By: Sarah Baafi
President John Dramani Mahama has inaugurated a Presidential Advisory Group on the Economy, declaring a decisive shift toward restoring fiscal discipline, rebuilding investor confidence, and resetting Ghana’s economic governance culture.
Swearing in members of the advisory body, the President said the country must undertake “correction without amnesia” learning from both its achievements and its missteps as it works to re-establish itself as a serious, predictable and competitive economy.
He acknowledged that Ghana had experienced uneven management of state-owned enterprises, citing weak governance frameworks, political interference and lapses in financial discipline that undermined institutions once regarded as pillars of stability and credibility.
The President also pointed to the country’s recent inability to secure sustainable funding for COCOBOD and the impairment of its long-standing capacity to syndicate loans a practice it had executed successfully since the early 1990s.
“These are not points of blame. They are lessons in responsibility,” he said, noting that Ghana’s economic history demands humility and accountability.
While highlighting gains such as the deepening of capital markets and the expansion of domestic bond instruments, President Mahama admitted that painful setbacks including debt distress and declining investor confidence had slowed progress.
He stressed that the formation of the Advisory Group signals more than a recovery plan.
“This is not simply about recovery. It is about institutional reform, transformation, and a permanent reset of our economic governance culture,” he stated.
According to the President, the Advisory Group will provide counsel on major economic milestones, including the national budget, medium-term development plans, monetary policy developments, and other strategic initiatives. The body will meet at least once every quarter, with emergency sessions convened when necessary.
The Minister for Finance, the Governor of the Bank of Ghana, the Special Advisor to the President, and the Chairman of the National Development Planning Commission (NDPC) will provide technical support to the group.
The Presidential Advisory Group on the Economy comprises:
H.E. Jane Naana Opoku-Agyemang, Vice President
Ishmael Yamson, Private Sector Leader
Kwame Pianim, Economist and Private Sector Leader
Nana Oye Mansa Yeboa, Former Deputy Minister for Finance and former Deputy Governor, Bank of Ghana
Dr Kwabena Duffuor, Economist and former Minister for Finance
Sir Samuel Esson Jonah, Private Sector Leader and Industrialist
Ato Brown, Former World Bank Infrastructure Specialist and Agribusiness Investor
Dr Henry A. Kofi Wampah, Former Governor of the Bank of Ghana
Togbe Afede XIV, Economist and Private Sector Leader
Abena Amoah, Chief Executive Officer, Ghana Stock Exchange
Professor Priscilla Twumasi Baffour, University Professor and Academic Researcher
Professor Patience Asweh Abor, University Professor and Academic Researcher
President Mahama urged members to offer rigorous analysis, encourage constructive debate, and propose bold solutions to steer Ghana toward economic recovery, resilience and inclusive growth.
“With the purpose vested in me, I declare the Presidential Advisory Group on the Economy duly inaugurated,” he announced.
