with a restructured economy that gives the private sector the space it needs to lead Ghana’s development agenda,” he said.
