President John Mahama has expressed confidence that Ghana’s economy is now resilient enough to withstand external shocks, following a series of measures implemented by his administration over the past year.
Speaking during his ‘Resetting Ghana Tour’ in the Bono Region on Wednesday, March 18, the President said recent global developments, including tensions involving Israel, Iran and the United States, underscore the need for a strong and stable domestic economy.
He noted that past global crises, such as the COVID-19 pandemic and the Russia-Ukraine war, had exposed vulnerabilities in economies that lacked adequate financial buffers.
“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 said.
President Mahama explained that his government’s focus has been on stabilising the economy and tightening monetary policies to ensure Ghana is better positioned to absorb future shocks.
“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 highlighted plans under the government’s proposed 24-hour economy model, which will see the establishment of modern market centres in districts across the country.
According to him, these markets will be equipped with key facilities, including a Women’s Development Bank, police and fire service stations, cold storage units, daycare centres for traders’ children, hospitality spaces for restaurants, and transport terminals.
He said the initiative is aimed at boosting productivity, supporting women-led businesses, and creating a more efficient and inclusive economic environment nationwide.
Source: www.kumasi.com
