In the wake of heightened tensions in the Middle East following the wars between Israel and the USA and Iran, President John Mahama has expressed confidence that Ghana’s economy is now resilient enough to withstand external shocks.
During his resetting tour in the Bono Region on Wednesday, March 18, President John Dramani Mahama noted that the series of measures his administration has implemented over the past year has positioned the country to handle any adverse impact of the war in the Middle East.
According to the President, recent global developments 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 assured.
Speaking about the 24-Hour Economy, the government’s flagship programme to address the high unemployment rate among Ghanaian youth, the President highlighted plans, including the establishment of modern market centres in districts across all 16 regions of Ghana.
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.
President Mahama noted that the initiative targets boosting productivity, supporting women-led businesses, and creating a more efficient and inclusive economic environment nationwide.
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