Mahama to prioritise digital economy and fintech to drive job opportunities  

President-elect John Dramani Mahama has outlined plans to prioritise investments in the digital economy and financial technology (fintech) as part of his administration’s strategy to drive economic recovery, create jobs and improve livelihoods. 

In an interview with DW News on Monday, December 16, 2024, Mr Mahama highlighted his administration’s commitment to creating opportunities for young Ghanaians through innovative policies aimed at boosting growth, enhancing productivity and attracting foreign investment.  

“One area we will focus on in this new administration is livelihoods,” Mr Mahama said. “While we will continue investing in infrastructure, we will also address issues that impact livelihoods by investing in the digital economy, fintech growth the pharmaceutical industry, and agricultural and agro-processing value chains.”  

Tackling youth unemployment, Mr Mahama said, remained a top priority. He emphasised that the digital economy would be critical to creating jobs. To support this, his government intends to provide capital and incentives to small and medium enterprises (SMEs) to help them grow and thrive.  

He also called for a more transparent and accountable economic management system, pledging to reduce public sector waste and recover misappropriated state resources. “If people want to serve in government, they must be prepared to account to the public for their service,” he stressed.  

Mr Mahama pointed to the Ghana Export-Import (Exim) Bank, which was established under his previous administration, as a key tool for driving investment in sectors that can boost exports and create employment.

He underscored agriculture and agro-processing as critical areas for targeted investments, saying these efforts would strengthen value chains, enhance productivity and support economic growth.  

The President-elect outlined plans to implement a 24-hour Economy policy within the first 120 days of taking office. The initiative will encourage businesses to operate for longer hours, creating more jobs and increasing production. 

Mr Mahama believes the policy will help Ghana take full advantage of trade opportunities under agreements such as the African Continental Free Trade Area (AfCFTA) and the African Growth and Opportunity Act (AGOA).  

“We will provide incentives to businesses that can work longer hours, increase production and hire more workers,” he said. “With a youthful population of over 60 per cent, we need to attract foreign investors to bring businesses to Ghana, operate 24 hours a day, and create jobs for our young people.”  

Mr Mahama described his vision as “resetting Ghana” to address inefficiencies in governance, economic management and national development. He promised a new approach to debt management, ensuring transparency in how loans are acquired and used for essential projects.  

He reiterated the importance of agriculture in economic recovery, calling it vital for job creation and export growth. He said his government would support farmers with incentives and investments in agro-processing industries to help Ghana produce goods for both local consumption and export.  

Addressing corruption and government inefficiency, Mr Mahama said restoring public trust was essential. He pledged to reduce the number of ministers and political appointees to improve fiscal discipline and cut wasteful spending.  

“The budget deficit must be tackled quickly. We will focus on raising revenue while also controlling expenditure and ensuring accountability,” he said.  

Mr Mahama concluded by reaffirming his commitment to stabilising the economy, promoting innovation through the digital economy and positioning Ghana as a business-friendly destination.  

“Youth unemployment remains our major challenge,” he said. “We want to expand farms, establish factories, and provide incentives for the private sector to create opportunities for young people. That will be our focus.”