“By incentivising local production of goods and promoting value addition, we can stabilise the cedi, create sustainable jobs, and achieve food self-sufficiency,” Mr Mahama said at a dialogue with the Trades Union Congress (TUC) in Accra.

Stabilising the cedi was another crucial measure to redirect billions of dollars spent on imports towards domestic production, he said.

The next NDC administration would incentivise the indigenous private sector to capture the commanding heights of the economy to reduce financial outflows occasioned by huge profit repatriation, Mr Mahama said.
It would also propose a series of transition measures to address the economic decline and set Ghana on the path to recovery.

Those measures include reducing public debt through a moratorium on non-concessional borrowing, actively seeking concessional financing and grants, and reviewing legislation to limit the non-core activities of state-owned enterprises.

Former President Mahama said there was the need to create adequate fiscal space to stabilise the economy and reduce the nation’s debt obligations.

“The misuse of public funds by government officials demands more creative and stricter measures to prevent further financial losses.”

“Therefore, we will introduce stricter financial management regulations and guidelines to prevent over GH¢ 17 billion in annual financial irregularities without stifling productivity,” he said.

“We will also safeguard the principles of value for money in public procurement by establishing an independent value for money office to vet any project above a ceiling prescribed by Parliament.”

An NDC government would continue with the Constitution Review to strengthen the 1992 Constitution and bring it up to speed with current trends and developments.

Dr Anthony Yaw Baah, the Secretary-General of the TUC, lauded former President Mahama for proffering what he termed a “game changer” policy for the nation.