Mahama: Ghana’s Economy Now Strong Enough to Absorb Global Shocks

President John Mahama has expressed confidence that Ghana’s economy is now robust enough to withstand external shocks, following a series of stabilisation measures introduced over the past year.

Speaking during his Resetting Ghana Tour in the Bono Region on Wednesday, March 18, the President pointed to rising global tensions involving Israel, Iran, and the United States as a reminder of the importance of a strong domestic economy.

He noted that previous global crises—such as the COVID-19 pandemic and the Russia-Ukraine war—exposed the fragility of economies without adequate financial safeguards.

“In this world, unexpected events can occur at any time. If your monetary system is not well cushioned, such shocks can destabilise the economy,” he stated.

President Mahama explained that his administration has prioritised economic stabilisation and tighter monetary policies to strengthen Ghana’s capacity to absorb future disruptions.

“I have hope that the measures we have put in place in our first year have strengthened the economy. Even with ongoing global tensions, our economy will be able to withstand the impact,” he added.

The President also outlined key components of the government’s proposed 24-hour economy model, which includes the development of modern market centres across districts nationwide.

According to him, these facilities will feature a Women’s Development Bank, security services such as police and fire stations, cold storage units, daycare centres for traders’ children, hospitality spaces, and transport terminals.

He said the initiative is designed to boost productivity, empower women-led enterprises, and promote a more inclusive and efficient economic system across the country.