Mahama proposes government–private sector covenant for economic transformation
President John Dramani Mahama has proposed a formal covenant between government and the private sector as part of efforts to accelerate Ghana’s industrialisation and long-term economic transformation.
Speaking at the inaugural Presidential Dialogue with the Private Sector, the President said Ghana’s development could only be achieved through a renewed partnership anchored on stability, transparency and shared responsibility.
“I propose a covenant between us,” President Mahama told business leaders, ministers of state and senior government officials gathered at the forum. “Ghana’s economic transformation is a joint enterprise. The government cannot achieve it alone. And equally, the private sector cannot thrive without a government that listens, reforms and creates an enabling environment for businesses to grow.”
The President explained that under the proposed covenant, government would commit to maintaining macroeconomic stability, regulatory clarity and fair trade enforcement, while improving infrastructure and expanding access to industrial financing.
“Government must commit to maintain stable macroeconomic policy—the turbulence in macroeconomic policy affects your businesses,” he stated. “We must maintain regulatory clarity; regulations must be clear and simple and not intended to obstruct private business.”
He further pledged reforms in industrial financing, energy pricing and trade enforcement to reduce the structural constraints facing Ghanaian enterprises.
“Energy reform is not optional. It is foundational to Ghana’s industrial takeoff,” President Mahama said, reiterating plans to introduce differentiated off-peak tariffs, improve power reliability and promote embedded generation in industrial enclaves.
He also stressed the importance of protecting local industries from unfair competition.
“Smuggling, under-declaration, counterfeit goods and rebagging of inferior products are not minor infractions. They constitute economic sabotage,” he warned. “This government is determined to protect Ghanaian enterprises so they can thrive and grow.”
In return, President Mahama called on the private sector to scale up investment, create jobs and actively support Ghana’s industrial transformation agenda.
“I call on the private sector to return and invest and scale up domestic production, create additional Ghanaian jobs, prioritise local content, invest in skills development, maintain international standards for our products and engage transparently in policy dialogue with government,” he urged.
The President emphasised that the covenant would be backed by sustained consultation through the annual dialogue platform, ensuring that challenges confronting businesses are addressed promptly and collaboratively.
“Tonight is about resetting that partnership between government and the private sector, and we must do this candidly, substantively and with mutual accountability,” he said.
President Mahama concluded by underscoring that economic transformation would be measured not by rhetoric but by tangible industrial growth.
“The Ghana we all seek will not be built by speeches,” he declared. “It will be built by factories operating at scale, by farms that are linked to processing plants, and by industrial parks producing for Ghana and exporting to Africa and beyond.”
He added: “Tonight may begin as a dialogue, but let us move from dialogue to delivery.”
The proposed covenant forms part of the broader industrialisation strategy under the government’s 24-Hour Economy Policy, which aims to increase manufacturing’s contribution to GDP to 15 per cent by 2030 and create 500,000 quality industrial jobs.
