Stabilisation Alone Will Not Deliver Transformation – Prez. Mahama
By Praisebell Rosemond Larbi
President John Dramani Mahama has cautioned that Ghana’s recent macroeconomic stability must not be misconstrued as evidence of full-scale economic transformation, warning that without deeper structural reforms, the country risks prolonged stagnation.
Speaking at the Presidential Dialogue with the Private Sector held at the Kempinski Hotel Gold Coast City Accra on February 23, 2026, President Mahama acknowledged that the economy is beginning to show signs of recovery following a period of severe turbulence.
According to him, there are encouraging indicators pointing toward gradual improvement. These include relative stabilisation of the cedi, renewed investor confidence, strengthened business sentiment, and fresh private capital investments, particularly within the manufacturing and processing sectors.
The President attributed the recent gains to deliberate policy interventions undertaken by his administration. He cited fiscal consolidation measures, rationalisation of the Value Added Tax regime, and the removal of distortionary levies as steps aimed at restoring macroeconomic credibility and rebuilding confidence among investors and businesses.
While welcoming the progress, President Mahama stressed that stabilisation represents only the first phase of economic recovery and does not, in itself, amount to structural transformation.
“But let me be clear, stabilisation is not equal to transformation,” he declared.
He explained that true transformation requires sustained improvements in industrial productivity, expanded job creation, enhanced value addition, and stronger export competitiveness. Macroeconomic calm, he argued, must translate into tangible structural change that strengthens Ghana’s resilience and positions the country competitively within the global marketplace.
President Mahama further underscored the importance of collaboration between government and the private sector in achieving this objective. He noted that while government policies can create the right framework, the private sector remains the engine of growth, innovation, and employment.
“The government cannot achieve transformation alone, and equally, the private sector cannot thrive without a government that listens, reforms, and creates an enabling environment,” he said.
Describing the dialogue as a pivotal moment, the President indicated that the engagement forms part of broader efforts to reset and strengthen the partnership between government and industry. He emphasised that sustained cooperation, policy consistency, and structural reforms will be essential to accelerate Ghana’s economic transformation and secure long-term prosperity.
