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Ghana outlines solutions to economic crisis at National Economic Dialogue

Ghana has outlined a series of ambitious reforms aimed at restoring macroeconomic stability, promoting sustainable growth, and strengthening governance in a bid to address the prevailing economic challenges.

These proposals are contained in the communique issued at the end of the National Economic Dialogue (NED), held from 3rd to 4th March 2025 at the Accra International Conference Centre.

Among the proposed economic reforms are;

  1. Restoring Macroeconomic Stability

Participants at the dialogue emphasised the need for enhanced coordination between fiscal and monetary policies, a review of the foreign exchange retention regime, and major tax reforms.

Specific recommendations included expanding the property tax base, revising VAT structures, and plugging revenue leakages.

Additionally, stakeholders called for an overhaul of the Public Financial Management (PFM) system to ensure transparency and compliance.

  • Achieving Inclusive and Sustainable Growth

Agriculture was highlighted as a key driver of economic transformation, with the dialogue recommending the establishment of new agricultural institutes, the introduction of a streamlined tax regime for agricultural inputs and outputs, and policies to align skills development with national priorities.

  • Promoting Private Sector-led Growth

To unlock the full potential of businesses, the forum advocated for structured government-private sector engagements, increased awareness of the African Continental Free Trade Area (AfCFTA), and improved financing mechanisms.

Proposed measures included directing a portion of banks' cash reserves to credit creation and streamlining company registration processes.

  • Addressing Infrastructure Deficits

Stakeholders stressed the need for innovative infrastructure financing, such as the introduction of new investment vehicles through the Ghana Stock Exchange (GSE) and Ghana Infrastructure Investment Fund (GIIF).

They also proposed revising pension fund investment regulations to support infrastructure projects and ensuring that the Road Fund is used solely for road maintenance.

  • Implementing Structural and Policy Reforms

Discussions at the dialogue focused on addressing inefficiencies in key sectors such as energy and cocoa.

Recommendations included strengthening the Electricity Company of Ghana’s (ECG) operations, renegotiating Independent Power Producer (IPP) contracts to reduce costs, and eliminating illegal mining (galamsey).

The forum also proposed returning COCOBOD to the Ministry of Finance to streamline operations and protect farmers’ interests.

  • Strengthening Governance and Accountability

Governance and anti-corruption measures were prioritised, with calls for constitutional reforms, linking public sector remuneration to productivity, and strengthening parliamentary oversight.

Additionally, participants recommended developing a regulatory framework for political party financing to promote transparency.

The dialogue closed with a strong appeal for urgent and decisive action as stakeholders underscored the importance of unity and collaboration in ensuring the successful implementation of these reforms.

A comprehensive report on the NED is expected to be submitted to President John Dramani Mahama for consideration and implementation.

Read the full communique below.

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