President John Mahama says Ghana’s economy has moved from being vulnerable to external shocks to becoming more resilient, likening the change to a shift from “broomsticks” to “concrete pillars.”
Speaking at a citizens’ engagement during his tour of the Upper West Region, President Mahama said the economy in the past would easily collapse whenever there were major developments in the global economy.
“In the past, Ghana’s economy used to stand on broomsticks. As soon as something happens in the world, it comes crashing down.”
He said the economy is now stronger and capable of withstanding major external shocks.
“Today Ghana’s economy is standing on concrete pillars. So even when there’s an earthquake, the country is still standing.”
President Mahama said the Iran-Israel-US conflict would have had a more devastating impact on Ghana’s economy in previous years.
“In the past, this Iran-Israel-US war, if it had happened some years back, by now the economy would have come crashing down.”
He said the economy has been well managed despite the effects of developments in the external environment.
“But happily it’s been well managed.”
President Mahama added that Ghana could have recorded stronger economic growth this year, potentially reaching 7%, but for the impact of external developments.
“We would have made more progress this year than even last year. I’m sure the growth would have hit 7%, but of course we live in this world and we can’t help but be affected.”
He maintained that the economy remains solid, although the pace of progress has been slowed by developments in the external environment.
President Mahama also said preparations for the 2027 Budget have begun, with budget hearings currently underway.
“There’s going to be the new budget 2027, and the budget hearings have currently started, and I’m sure that we’ll capture as many of the essential things that we need to capture as possible.”
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