President John Dramani Mahama says Ghana’s economy has become more resilient to external shocks, describing the transformation as a shift from an economy standing on “broomsticks” to one supported by “concrete pillars.”
President Mahama made the remarks during a citizens’ engagement as part of his tour of the Upper West Region.
According to the President, Ghana’s economy in previous years was highly vulnerable to developments in the global economy, with major international events often triggering severe economic difficulties.
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“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.
“Today Ghana’s economy is standing on concrete pillars. So even when there’s an earthquake, the country is still standing,” he added.
Iran-Israel-US conflict
President Mahama said the ongoing geopolitical tensions involving Iran, Israel and the United States could have had a much more damaging 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.
He attributed the economy’s resilience to what he described as improved economic management.
“But happily it’s been well managed,” President Mahama added.
The President further disclosed that Ghana could have recorded stronger economic growth this year, potentially reaching 7 per cent, if not for the impact of developments in the global economy.
“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 said.
Despite the slowdown caused by external developments, President Mahama maintained that the economy remains solid and continues to make progress.
His comments come as the government seeks to consolidate recent economic gains while managing the effects of developments beyond Ghana’s borders.
2027 Budget
President Mahama also disclosed that preparations for the 2027 Budget have begun, with budget hearings already underway.
He said the government would use the budget process to identify and address key priorities that require attention.
“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,” he said.