Ghana pivots from economic calm to job focus

President John Mahama has announced that Ghana is moving its economic focus. The nation is now shifting from just making the economy stable. The new goal is to create jobs and grow the economy broadly. This change will first benefit Ghanaian workers.

President Mahama made these remarks at the 2026 May Day parade in Koforidua. He promised that as the economy grows, workers will be the first to see the benefits. This means the positive results of growth should reach all households. Teachers, technicians, and factory workers will all feel the improvements. The government sees this as turning economic stability into real chances for people.

Ghana's economy faced tough times. The country defaulted on its debt in 2022. This led to high inflation, rising debt, and a weaker currency. To fix this, Ghana secured a $3 billion loan from the International Monetary Fund (IMF). This IMF program helped bring prices down. Inflation dropped significantly. It fell from nearly 24% at the end of 2024 to 5.4% by the end of 2025. By March 2026, it was only 3.2%.

Economic growth has also picked up speed. The economy grew by about 6% to 6.3% in 2025. The government also managed its money better. The primary balance, which measures government income against spending before interest, showed a surplus of 2.6%. National debt fell by GHS 82 billion. It now represents 45% of the country's total economic output, known as GDP. Foreign currency reserves also increased. They reached $13.8 billion, enough to pay for nearly six months of imports. This stability was supported by restructuring the nation's debt and successful IMF reviews in 2025.

President Mahama explained that economic stability was a necessary start. "Stability is the foundation, but it is not the house," he said. Now, the government wants to build a better economic structure. This structure should help everyone. The next steps will focus on making businesses more productive. They will also encourage investment and create more employment. Policies will aim to expand key industries.

The President also reaffirmed the government's commitment to fighting corruption. He stated that public officials must be held responsible for their actions. He praised the judiciary for setting up more High Courts. These courts will speed up cases related to audits of public money. This is seen as a way to improve how public institutions are watched.

In other news, President Mahama shared an update on the country's power supply. Engineers have fixed the Akosombo Hydroelectric Plant. A fire had caused problems there. Engineers managed to bypass the damaged control room. This allowed all six of the plant's turbines to restart. He thanked teams from the Ghana Grid Company and the Volta River Authority for their quick work. This repair ensures the nation's electricity generation capacity is back to normal.