President John Dramani Mahama has announced that the proposals made during the National Economic Dialogue are already starting to show positive outcomes for the country’s economy.

In a televised address marking the first 120 days of his administration on Wednesday, President Mahama emphasized the significance of the dialogue in helping to assess the current economic situation and creating a collective understanding on how to proceed.

The dialogue, held at the Accra International Conference Centre on March 3 and 4, brought together diverse groups, including the private sector, civil society organizations, traditional leaders, and academic experts, to discuss ways of revitalizing Ghana’s economy.

President Mahama pointed out that the implementation of the dialogue’s recommendations is already underway and producing encouraging signs of recovery.

“We’re seeing stability in the cedi, inflation is gradually coming down, and we have managed to curb the excessive borrowing that plagued previous administrations,” the President stated.

A key part of the economic reforms is the revision of the Public Financial Management Act (Act 921), which introduces fiscal rules aimed at reducing the national debt to 45% of GDP by 2024. It also sets a target for a primary budget surplus of 1.5% of GDP annually.

The amendment also allows for the establishment of an independent fiscal council to ensure compliance with these fiscal goals, which was achieved ahead of the September deadline set under the IMF-backed program.

In his address, President Mahama also underlined the importance of the new sanctions on violating fiscal rules, ensuring that responsibility extends beyond the Finance Minister to other heads of government institutions.

Furthermore, the National Economic Dialogue provided valuable insights on promoting industrial agriculture and aligning educational and skills development programs with national economic priorities. The President assured the public that his government is committed to these initiatives.

President Mahama also highlighted that the repeal of several controversial taxes, including the e-levy, taxes on betting winnings, and the emissions levy, had been successfully completed as part of his administration’s early actions.

However, he explained that the COVID-19 levy remains in effect due to constraints under the ongoing IMF program, but assured the public that it would be reconsidered as part of a broader VAT reform process set for September.

The President expressed confidence that the ongoing implementation of these reforms would lay the foundation for a more stable, prosperous, and resilient economy.