45.5% & Counting: Mahama’s Economic Reset Faces Uphill Task in Execution, Says Dr. Domfeh

Development Economist and Senior Research Fellow at the Institute for Economic Research and Policy Planning (IERPP), Dr. George Domfeh, has delivered a frank assessment of President John Dramani Mahama’s economic reset agenda, pointing out that while the government has achieved a modest overall score of 45.5 percent, its efforts remain fundamentally flawed in execution.

Dr. Domfeh shared his insights at a press conference held at the Ghana International Press Centre under the theme “The 120-Days Accountability Showdown: Are We Resetting or Repeating the Past?” on Wednesday, May 7, 2025. He presented on the “economic reset” under President John Dramani Mahama’s administration, focusing on tax reforms, job creation, and industrial growth within the government’s first 120 days.

He noted that the IERPP’s assessment covered 25 key manifesto promises across four thematic areas, with performance measured using verifiable implementation data and a weighted scoring system aligned with international benchmarks.

Execution failure

Dr. Domfeh explained that the administration’s flagship economic policies, though ambitious in their design, have so far failed to translate into meaningful, tangible outcomes for ordinary Ghanaians. Central to his critique was the government’s much-publicized 24-Hour Economy, which the economist described as existing largely in name only. According to him, while the idea has captured public imagination, it lacks a concrete policy framework and detailed implementation plan, leaving many sectors unsure of how it will function or benefit businesses and workers in practice.

Dr. Domfeh further raised concerns over the government’s job creation agenda, particularly programs like the “One Million Coders” initiative. He argued that it lacks the necessary structural foundation and ecosystem to achieve sustainable job creation. Without strong institutional backing, industry partnerships, and capacity building, Dr. Domfeh warned that such programs risk becoming symbolic gestures rather than engines of real economic transformation.

*The 9 promises*

According to Dr. Domfeh, President Mahama had campaigned on a platform heavily focused on economic transformation, noting that nine of his twenty-five major campaign promises were directly related to economic issues. However, Dr. Domfeh stressed that simply fulfilling campaign promises does not end the national conversation, as Ghanaians must critically ask whether these actions genuinely address the country’s pressing needs.

Dr. Domfeh pointed out that President Mahama’s pledge to run the leanest and most efficient government had seen notable results, particularly in the reduction of ministerial appointments, which earned strong praise.

Caution

However, he was quick to caution that the conversation around lean governance should go beyond just the number of ministers and encompass all government appointees and overall expenditure. As he colorfully put it, “having one wife doesn’t automatically mean you spend less than someone with ten wives,” highlighting the need for a deeper examination of government spending patterns beyond the optics of smaller cabinets.

Reflecting on the administration’s efforts to engage stakeholders, Dr. Domfeh acknowledged that the government’s organization of a national economic forum was a commendable step. However, he raised questions about its necessity, recalling a similar initiative previously undertaken by the National Development Planning Commission that had already developed a broad economic framework. He stated that the recommendations from the recent forum were not fully reflected in the national budget, indicating a gap between consultation and implementation.

Scrapping of taxes

Dr. Domfeh also addressed the administration’s widely celebrated decision to scrap unpopular taxes, including the Electronic Transfer Levy, popularly known as the E-Levy. While he acknowledged this as a fulfilled campaign promise that deserved a high rating, he expressed concern that eliminating the levy may have been a missed opportunity, given that it was one of the few taxes effectively capturing revenue from the informal and rural sectors. In his view, thoughtful reform, rather than outright abolition, might have been a more prudent course of action.

The development economist offered a mixed assessment of the government’s efforts to reduce import taxes on agricultural and industrial inputs. While he described the policy as sound and well-targeted, he noted that its implementation has been delayed, leaving its full potential unrealized. On the 24-Hour Economy, Dr. Domfeh observed that although a national coordinator had been appointed, the draft policy remains unclear to the public, and key questions about its sectoral applications and benefits remain unanswered. He stressed the need for more public education and clarity if the initiative is to succeed.

Formal set up

Dr. Domfeh highlighted that although some preparatory work has begun toward establishing the Accelerated Export Development Council, the council has not yet been formally set up, making progress in this area limited. Regarding job creation, he acknowledged the launch of initiatives such as the Generational Youth Program, the National Apprenticeship Program, and the One Million Coders Program, but pointed out that their tangible impacts have yet to materialize.

He expressed strong reservations about the government’s intention to lift the ban on salvaged vehicles, warning that such a move could undermine recent achievements in attracting car assembly plants to Ghana, including investments by global brands like Toyota. Dr. Domfeh urged the government to carefully reconsider this policy.

Awareness

On the matter of state-owned enterprises, he noted that while President Mahama has shown some awareness of the sector’s underperformance, including public remarks questioning the inefficiency of a state-owned alcohol producer, the country still awaits concrete reforms and measurable results.

Dr. Domfeh further emphasized that governance should not be reduced to the mere fulfillment of campaign promises. Instead, he argued, what truly matters is whether the policies implemented are meaningful, effective, and responsive to the genuine needs of the nation.

He added that Ghanaians deserve not just delivery on promises but delivery that genuinely transforms lives and strengthens the country’s future.