President Mahama Accelerates $10 Billion 'New Economy' Strategy Amid Record GH"19.8 Billion State-Owned Enterprise Profits

President John Mahama’s administration has overseen a historic financial turnaround for Ghana’s State-Owned Enterprises (SOEs), which reported a collective profit of GH₵19.8 billion in 2025, a dramatic reversal from the GH₵2.2 billion loss recorded in 2024. As part of a broader strategy to enhance institutional efficiency, the President recently dissolved the governing boards of nine major state entities. This move coincides with Finance Minister Dr. Cassiel Ato Forson’s consultations on the “New Economy” transformational programme. This $10 billion initiative, set to be detailed in the 2027 Budget, aims to utilize one percent of GDP to strengthen key economic pillars, create jobs, and reduce dependency on external financial assistance.

Sector-specific reforms are also advancing, notably with the legalization and regularization of commercial motorcycle operations, or ‘Okada.’ Transport Minister Joseph Bukari Nikpe has launched the ‘Safe Journey’ campaign to enforce training and licensing standards for riders, while also unveiling the SEKTAK Project to expand the Port of Takoradi into a 1,000-hectare marine industrial complex. However, the administration faces immediate pressure from the Ghana National Petroleum Tanker Drivers Union, which recently suspended a strike but issued a one-month ultimatum for the government to repair deteriorating roads serving critical petroleum depots in Tema, Takoradi, and Buipe. Minister for Labour and Job Creation Emmanuel Kwadwo Agyekum has further emphasized that his ministry will prioritize innovative employment models to accommodate Ghana’s rapidly growing workforce.

On the international stage, President Mahama conducted a high-profile state visit to Jamaica to strengthen cultural ties, direct flights, and port connectivity. This diplomatic push is mirrored by Vice President Professor Jane Naana Opoku-Agyemang’s advocacy for the preservation of transatlantic slave-trade sites as part of a broader reparatory justice agenda. In a significant move for citizen welfare abroad, Foreign Minister Samuel Okudzeto Ablakwa facilitated the repatriation of the remains of Nash Amoonu Jailor, a Ghanaian killed in a mob attack in South Africa, while Commonwealth Secretary-General Shirley Ayorkor Botchwey signaled a period of diplomatic reconciliation by stating she holds no grudge against the Foreign Minister following past disagreements.

Institutional accountability and transparency remain major points of contention within the political landscape. The civil society group CDD-Ghana has warned that the rising costs of political campaigns are excluding women and youth from the democratic process, advocating for a new Political Finance Law. Simultaneously, the pressure group Arise Ghana has launched independent site tours in the Volta Region to verify government claims regarding agricultural interventions. Amidst these developments, the Office of the Special Prosecutor is investigating allegations of financial misconduct within the parliamentary vetting process, and the Ghana Meteorological Agency is pursuing legal action against the Ghana Civil Aviation Authority over GH₵59 million in unpaid statutory fees, highlighting ongoing governance challenges within the state apparatus.