President John Dramani Mahama says his administration will put a stop to the misuse of single-source procurement in government contracts, describing it as a major drain on the country’s finances.

Speaking at the National Economic Dialogue (NED) 2025 at the Accra International Conference Centre on Monday, March 3, 2025, where he officially opened the event, Mr Mahama said addressing wasteful spending was crucial to stabilising the economy.

He criticised the excessive use of single-source procurement, arguing that it had led to inflated contracts and allowed companies to make undue profits at the expense of taxpayers. 

He cited a recent example where 10,000 units of poultry farming equipment were procured without competitive bidding. According to him, the contractor purchased each unit for GH?4,500 but sold them to the government for GH?6,600, pocketing an extra GH?21 million.

 “How can you do this? If this was your own company, would you run it this way?” he asked. “But that is government bleeding. Everybody takes their share. That must stop.”

Mr Mahama stated that under his leadership, single-source contracts would only be allowed in genuine emergencies.

He said his administration would introduce value-for-money audits on government projects above a certain threshold to prevent inflated costs and corruption.

He also stressed the need to review Ghana’s procurement laws to curb waste and promote financial discipline in public spending.

 “Every cedi spent must deliver real value to the Ghanaian people,” he said.

The National Economic Dialogue 2025, themed “Resetting Ghana: Building the Economy We Want Together,” has brought together government officials, business leaders, economists, industry experts, and development partners. 

Discussions are expected to cover macroeconomic stability, job creation, private sector growth, and economic governance reforms.