Ghana’s economy no longer stands on broomsticks -Mahama

President John Dramani Mahama has said Ghana’s economy has become significantly more resilient to external shocks, arguing that the country can now withstand global economic disruptions without suffering the severe setbacks experienced in the past.

According to him, Ghana’s economy previously lacked the strength to absorb shocks, likening its foundations to “broomsticks” that could easily collapse whenever there was instability in the global economy.

He said the situation has changed under his administration, describing the current economy as standing on “concrete pillars.”

President Mahama made the remarks during a citizenship engagement in Wa as part of his two-day Resetting Ghana Tour of the Upper West Region.

“In the past, Ghana’s economy used to stand on broomsticks. As soon as something happens in the world, it comes crashing down. Today, Ghana’s economy is standing on concrete pillars, so even when there’s an earthquake, the country is still standing,” he said.

The President cited the ongoing geopolitical tensions involving Iran, Israel and the United States as an example of the kind of external shock that could previously have triggered a major economic crisis in Ghana.

He said despite the impact of the global conflict, Ghana’s economy has remained stable, attributing the resilience to what he described as prudent management of the economy.

“In the past, this Iran-Israel-U.S. war, maybe that happened some years back. By now, the economy would have come crashing down, but happily, it’s been well managed,” President Mahama said.

He expressed optimism about Ghana’s economic prospects, indicating that the country would have recorded stronger growth this year if not for the impact of global 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 added.

President Mahama nevertheless maintained that the fundamentals of the Ghanaian economy remain strong, insisting that the country is better positioned to absorb external shocks than it was in previous years.